Valvoline Signs Definitive Agreement to Acquire Time-It Lube
Valvoline Inc. recently announced its subsidiary, Valvoline LLC, has signed a definitive agreement to acquire the business assets related to 28 quick lube stores from Time-It Lube LLC and Time-It Lube of Texas, LP (together, “Time-It Lube.”) The stores are located in Louisiana and eastern Texas. The acquisition is expected to be completed in the second quarter of fiscal 2017. Financial terms were not disclosed.
Time-It Lube, based in Shreveport, Louisiana, was founded in 1987 and currently employs nearly 200 people. The addition of Time-It Lube will expand the presence of the Valvoline Instant Oil Change network, currently consisting of more than 1,070 company-owned and franchised stores, in east Texas and represents Valvoline’s entry into Louisiana.
“Like Valvoline Instant Oil Change, Time-It Lube is committed to delivering an excellent service experience to customers every day, and we look forward to building on that foundation with the strength of the Valvoline brand, our industry-leading service model and proprietary quick lube management tools,” said Sam Mitchell, Valvoline’s chief executive officer.
“While the impact to fiscal 2017 earnings is not expected to be material, the addition of Time-It Lube strengthens Valvoline’s quick lube presence in eastern Texas, provides a gateway into Louisiana and accelerates the expansion of our store network.”