FullSpeed Automotive, which is backed by MidOcean Partners, has acquired 25 quick lube and automotive service centers in the Dallas-Fort Worth, Texas market. No financial terms were disclosed.
GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–FullSpeed Automotive, one of the nation’s largest franchisors and operators of automotive aftermarket repair facilities, announced today that it completed the acquisition of 25 quick lube and automotive service centers in the Dallas-Ft. Worth market. The acquisition included four different automotive center brands, with the majority being Kwik Kar Automotive Lube & Service Centers.
FullSpeed Automotive has now completed another four acquisitions in four different states in the last six weeks, adding a total of 29 new automotive maintenance and repair centers to its portfolio. The company has completed 12 acquisition transactions that added 46 new centers since being acquired by MidOcean Partners in November 2020, and now has over 675 franchised and company-owned locations.
“This acquisition is another big leap in the growth of FullSpeed Automotive, and substantially builds our presence in the important Dallas-Ft. Worth market,” said Kevin Kormondy, Chief Executive Officer of FullSpeed Automotive. “We look forward to continuing to expand our footprint across the country, and completing additional acquisitions. Our strategy, in addition to building our franchised operations, is to continue to identify and work with independent shop owners who are considering a sale if they can find the right fit, as we did here.”
Ryan Ghoutiemeh, previous owner of the 25 locations, agreed that there was an ideal fit with FullSpeed Automotive.
“The teams that operate these centers have a long history of serving the Dallas-Ft Worth metro, and I appreciate their dedication to delivering quality car care,” said Ghoutiemeh. “They are in good hands with FullSpeed. I am impressed by the FullSpeed team, as they are focused on a smooth transition for our employees and customers and have a vision for future growth.”
About FullSpeed Automotive®
FullSpeed Automotive® is a leading automotive aftermarket services platform offering oil changes, tire sales and rotations, brake services, car washes, and other ancillary services through multiple brand formats that target several desirable segments of the service market. The Company’s strategic geographic footprint of over 675 franchised and company-owned locations provide density in high growth markets. The Company’s flagship brands include Grease Monkey® and SpeeDee Oil Change & Auto Service®. FullSpeed is headquartered in Greenwood Village, Colorado.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.