Valvoline Inc. on Dec. 1 completed the acquisition of Breeze Autocare (quick-lube centers operating under the Oil Changers brand) from the Greenbriar Equity Group.
Valvoline acquired the shops for a net purchase price of $593 million, subject to certain adjustments.
Valvoline financed the purchase from borrowings under an incremental term facility.
Immediately after closing on the acquisition, Valvoline divested 45 Breeze Autocare shops to Main Street Auto Express Oil, as required by the U.S. Federal Trade Commission to gain clearance to close on the Breeze Autocare acquisition.
Following the divestiture, Valvoline’s network expanded by 162 shops because of the Breeze Autocare transaction.