Argonne Capital Group has acquired the assets of The Lube Stop from the company’s founder. Lube Stop was founded in 1985 and is the oldest privately-owned quick oil change company in Northeast Ohio.
Lube Stop operates 37 quick oil change and ancillary automotive service shops in the Cleveland (28) and Akron-Canton (9) areas of Northeast Ohio. The company services approximately 25,000 customers per month. Lube Stop was founded in 1985 by Jerry Forstner and is headquartered near Cleveland in Berea, OH (www.lubestop.com).
“Argonne has spent considerable time trying to find the right investment in the automotive service space,” said Karl Jaeger, Managing Director at Argonne Capital Group. “With our acquisition of Lube Stop, we’ve found a stable platform and strong brand which we hope to use as a stepping stone for future acquisitions and growth.”
Argonne Capital Group makes investments of $25 million to $75 million in the multi-unit restaurant, retail and service industries. Argonne also has a presence in multi-tenant retail real estate through its RCG Ventures platform. In aggregate, Argonne and its affiliates have over $700 million of equity under management. The firm was founded by Michael Klump in 2003 and is based in Atlanta (www.argonnecapital.com).
With the buy of Lube Stop, Argonne has now completed 14 acquisitions in the multi-unit restaurant, retail and service sectors. Today Argonne’s portfolio spans over 950 units covering brands such as Lube Stop, IHOP, Applebee’s, Krystal, On The Border and Stevi B’s Pizza. Argonne’s portfolio of companies employs over 25,000 people and generates in excess of $1.5 billion in annual system-wide sales.
“We could not have asked for a better partner in Argonne,” said Tony Cammerata, President of Lube Stop. “Their experience in growing multi-unit concepts and commitment to the Lube Stop culture will ensure that the next chapter in the company’s history is a great one.”
2014 PEPD • Private Equity’s Leading News Magazine • 9-5-14