CenterOak Partners LLC said Nov. 6 that it acquired a majority stake of FullSpeed Automotive. Financial terms weren’t announced. FullSpeed, of Greenwood Village, Colorado, is a franchisor of automotive quick lube centers. President and CEO John B. Adams, along with the existing management team, will continue to lead the company.
DALLAS–(BUSINESS WIRE)–CenterOak Partners LLC (“CenterOak”), a Dallas-based private equity firm, today announced that it has completed a majority investment in FullSpeed AutomotiveTM (the “Company”). Based in Greenwood Village, Colorado, FullSpeed Automotive is one of the nation’s largest independent franchisors of automotive quick lube centers. President and Chief Executive Officer John B. Adams and the existing management team will continue to lead the Company following CenterOak’s investment.
“We are pleased to partner with a strong and experienced management team that has demonstrated a proven ability to generate organic and acquisitive growth,” said Randall Fojtasek, Managing Partner of CenterOak. “FullSpeed Automotive represents an attractive opportunity to work with one of the leading franchisors in the large, growing, and fragmented quick lube category. We are impressed with the Company’s emphasis on speed, quality, and customer service – the three pillars to a value proposition that resonates so well with its customers.”FullSpeed Automotive was founded in 1978 and has over 500 automotive centers across the U.S. and internationally. The Company’s brands include: Grease Monkey®, SpeeDee®, LubePro’s®, and Monkey Shine®car wash. The Company’s Retail Operations division also operates Havoline® xpress lube® locations. In addition to quick lube oil changes, FullSpeed Automotive provides a variety of other services, such as tire rotations, brake services, suspension repairs, and minor electrical-system repairs.
“We are excited to collaborate with the CenterOak team to drive continued growth,” said John B. Adams, President and Chief Executive Officer of FullSpeed Automotive. “The team has an impressive track record of building value in companies, including significant experience in supporting strategic add-on acquisitions. We look forward to utilizing CenterOak’s expertise to expand our corporate and franchise store base.”
About FullSpeed AutomotiveTM
Founded in 1978, FullSpeed AutomotiveTM is one of the nation’s largest independent franchisors of automotive quick lube centers. The Company’s brands include: Grease Monkey®, SpeeDee®, LubePro’s®, and Monkey Shine® car wash. The Company’s Retail Operations division also operates Havoline® xpress lube® locations. FullSpeed Automotive is headquartered in Greenwood Village, Colorado. For more information, please visit www.fullspeedautomotive.com.
About CenterOak Partners LLC
CenterOak Partners LLC is a private equity firm with a focus on making control-oriented investments in middle market companies organized or operating in the United States. The Firm specializes in three key industry sectors: Industrial Growth, Consumer, and Business Services. Based in Dallas, Texas, the investment and portfolio management team has a strong historical track record creating significant value through operational improvement. CenterOak’s senior leaders and their predecessor funds have managed over $1.8 billion of equity capital commitments and have completed over 100 acquisitions, representing over $3.3 billion in transaction value. For additional information, please visit www.centeroakpartners.com.
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