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Valvoline Inc. has signed a definitive agreement with its franchisee Phoenix 27 LLC to acquire six franchise-owned Valvoline Instant Oil Change (VIOC) quick-lube service centers located in Kentucky. The acquisition is expected to close during the fourth quarter of fiscal 2021. Financial terms for the acquisition were not disclosed.
“One of Valvoline’s core business strategies is to continue to grow and strengthen our industry-leading retail services segment through organic store expansion and high-quality acquisitions in both existing and new markets,” said Matthew Furcolo, vice president of operations, Valvoline Instant Oil Change. “When Steve Goddard, owner of Phoenix 27 LLC, made the difficult decision to sell, we knew it was the right fit to add these six service centers into Valvoline’s established network of 49 company-owned Kentucky locations. We thank Steve for entrusting the future of his business and employees to us.”