TBC Corporation Sells SpeeDee Oil Change & Auto Service to Grease Monkey
TBC Corporation (TBC), one of the nation’s largest marketers of automotive services and replacement tires, announced it has sold SpeeDee Oil Change & Auto Service (“SpeeDee”), effective January 31, 2017, to Grease Monkey.
Grease Monkey International is one of the nation’s largest independent franchisors of automotive fast lube centers serving more than 2 million customers each year at more than 300 centers currently located in the United States, China and Latin America.
Founded in 1980, SpeeDee Oil Change & Auto Service is a franchise-based full-service automotive care company with more than 100 shops across the United States in the Gulf Coast, Texas, Mid-Atlantic, California, and New England regions.
“This transaction provides outstanding opportunities for all parties involved. TBC was able to monetize an asset and will now reinvest in our core franchise, wholesale and retail businesses. Grease Monkey adds a powerful brand with industry leading operational processes and a strong franchise base and SpeeDee franchisees will now be part of a larger automotive fast lube group which will allow them to draw on a focused set of resources to drive growth,” said Erik R. Olsen, President, CEO & Chairman of the Board of TBC Corporation. “Grease Monkey’s focus on the full service oil change business will assist SpeeDee with growth opportunities as the company is well-positioned to invest capital in the brand.”
Olsen added, “TBC appreciated the opportunity to be the steward of the SpeeDee brand over the last four years and commend the franchisees for their commitment to the brand and operational excellence. Our franchise group has the opportunity to increase focus on Midas and Big O Tires as we continue to support our franchisees with these industry-leading brands.”
Grease Monkey’s President & CEO, John B. Adams, served the Big O Tires organization for more than 24 years; 12 of those years with Big O Tires as a wholly owned subsidiary of TBC .
“We’re excited about the SpeeDee brand,” recognized Adams. “The Grease Monkey team is eager to begin working with franchisees to leverage current relationships, further establish the brand in existing markets and expand horizons in areas yet to be explored.”