Valvoline Inc. (NYSE: VVV), a leading worldwide supplier of premium branded lubricants and automotive services, today announced that it has signed a definitive agreement to acquire the business assets of Great Canadian Oil Change, which franchises 73 quick-lube stores in five Canadian provinces, primarily in British Columbia and Saskatchewan. The acquisition is expected to be completed within 60 days. Financial terms were not disclosed.
Great Canadian Oil Change, based in Chilliwack, British Columbia, was founded in 1978 and is the third largest quick-lube system in Canada. The acquisition will expand Valvoline’s existing quick-lube network to more than 1,200 company-owned and franchised locations.
“Growing and strengthening our quick-lube network through organic store expansion and high-quality acquisitions in both core and new markets is a key business strategy for Valvoline,” said Sam Mitchell, chief executive officer. “The addition of Great Canadian Oil Change, with its established brand – which we intend to keep in place – and loyal customer base, provides us with an excellent opportunity to expand our quick-lube footprint outside the U.S.”
“Owners Trevor and Carolynn Weflen have spent 40 years developing the Great Canadian Oil Change brand and building its reputation in the Canadian marketplace,” said Tony Puckett, president, Valvoline Quick Lubes. “We’ve developed a strong relationship with Great Canadian Oil Change over the years through our Canadian installer business team and blending and packaging plant in Mississauga, and look forward to working with Great Canadian Oil Change’s large and experienced franchise-owner base to further grow and improve the business. We believe there is significant opportunity for system growth through both support of franchisees and company-owned store expansion.”
“Great Canadian Oil Change has been part of our family since 1978, and we are extremely proud of the brand we’ve built and the growth we’ve achieved,” said Trevor Weflen, owner of Great Canadian Oil Change. “Although the decision to sell was difficult, we are very confident that Valvoline is the right steward for the Great Canadian Oil Change brand and our franchisees going forward. Valvoline is a 150-year-old company that has a long, successful history of taking care of its people, franchisees and customers. We know Valvoline is dedicated to the growth and success of the brand and every franchisee.”