FullSpeed Automotive, an automotive aftermarket services platform owned by CenterOak Partners, has acquired American LubeFast. This buy marks FullSpeed’s 14th acquisition since CenterOak acquired the business in November 2017.
American LubeFast (ALF) is a provider of quick lube services with 52 total locations in Georgia (18), Florida (13), Mississippi (3) and Alabama (18). ALF was founded in 1997 and is headquartered northeast of Atlanta in Lawrenceville, Georgia.
“We are proud of this partnership with FullSpeed and of the business we worked hard to build,” said Tim Embry, owner of American LubeFast. “We are impressed with the FullSpeed team and know that our customers will continue to be served well under their ownership.”
FullSpeed Automotive is one of the nation’s largest franchisors and operators of automotive service centers under a host of brands including Grease Monkey and SpeeDee. FullSpeed’s 560 franchised and company-owned locations provide a range of automotive services including oil changes, tire sales and rotations, brake services, and car washes. FullSpeed, led by CEO Kevin Kormondy, is headquartered in Greenwood Village, Colorado.
“The acquisition of ALF is an important milestone in our continued growth trajectory as we look to expand our geographic footprint in the Southeast,” said Mr. Kormondy. “We are very impressed with the ALF operations and their relentless focus on delivering an exceptional customer experience. We fully intend to maintain this commitment to the customer experience going forward as we convert ALF to the Grease Monkey brand.”
“FullSpeed has been actively expanding over the last 26 months to better serve customers in key regions,” said Randall Fojtasek, managing partner of CenterOak. “American Lube Fast’s location density in a strategic area combined with their focus on delivering exceptional customer service made this an ideal fit for the FullSpeed platform.”
Dallas-headquartered CenterOak makes equity investments of $20 million to $90 million in companies with enterprise values of $50 million to $250 million. Sectors of interest include industrial manufacturing and distribution, business services, and consumer products and services.
© 2020 Private Equity Professional | January 30, 2020
