Michigan Operator Makes New Acquisition
Nov. 25, 2019—One Michigan quick lube company has acquired another. Performance Plus, based in Holland, Mich., closed a deal to acquire Colonial Car Wash and Oil Exchange, reports the Grand Rapids Business Journal.
Patrick Robey, the mergers and acquisitions adviser for the deal, told the Journal that Colonial's family culture, capable team and professionalism were all attractive qualities for the acquisition. Robey works for Calder Capital, which is the M&A adviser for Performance Plus.
Performance Plus was founded in 1983 and runs more than 30 quick lube shops across Michigan. Colonial was founded by Mark and Holly Owen in 1989, first as a car wash. The Oil Exchange side of the business came on in 2000.