Valvoline Inc. has completed its acquisition of 56 Valvoline Instant Oil Change (VIOC) franchise shops from Henley Bluewater LLC, the company’s largest franchisee. The acquisition builds on VIOC’s infrastructure and existing company-owned operations in northern Ohio, as well as adds shops in Michigan. Post-acquisition, Valvoline’s network has grown to roughly 440 company-owned locations.
“A core element of Valvoline’s strategy is to accelerate the growth of our industry-leading quick lube model,” said Sam Mitchell, Valvoline’s CEO. “Our plan is to grow company stores through new store builds and acquisitions, and to work closely with our franchisees on their growth opportunities.”
The transaction is part of a series of previously announced new development agreements between Valvoline and its larger franchisees. This includes two of Henley’s subsidiaries agreeing to add approximately 100 shops in California, the Northeast and Mid-Atlantic over the next six years.
According to comments made by Henley CEO Don Smith earlier this year, divesting the company’s Midwest shops allows Henley to free up capital to focus on “aggressive” growth in target markets where the company already has strength.