TBC Corporation Sells SpeeDee Oil Change & Auto Service to Grease Monkey
TBC Corporation recently announced it has sold SpeeDee Oil Change & Auto Service, effectively January 31, 2017, to Grease Monkey.
SpeeDee has 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,” said Erik Olsen, president, CEO and chairman of the board of TBC Corporation. “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. 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.
“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.”
“We’re excited about the SpeeDee brand,” said John Adams, president and CEO of Grease Monkey. “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.”