Valvoline to Acquire Oil Changers, Its Second Quick-Lube Acquisition in Canada
Addition of 31 locations in Ontario will complement Valvoline’s existing base of 72 Great Canadian Oil Change centers
Valvoline Inc. (NYSE: VVV), a leading worldwide supplier of premium branded lubricants and automotive services, today announced
that it has signed a definitive agreement to acquire the business assets of Oil Changers Inc., which has 31 franchised quick-lube
centers in Ontario. The acquisition is expected to be complete during the first quarter of fiscal 2019. Financial terms were not
disclosed.
Oil Changers Inc., based in Ottawa, Ontario, was founded in 1996 by Dan Marin and is now owned by his three children, who
currently operate five locations and plan to remain in the quick lube business as franchisees. All Oil Changers quick-lube centers
will be rebranded as Great Canadian Oil Change. This acquisition will expand Valvoline’s existing quick-lube network to more than
1,250 company-owned and franchised locations across Canada and the United States.
“One of our key business strategies is to grow and strengthen Valvoline’s quick-lube network through organic store expansion and
high-quality acquisitions in both core and new markets, and we have made excellent progress on this strategy since becoming an
independent company,” said Sam Mitchell, chief executive officer. “The acquisition of Great Canadian Oil Change in July provided us
with the perfect opportunity to expand our quick-lube footprint outside the U.S. Now, with the acquisition of Oil Changers, we look
forward to increasing our scale and brand presence in Canada by broadening our retail footprint in Ontario.”
“Oil Changers is an exceptionally well-run operation, with a great base of franchisees and an excellent reputation for customer
service in Ontario,” said Tony Puckett, president, Valvoline Quick Lubes. “We are excited that the Marin family plans to remain in
the business and grow their base of five stores. We look forward to working with them and all of the franchisees to grow their
respective businesses, add more locations and expand Valvoline’s Great Canadian Oil Change brand in Canada.”
“Oil Changers has been a part of my family since 1996 when our father started the business,” said Tom Marin, owner and president
of Oil Changers Inc. “My sister, brother and I are proud that we could continue to build Oil Changers into a business known for
outstanding service to our customers in Ontario. We have a lot of respect for the Valvoline Instant Oil Change name in the
United States, as well as the Great Canadian Oil Change brand that Valvoline acquired in July. We’re excited to join the Valvoline
family as franchisees and look forward to the longer-term growth opportunities that Valvoline can provide.”
About ValvolineTM
Valvoline Inc. (NYSE: VVV) is a leading worldwide marketer and supplier of premium branded lubricants and automotive services,
with sales in more than 140 countries. Established in 1866, the company’s heritage spans over 150 years, during which it has
developed powerful brand recognition across multiple product and service channels. Valvoline ranks as the No. 3 passenger car motor
oil brand in the DIY market by volume. It also operates and franchises the No. 2 quick-lube chain by number of stores in the United
States with more than 1,150 Valvoline Instant Oil ChangeSM centers and the No. 3 quick-lube chain by number of stores in
Canada with more than 70 Great Canadian Oil Change locations. It also markets Valvoline lubricants and automotive chemicals,
including the new Valvoline™ Modern Engine Full Synthetic Motor Oil, which is specifically engineered to protect against carbon
build-up in Gasoline Direct Injection (GDI), turbo and other engines manufactured since 2012; Valvoline High Mileage with MaxLife
technology motor oil for engines over 75,000 miles; Valvoline Synthetic motor oil; and Zerex™ antifreeze. To learn more, visit
www.valvoline.com.
Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, including estimates, projections, statements
related to Valvoline’s business plans and operating results are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Valvoline has identified some of these forward-looking statements with words such as
“anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “may,” “will,” “should” and
“intends” and the negative of these words or other comparable terminology. These forward-looking statements are based on
Valvoline’s current expectations, estimates, projections and assumptions as of the date such statements are made and are subject to
risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking
statements. Additional information regarding these risks and uncertainties are described in the Company’s filings with the
Securities and Exchange Commission (the “SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of Valvoline’s most recently filed periodic reports on Forms 10-K and Forms
10-Q, which are available on Valvoline’s website at
http://investors.valvoline.com/sec-filings or on the SEC’s website at
http://sec.gov. Valvoline assumes no obligation to update or revise these forward-looking statements for any reason, even if
new information becomes available in the future.
TM Trademark, Valvoline or its subsidiaries, registered in various countries
SM Service mark, Valvoline or its subsidiaries, registered in various countries
Valvoline Inc.
Media Relations
Valerie Schirmer, +1 859-357-3235
vschirmer@valvoline.com
or
Investor Relations
Sean T. Cornett, +1 859-357-2798
scornett@valvoline.com
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