FullSpeed Automotive, which is backed by CenterOak Partners LLC, has acquired Uncle Ed’s Oil Shoppe, a provider of quick lube, preventative maintenance and car wash services. No financial terms were disclosed.
DALLAS–(BUSINESS WIRE)–CenterOak Partners LLC (“CenterOak”), a Dallas-based private equity firm, today announced that its portfolio company FullSpeed Automotive (“FullSpeed” or the “Company”) has acquired Uncle Ed’s Oil Shoppe (“Uncle Ed’s”), a provider of quick lube, preventative maintenance, and car wash services. Uncle Ed’s operates 29 quick lube service centers and 5 AutoBath America car wash locations in Michigan. FullSpeed Automotive is one of the nation’s largest franchisors and operators of automotive service centers primarily under the Grease Monkey and SpeeDee brands. The Company’s service offerings include oil changes, tire sales and rotations, brake services, car washes and other ancillary services.
This transaction marks FullSpeed’s 15th acquisition since CenterOak completed a majority investment in November 2017 and expands FullSpeed’s footprint to nearly 600 domestic and international locations.
“We are pleased to welcome Uncle Ed’s into the FullSpeed family,” said Kevin Kormondy, CEO of FullSpeed. “Uncle Ed’s complements our service lines and our existing footprint in the Midwest, and we are impressed with their strong local brand recognition and best in class operations. This transaction represents a natural fit for our long-term growth plan in the Midwest.”
“FullSpeed continues to actively expand and the Uncle Ed’s footprint provides an attractive entry point into the Michigan market,” said Lucas Cutler, a Managing Partner with CenterOak. “Adding Uncle Ed’s under the FullSpeed umbrella is a strong strategic fit for our platform and enables FullSpeed to reach a broader customer base while expanding our retail presence.”
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 highly attractive segments of the service market. The Company’s strategic geographic footprint of nearly 600 franchised and company owned locations provide density in high growth markets. FullSpeed supports two core brand platforms under the Grease Monkey® and SpeeDee® brands. 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 history of creating significant value through operational improvement. CenterOak and its senior leaders have managed over $2.2 billion of equity capital commitments. For additional information, please visit www.centeroakpartners.com.