LEXINGTON, Ky., April 27, 2021 /PRNewswire/ -- Valvoline
Inc. (NYSE: VVV), a leading worldwide supplier of premium
branded lubricants and automotive services, announced today that it
has signed a definitive agreement with its franchisee AWC Premium
Automotive Service Ltd. to acquire 16 franchise-owned Valvoline
Instant Oil ChangeSM (VIOC) quick-lube service centers
located in metro Dallas and east
Texas. The acquisition is expected
to close during the third quarter of fiscal 2021. Financial terms
for the acquisition were not disclosed.
![Valvoline Inc. (PRNewsfoto/Valvoline Inc.) Valvoline Inc. (PRNewsfoto/Valvoline Inc.)](https://mma.prnewswire.com/media/1480434/Valvoline_Logo.jpg)
"A core element of Valvoline's business strategy is to continue
to grow and strengthen our industry-leading quick-lube network
through organic store expansion and high-quality acquisitions in
our core and new markets," said Tony
Puckett, senior vice president and president, Valvoline
Quick Lubes. "Bill Cavalle, owner of
AWC Premium Automotive Service Ltd., has been instrumental in
establishing the Valvoline brand as a trusted name in service for
customers in the greater Dallas
area. We thank Bill for entrusting the future of his employees and
business to us and look forward to welcoming these16 service
centers into our rapidly-growing Company-owned network in
Texas."
"When I made the decision to retire after nearly 20 years as a
VIOC franchisee, my priority was the future professional
opportunities of my employees," said Bill
Cavalle, owner of AWC Premium Automotive Service Ltd. "I
have peace of mind knowing they will be in the best hands
possible. I look forward to watching their journey as they
become Company-store team members. Valvoline has been a tremendous
business partner."
About Valvoline™
Valvoline Inc. (NYSE: VVV) is a
leading worldwide marketer and supplier of premium branded
lubricants and automotive services, with sales in more than 140
countries. Established in 1866, the Company's heritage spans more
than 150 years, during which time it has developed powerful brand
recognition across multiple product and service channels. Valvoline
ranks as the No. 3 passenger car motor oil brand in the DIY market
by volume. It operates and franchises more than 1,500 quick-lube
locations, and it is the No. 2 chain by number of stores in
the United States under the
Valvoline Instant Oil ChangeSM brand and the No. 3 chain
by number of stores in Canada
under the Valvoline Great Canadian Oil Change brand. It also
markets Valvoline lubricants and automotive chemicals, including
Valvoline EV Performance Fluids; Valvoline Hybrid Vehicle Full
Synthetic motor oil; Valvoline High Mileage with MaxLife technology
motor oil for engines over 75,000 miles; Valvoline Advanced Full
Synthetic motor oil; Valvoline Premium BlueTM heavy-duty
motor oil; Valvoline Multi-Vehicle Automatic Transmission Fluid;
and ZerexTM antifreeze. To learn more, visit
www.valvoline.com.
Forward-Looking Statements
Certain statements in this news release, other than statements
of historical fact, including estimates, projections, statements
related to Valvoline's business plans and operating results are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. 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. These forward-looking statements are based on
Valvoline's current expectations, estimates, projections and
assumptions as of the date such statements are made and are subject
to risks and uncertainties that may cause results to differ
materially from those expressed or implied in the forward-looking
statements. Additional information regarding these risks and
uncertainties are described in the Company's filings with the
Securities and Exchange Commission (the "SEC"), including in the
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of
Valvoline's most recently filed periodic reports on Forms 10-K and
Forms 10-Q, which are available on Valvoline's website at
http://investors.valvoline.com/sec-filings or on the SEC's website
at http://sec.gov. Valvoline assumes no obligation to update or
revise these forward-looking statements for any reason, even if new
information becomes available in the future.
TM Trademark, Valvoline or its subsidiaries,
registered in various countries
SM Service mark, Valvoline or its subsidiaries,
registered in various countries
FOR FURTHER INFORMATION
Sean T. Cornett
Sr. Director, Investor Relations
+1.859.357.2798
scornett@valvoline.com
Michele Gaither Sparks
Sr. Director, Corporate Communications
+1.859.230.8079
michele.sparks@valvoline.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/valvoline-expands-company-owned-quick-lube-network-with-acquisition-of-16-service-centers-in-texas-301278368.html
SOURCE Valvoline Inc.