Franchise Equity Partners Forms Strategic Partnership with Valvoline
Franchise Equity Partners (FEP) is thrilled to announce a new strategic partnership with Valvoline Inc. This collaboration marks a significant milestone as FEP plans to acquire 38 Valvoline company-owned stores. The stores, located in various regions of Texas, will be transitioning to a newly established entity known as Velocity Auto Care.
Strengthening Valvoline's Growth Strategy
Lori Flees, President and CEO of Valvoline Inc., expressed enthusiasm about the partnership, highlighting how this initiative aligns with Valvoline's growth strategy throughout Texas. She noted, "FEP's exceptional track record and deep operational expertise made them an ideal partner for us." This strategic move aims to fortify the brand's presence, ensuring that customers receive fast and reliable preventive maintenance services.
A Visionary Team Behind the Growth
Leading the charge at Velocity Auto Care is Robert Fish, the new CEO, who brings a wealth of experience in franchise operations from notable brands including European Wax Center and Massage Envy. Fish's leadership will be crucial in executing plans designed to enhance customer experience and operational efficiency. He emphasized the commitment to surpassing customer expectations in every interaction.
Building a Comprehensive Leadership Structure
The leadership team at Velocity Auto Care is distinguished, including Ashish Chapagain as Chief Financial Officer and Spencer Mason as Vice President of Operations. Furthermore, the Board of Directors will include Tim Miller, former Chief Financial Officer of TBC Corporation, and Heidi Matheys, former Chief Commercial and Marketing Officer of Valvoline Inc. Their collective experience will be instrumental in driving the brand forward.
Acquisition of 38 Stores: A Landmark Deal
The acquisition of these valuable stores presents FEP with a pivotal opportunity that supports their commitment to collaborating with leading franchise brands. Mike Esposito, Co-Founding and Managing Partner of FEP, stated, "This partnership signifies our ability to recognize and capitalize on exceptional growth opportunities. We aim to build scalable, sustainable businesses alongside visionary franchisors like Valvoline." This endeavor reaffirms their strategy to ensure robust growth in the franchise sector.
Commitment to Quality and Community
The newly acquired stores will focus not only on profit but also on community engagement and providing stellar service. This approach will enhance local economies while ensuring that team members and customers receive an experience that reflects Valvoline's dedication to quality.
About Franchise Equity Partners
Franchise Equity Partners is a premier private investment firm focusing on establishing long-term partnerships with exceptional franchisees and franchisors. Their experience in corporate finance is complemented by a substantial capital commitment, enabling them to navigate various business strategies, including ownership facilitation and succession planning.
About Valvoline Inc.
Valvoline Inc. (NYSE: VVV) is a leader in the automotive service industry, operating thousands of service centers across North America. Valvoline is recognized for its commitment to delivering fast and efficient services, including oil changes and comprehensive maintenance solutions. The company prides itself on empowering over 11,000 team members dedicated to improving the automotive services experience.
Frequently Asked Questions
What does the partnership between FEP and Valvoline entail?
The partnership involves FEP acquiring 38 Valvoline company-owned stores, which will operate under the new Velocity Auto Care brand.
Who will lead the new Velocity Auto Care?
Robert Fish has been appointed as the CEO of Velocity Auto Care, supported by an experienced leadership team including Ashish Chapagain and Spencer Mason.
What is the main goal of this acquisition?
The acquisition aims to strengthen Valvoline's brand presence in Texas while enhancing customer service and operational performance.
How many Valvoline service centers are there across North America?
Valvoline Inc. operates more than 2,000 service centers across the U.S. and Canada, completing millions of services each year.
What is Franchise Equity Partners' investment focus?
FEP focuses on partnering with leading franchise businesses to achieve long-term growth through strategic initiatives and operational excellence.
