TBC Corp. sold its SpeeDee Oil Change & Auto Service chain to Grease Monkey International Inc. on Jan. 31, 2017.
Founded in 1980, SpeeDee Oil Change & Auto Service is a franchise-based, full-service automotive care company with more than 100 shops in the Gulf Coast, Texas, Mid-Atlantic, California and New England regions of the U.S.
The acquisition increases Grease Monkey's franchise locations from more than 300 to more than 400 across the U.S., China and Latin America.
"This transaction provides outstanding opportunities for all parties involved," says Erik Olsen, chariman, CEO and president of TBC. "TBC was able to monetize an asset and will now reinvest in our core franchise, wholesale and retail businesses.
"Grease Monkey adds a powerful brand with industry leading operational processes and a strong franchise base, and SpeeDee franchisees will now be part of a larger automotive fast lube group which will allow them to draw on a focused set of resources to drive growth. Grease Monkey’s focus on the full service oil change business will assist SpeeDee with growth opportunities as the company is well-positioned to invest capital in the brand.
“TBC appreciated the opportunity to be the steward of the SpeeDee brand over the last four years and commend the franchisees for their commitment to the brand and operational excellence," says Olsen. "Our franchise group has the opportunity to increase focus on Midas and Big O tires as we continue to support our franchisees with these industry-leading brands.”
John Adams, Grease Monkey's CEO and president, says the Grease Monkey team "is eager to begin working with franchisees to leverage current relationships, further establish the brand in existing markets and expand horizons in areas yet to be explored.”
Adams served the Big O Tires organization for more than 24 years; Big O Tires LLC was a wholly owned subsidiary of TBC the last 12 of those years.