Driven Brands Inc., a Charlotte, N.C.-based franchisor of several automotive service brands owned by Atlanta private equity firm Roark Capital Group, has acquired Berea-based Lube Stop.
Financial terms of the deal were not disclosed.
Lube Stop operates 51 quick oil change locations across three Midwest states. The add-on acquisition grows Driven Brands' Quick Lube division, which includes Take 5 Oil Change, Pro Oil Change and Driven Florida Lubes, to 220 U.S. locations.
Lube Stop, founded in 1985, was on an acquisition spree of its own until this deal, most recentlyacquiring Oil Wizard of Illinois in March. Those acquisitions were part of a growth strategy pursued since Lube Stop was acquired by Argonne Capital Group, a private investment firm based in Atlanta, in September 2014.
"The addition of Lube Stop strengthens our commitment to the strategic growth of our Quick Lube division with top-performing, complementary companies," said Jonathan Fitzpatrick, CEO of Driven Brands, in a news release. "Lube Stop is a great addition to our portfolio as it has remained an industry leader for more than 30 years, due in large part to its customer-first premise and stellar operations."
"In just six months, we've greatly increased our footprint while offering unrivaled service to customers," added Quick Lube Group president Marc Graham. "Backed by Driven Brands' world-class technology, purchasing power, operational support and resources, we've been able to accelerate our growth and success."
This article originally appeared on crainscleveland.com
