TBC Corp. has sold SpeeDee Oil Change & Auto Service effective to Grease Monkey. The sale was effective Jan. 31, 2017.
“This transaction provides outstanding opportunities for all parties involved. TBC was able to monetize an asset and will now reinvest in our core franchise, wholesale and retail businesses,” said Erik R. Olsen, president, CEO and chairman of TBC Corp. “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.”
The sale will allow TBC to focus on its other franchise groups, Midas and Big O Tires, Olsen said.
Founded in 1980, SpeeDee Oil Change & Auto Service is a franchise-based full-service automotive care company with more than 100 shops across the United States in the Gulf Coast, Texas, Mid-Atlantic, California, and New England regions.
Grease Monkey International has more than 300 centers across the United States, China and Latin America.
“We’re excited about the SpeeDee brand,” said John B. Adams, Grease Monkey’s president and CEO. “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.”