Valvoline to acquire Breeze Autocare in USD625 million deal

Valvoline Inc. (NYSE: VVV), a leading provider of preventive automotive maintenance based in Lexington, Kentucky, U.S.A., has signed a definitive agreement to acquire Breeze Autocare, a nationwide operator of quick lube and vehicle maintenance services, from Greenbriar Equity Group, a middle market private equity firm. The USD625 million cash deal, funded through a newly issued Term Loan B, is expected to close in fiscal Q3 2025, subject to regulatory approvals.

Breeze Autocare, founded in 1984 and headquartered in Pleasanton, California, operates nearly 200 stores across 17 U.S. states, primarily under the Oil Changers brand. The company serves over 1.8 million customers annually, offering quick lube, car wash, and light repair services with its unique “stay-in-car” service model.

“Welcoming Breeze Autocare into the Valvoline network allows us to immediately add nearly 200 stores that are geographically complementary and will expand our customer reach,” said Lori Flees, president and CEO of Valvoline. “This acquisition will accelerate our growth and earnings potential while enhancing our already strong cash flow profile.”

Eric Frankenberger, president and CEO of Breeze Autocare, commented, “Greenbriar has been an exceptional partner to Breeze, providing invaluable expertise and resources as we have scaled our business, invested in our team, and expanded into new markets.”

“Valvoline has been a respected name in preventive maintenance for decades, and we look forward to joining forces with them. I believe our combined expertise and culture will benefit our team members and customers for years to come,” he added.

With Breeze generating USD200 million in net sales in its most recent fiscal year, the transaction is expected to drive top-line growth and be accretive to Valvoline’s adjusted diluted earnings per share (EPS) over time.

Valvoline plans to integrate Breeze Autocare’s stores into its network, initially maintaining current branding, with potential refranchising in the future. The acquisition brings Valvoline’s total store count to more than 2,200 locations across North America, advancing its goal of reaching 3,500-plus stores.

Advisors

Morgan Stanley & Co. LLC is serving as financial advisor and Squire Patton Boggs (US) LLP as legal advisor to Valvoline. Jefferies LLC is the lead financial advisor and Piper Sandler & Co. financial advisor to Breeze, with Kirkland & Ellis LLP as legal counsel.