Valvoline Completes Acquisition of Assets of Henley Bluewater LLC

Addition of 56 quick-lube locations in Michigan and northern Ohio
immediately increases the number of company-owned stores in the Midwest

LEXINGTON, Ky.–(BUSINESS WIRE)–Valvoline Inc. (NYSE: VVV) today said that it has completed the
previously announced acquisition of 56 Valvoline Instant Oil ChangeSM
(VIOC) franchise service centers from Henley Bluewater LLC. These stores
build on the infrastructure and talent base of the existing
company-owned operations in northern Ohio and add company-owned
locations in Michigan. Following the acquisition, the company has a
network of 439 company-owned locations.

The acquisition was discussed as part of Valvoline’s previously
announced signing of eight new development agreements with its larger
franchisees, including two agreements with Henley Enterprises, Inc.
Pursuant to those agreements, two of Henley’s subsidiaries will add
approximately 100 stores in California and the Northeast and
Mid-Atlantic regions over the next six years.

“We are very pleased to close the transaction and to add these stores
and the strong team behind them to our company operations,” said Sam
Mitchell, Valvoline’s chief executive officer. “A core element of
Valvoline’s strategy is to accelerate the growth of our industry-leading
quick lube model. Our plan is to grow company stores through new store
builds and acquisitions and to work closely with our franchisees on
their growth opportunities.”

The service model at VIOC has been built to provide a quick, easy and
trusted experience for every customer, every day. Customers receive a
stay-in-your-car solution for preventive maintenance services, including
full-service oil changes and each vehicle manufacturer’s mileage-based
services. The company’s model is built on an unwavering commitment to
developing and protecting superior talent, both inside and outside its
stores, and consistent execution of its proprietary tools, including
point-of-sale technology, SuperProTM Management System and
digital marketing platforms.

For a list of all Valvoline Instant Oil Change service center locations
and hours of operation, visit www.vioc.com.

About ValvolineTM

Valvoline Inc. (NYSE: VVV) is a leading worldwide producer and
distributor of premium branded automotive, commercial and industrial
lubricants, and automotive chemicals. Valvoline ranks as the #2
quick-lube chain by number of stores and #3 passenger car motor oil
brand in the DIY market by volume in the United States. The brand
operates and franchises more than 1,070 Valvoline Instant Oil ChangeSM
centers in the United States. It also markets Valvoline™ lubricants and
automotive chemicals; MaxLife™ lubricants created for higher-mileage
engines; SynPower™ synthetic motor oil; and Zerex™ antifreeze. Visit www.valvoline.com
to learn more.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical facts, contained in the news
release, including statements regarding our industry, position, goals,
strategy, operations, financial position, revenues, estimated costs,
prospects, margins, profitability, capital expenditures, liquidity,
capital resources, dividends, plans and objectives of management are
forward-looking statements. Valvoline has identified some of these
forward-looking statements with words such as “anticipates,” “believes,”
“expects,” “estimates,” “is likely,” “predicts,” “projects,”
“forecasts,” “may,” “will,” “should” and “intends” and the negative of
these words or other comparable terminology. In addition, Valvoline™
may, from time to time, make forward-looking statements in its annual
report, quarterly reports and other filings with the Securities and
Exchange Commission (“SEC”), news releases and other written and oral
communications. These forward-looking statements are based on
Valvoline’s current expectations and assumptions regarding, as of the
date such statements are made, Valvoline’s future operating performance
and financial condition, including Valvoline’s future financial and
operating performance, strategic and competitive advantages, leadership
and future opportunities, as well as the economy and other future events
or circumstances. Valvoline’s expectations and assumptions include,
without limitation, internal forecasts and analyses of current and
future market conditions and trends, management plans and strategies,
operating efficiencies and economic conditions (such as prices, supply
and demand, cost of raw materials, and the ability to recover raw
material cost increases through price increases), and risks and
uncertainties associated with the following: demand for Valvoline’s
products and services; sales growth in emerging markets; the prices and
margins of Valvoline’s products and services; the strength of
Valvoline’s reputation and brand; Valvoline’s ability to develop and
successfully market new products; Valvoline’s ability to retain its
largest customers; achievement of the expected benefits of Valvoline's
separation from Ashland; Valvoline’s substantial indebtedness (including
the possibility that such indebtedness and related restrictive covenants
may adversely affect Valvoline’s future cash flows, results of
operations, financial condition and Valvoline’s ability to repay debt)
and other liabilities; operating as a stand-alone public company;
failure, caused by Valvoline, of Ashland's distribution of Valvoline
common stock to Ashland shareholders to qualify for tax-free treatment,
which may result in significant tax liabilities to Ashland for which
Valvoline may be required to indemnify Ashland; and the impact of
acquisitions and/or divestitures Valvoline has made or may make
(including the possibility that Valvoline may not realize the
anticipated benefits from such transactions or difficulties with
integration). These forward-looking statements are also subject to the
risks and uncertainties affecting Valvoline that are described in its
most recent Form 10-K (including in Item 1A Risk Factors and “Use of
estimates, risks and uncertainties” in Note 2 of Notes to Consolidated
Financial Statements) filed with the SEC, which is available on
Valvoline’s website at http://investors.valvoline.com/sec-filings.
In light of these risks, uncertainties and assumptions, the
forward-looking events and circumstances discussed in this news release
may not occur, and actual results could differ materially and adversely
from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of
future events. Although Valvoline believes that the expectations
reflected in these forward-looking statements are reasonable, Valvoline
cannot guarantee that the expectations reflected herein will be
achieved. In light of the significant uncertainties in these
forward-looking statements, you should not regard these statements as a
representation or warranty by Valvoline or any other person that
Valvoline will achieve its objectives and plans in any specified time
frame, or at all. These forward-looking statements speak only as of the
date of this news release. Except as required by law, Valvoline assumes
no obligation to update or revise these forward-looking statements for
any reason, even if new information becomes available in the future.

All forward-looking statements attributable to Valvoline are expressly
qualified in their entirety by these cautionary statements as well as
others made in this news release and hereafter in Valvoline’s other SEC
filings and public communications. You should evaluate all
forward-looking statements made by Valvoline in the context of these
risks and uncertainties.

TM Trademark, Valvoline or its subsidiaries, registered in
various countries
SM Service mark, Valvoline or its
subsidiaries, registered in various countries

Contacts

Valvoline Inc.
Investor Relations
Sean T. Cornett, +1
859-357-2798
[email protected]
or
Media
Relations
Valerie Schirmer, +1 859-357-3235
[email protected]