Valvoline Inc. announced on February 20, 2025, that it has signed a definitive agreement to acquire Breeze Autocare from Greenbriar Equity Group for approximately $625 million in cash. Breeze Autocare operates nearly 200 stores, primarily under the Oil Changers brand, across 17 states, including California, Texas, and the Midwest. This acquisition is expected to significantly expand Valvoline's retail footprint.
Breeze Autocare generated $200 million in net sales for its most recent year-end and has a proven track record of organic same-store-sales growth and store additions. The addition of these stores will increase Valvoline's total system-wide store count to over 2,200 locations across North America, moving closer to its long-term goal of 3,500-plus stores. Valvoline intends to fund the acquisition with a newly issued Term Loan B.
Lori Flees, Valvoline's President and CEO, stated that the acquisition will accelerate growth and earnings potential while enhancing the company's strong cash flow profile. Valvoline will pause its share repurchase activity and anticipates reaching a rating agency adjusted net leverage ratio of 2.5x - 3.5x within 24 months post-close. The transaction is expected to close in fiscal Q3 2025, subject to customary closing conditions and regulatory approvals.
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