Golden Gate Capital (“GGC”), a leading private equity investment firm,
today announced that it has acquired Express Oil Change & Tire Engineers
(“Express Oil” or “the Company”) from Carousel Capital. Express Oil will
remain headquartered in Birmingham, Alabama and will continue to be led
by its current management team, including Chief Executive Officer Ricky
Brooks. Express Oil’s management and Carousel Capital will remain
shareholders of the Company. Financial terms of the transaction were not
disclosed.
Founded in 1979, Express Oil is one of the largest independent
automotive service platforms in the United States, with approximately
300 company-owned and franchise locations across 15 states. Express Oil
pioneered a unique operating model offering quick oil changes,
automotive maintenance and repair, and tire sales and services, all
under one roof. The Company’s focus is on delivering superior customer
service with the highest level of integrity and quality in every
interaction.
“We are delighted to partner with Golden Gate Capital, which is fully
supportive of our long-term strategic plan and appreciates our
deep-rooted commitment to exceptional customer service and providing the
highest quality automotive products and services,” said Ricky Brooks,
Chief Executive Officer of Express Oil. “I am extremely proud of the
strong foundation we established throughout our decade-long partnership
with Carousel Capital and believe that with Golden Gate Capital’s
support we are well-positioned to maintain our momentum as we pursue our
growth strategy.”
“After evaluating investment opportunities in the automotive aftermarket
space for several years, we are excited to partner with Express Oil, a
leading automotive service platform with an excellent management team,
strong service culture and proven operating model,” said Josh Olshansky,
a managing director at Golden Gate Capital. “We look forward to
supporting Ricky and Express Oil’s best-in-class management team as the
Company enters its next chapter of growth.”
Golden Gate Capital Managing Director Josh Cohen added, “Express Oil is
differentiated by its relentless focus on the customer, including the
utmost integrity in every interaction. We are excited to support Express
Oil as they build on their 37 years of success, and continue to deliver
the outstanding customer experience for which the Company is known.”
Jason Schmidly, Managing Partner of Carousel Capital, said, “We want to
thank Ricky and the Express Oil management team for our outstanding
partnership. Under their leadership, Express Oil has consistently
executed on its growth strategy, including generating industry-leading
organic growth and expanding through the successful integration of
numerous acquisitions. We are confident that the company has a bright
future ahead and are pleased to have the opportunity to remain a part of
their future success.”
Certain funds managed by Guggenheim Partners Investment Management, LLC
and Antares Capital provided debt financing in connection with the
transaction; Ropes & Gray LLP and Nob Hill Law Group P.C. served as
legal advisors to Golden Gate Capital. Harris Williams & Co. served as
financial advisor and K&L Gates LLP and Bradley Arant Boult Cummings LLP
served as legal advisors to Express Oil and Carousel Capital.
About Express Oil Change & Tire Engineers
Express Oil Change & Tire Engineers, a recognized leader in the
automotive service industry, is headquartered in Birmingham, Alabama and
operates automotive service centers providing total car care solutions
to customers across 15 states through nearly 300 corporate and franchise
locations. For more information, visit www.expressoil.com.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment
firm with over $15 billion of capital under management. The principals
of Golden Gate Capital have a long and successful history of investing
across a wide range of industries and transaction types, including
going-privates, corporate divestitures, and recapitalizations, as well
as debt and public equity investments. Representative multi-unit
consumer sector investments sponsored by Golden Gate Capital include Bob
Evans Restaurants, Red Lobster, Eddie Bauer, California Pizza Kitchen,
Pacific Sunwear, Express and Zales. For more information, visit www.goldengatecap.com.
About Carousel Capital
Carousel Capital is a private equity investment firm that invests in
companies located in the Southeastern United States and has received
commitments of more than $1.2 billion in capital across its funds.
Carousel’s investor base includes institutional investors and an elite
group of more than 100 current and former CEOs across the region. Since
its inception, Carousel has invested in 37 companies primarily in three
targeted growth sectors: business services; consumer services; and
healthcare services.
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