Argonne Capital said Thursday that it has purchased the assets of The Lube Stop. No financial terms were disclosed. King & Spalding and McGuireWoods advised Argonne Capital on the deal. Based in Northeast Ohio, Lube Shop is a quick oil change company.
CLEVELAND & ATLANTA – September 4, 2014 – Argonne Capital Group, LLC (“Argonne Capital” or “Argonne”) today announced that an affiliate has acquired the assets of The Lube Stop, Inc. (“Lube Stop”) from the Company’s founder.
Lube Stop was founded in 1985 and is the oldest privately-owned quick oil change company in Northeast Ohio. Lube Stop operates 37 locations in the Cleveland and Akron-Canton areas that provide over 25,000 customers per month with quick, confident, and complete oil change and ancillary automotive services. Lube Stop’s corporate office will remain in the Cleveland metro area following the transaction.
“Argonne has spent considerable time trying to find the right investment in the automotive service space,” said Karl Jaeger, Managing Director at Argonne Capital Group. “With our acquisition of Lube Stop, we’ve found a stable platform and strong brand which we hope to use as a stepping stone for future acquisitions and growth.”
“We could not have asked for a better partner in Argonne,” said Tony Cammerata, President of Lube Stop. “Their experience in growing multi-unit concepts and commitment to the Lube Stop culture will ensure the next chapter in the Company’s history is a great one.”
With this acquisition, Argonne Capital has completed 14 acquisitions in the multi-unit restaurant, retail and service sectors. Today Argonne’s portfolio spans over 950 units covering brands such as Lube Stop, IHOP, Applebee’s, Krystal, On The Border and Stevi B’s Pizza. Today, Argonne’s portfolio of companies employs over 25,000 people and generates in excess of $1.5 billion in annual system-wide sales.
King & Spalding and McGuireWoods LLP advised Argonne Capital Group.
About Argonne Capital Group
Argonne Capital Group is a private investment firm focused on investments in the multi-unit restaurant, retail and service industries. The firm targets equity investments of $25 – $75 million per transaction.
Argonne also has a significant presence in multi-tenant retail real estate through its RCG Ventures platform. In aggregate, Argonne and its affiliates have over $700 million of equity under management.
For more information, please visit www.argonnecapital.com
About Argonne Automotive, LLC dba Lube Stop
Founded in 1985, Lube Stop is the oldest privately owned quick oil change company in Northeast Ohio.
Lube Stop employs over 250 people operating 37 locations in the Cleveland and Akron-Canton areas.
Every month over 25,000 customers choose Lube Stop to provide a variety of services including oil changes, fluid exchanges, engine flushes, tire rotations and battery replacements. Every Lube Stop employee completes comprehensive in-house training and continual learning programs to ensure a great experience for every customer.