May 18, 2022—Carousel Capital has acquired ownership stake in Quality Automotive Services, which is a Valvoline Instance Oil Change franchisee.
According to a press release, no financial terms have been disclosed at this time, but the ownership stake has been labeled as "significant".
"We are excited to have accelerated the execution of our strategic plan so quickly after partnering with Carousel," said Matt McKeown, CEO of Quality Automotive Services in the press release. "Their extensive experience partnering with market-leading multi-location automotive service platforms has been invaluable in helping to take QAS' growth trajectory to the next level."
Carousel Capital is an investment service headquartered in Charlotte, North Carolina. The transaction was funded by Carousel Capital's sixth fund.
"Given our nearly 20 years of experience across five platform investments in automotive aftermarket services, we could not be more proud to be a part of VIOC's bright future," said Jason Schmidly, a Managing Partner at Carousel, in the press release.
Quality Automotive Services was founded in 2001, and since Carousel Capital's initial investment QAS has been able to expand it development territory through several acquisitions. QAS operates 114 stores across 11 states. QAS is Valvoline Instant Oil Change's third-largest franchisee.