LEXINGTON, Ky., Aug. 3, 2021 /PRNewswire/ -- Valvoline
Inc. (NYSE: VVV), a leading worldwide supplier of automotive
services and premium branded lubricants, announced today that it
has signed a definitive agreement with its franchisee Phoenix 27, LLC to acquire six franchise-owned
Valvoline Instant Oil ChangeSM (VIOC) quick-lube service
centers located in Kentucky. The
acquisition is expected to close during the fourth quarter of
fiscal 2021. Financial terms for the acquisition were not
disclosed.
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"One of Valvoline's core business strategies is to continue to
grow and strengthen our industry-leading Retail Services segment
through organic store expansion and high-quality acquisitions in
both existing and new markets," said Matthew Furcolo, vice president of operations,
Valvoline Instant Oil Change. "When Steve Goddard, owner of
Phoenix 27 LLC, made the difficult
decision to sell, we knew it was the right fit to add these six
service centers into Valvoline's established network of 49
Company-owned Kentucky locations.
We thank Steve for entrusting the future of his business and
employees to us."
About ValvolineTM
Valvoline Inc. (NYSE:
VVV) is a leading provider of automotive services and marketer and
supplier of premium branded lubricants worldwide, 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 operates and franchises more
than 1,500 quick-lube locations and 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
Blue™ heavy-duty motor oil; Valvoline Multi-Vehicle Automatic
Transmission Fluid; and Zerex™ antifreeze. To learn more,
visit www.valvoline.com.
TM Trademark, Valvoline or its subsidiaries,
registered in various countries
SM Service mark, Valvoline or its subsidiaries,
registered in various countries
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.
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
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SOURCE Valvoline Inc.