ICV Partners, an investment firm and capital partner to lower middle market companies, has acquired an undisclosed “significant ownership interest” in Interstate Auto Care (IAC), a franchisee in the Valvoline Instant Oil Change (VIOC) system with 26 shops across the Northeast and South.
Financial terms of the transaction were not disclosed.
“We welcome ICV Partners to the Valvoline Instant Oil Change franchise network through their ownership interests in Interstate Auto Care,” said Adam Worsham, Valvoline’s chief franchising officer. “ICV Partners has a proven track record of driving performance for their portfolio companies, and we feel confident they will deliver the same type of value to Interstate Auto Care, which is already a strong franchise that has delivered great service under the Valvoline brand for years. We look forward to continuing this relationship long into the future.”
Kalpana Zeena Rao, managing director at ICV, stated: “We are thrilled to partner with such a respected and well-established business in the automotive services industry. This acquisition aligns with our investment strategy of backing strong companies that provide essential services to their customers. We look forward to supporting the leadership team as they continue to deliver exceptional service and expand operations.”
Howard Weiner, the franchisee’s founder, will transition to a board role where he can continue to contribute strategically. He is handing over day-to-day operations to Dan Sonnenreich as CEO.
“I’m incredibly excited to lead our team during this exciting next chapter,” Sonnenreich said. “With ICV Partners’ support, we’re well-positioned to enhance our customer service, invest in our people and expand our footprint.”
