Private equity investment firm Golden Gate Capital has acquired Express Oil Change & Tire Engineers from Carousel Capital. Express Oil will remain headquartered in Birmingham, Alabama, and will continue to be led by its current management team, including CEO 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 is said to have pioneered a unique operating model offering quick oil changes, automotive maintenance and repair, and tire sales and services, all under one roof. The company says its 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 Brooks. “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.”
Josh Cohen, Golden Gate Capital managing director, 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 advisers to Golden Gate Capital. Harris Williams & Co. served as financial adviser and K&L Gates LLP and Bradley Arant Boult Cummings LLP served as legal advisers to Express Oil and Carousel Capital.
