Valvoline Completes Acquisition of Oil Changers in Canada
The company's second quick lube acquisition in Canada adds 31 locations to its 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 said that it has completed the previously announced acquisition of the business assets of Oil Changers Inc., which has 31 franchised quick lube centers in Ontario. The Oil Changers quick lube centers will be rebranded over time as Great Canadian Oil Change.
The acquisition expands Valvoline's existing quick lube network to approximately 1,270 company-owned and franchised locations in North America.
"Growing and strengthening our quick lube network through organic store expansion and high-quality acquisitions continues to be a key growth strategy for the company and I'm very pleased with the progress we've made in the past two years since becoming an independent company," said Sam Mitchell, chief executive officer.
"The acquisition of Great Canadian Oil Change in July gave us a solid foundation to expand our footprint outside of the U.S. Oil Changers is an exceptionally well-run operation, with a reputation for excellent customer service in Ontario. We look forward to working with Oil Changers' franchisees to grow their business, add more locations and expand the scale and presence of Valvoline's Great Canadian Oil Change brand in Canada."
About Valvoline™ 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 1,170 Valvoline Instant Oil Change℠ centers and the No. 3 quick lube chain by number of stores in Canada with more than 100 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.
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