FullSpeed Automotive Acquires Six New Centers in the Corpus Christi, TX Market
November 8, 2021
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--FullSpeed Automotive, one of the nation’s largest franchisors and operators of automotive aftermarket repair facilities, announced that it has completed the acquisition of six quick lube and automotive service centers in the Corpus Christi, TX market. The six centers currently operate as Minit Man Oil Change (“Minit Man”), and will be rebranded as Grease Monkey®.
“We are thrilled to bring the Grease Monkey brand to the Corpus Christi market with six new centers and continue our strong growth in Texas,” said Kevin Kormondy, Chief Executive Officer of FullSpeed Automotive. “This is the second major acquisition made by FullSpeed Automotive in the state of Texas this year, following an acquisition of twenty-five new centers in the Dallas-Fort Worth market in July. We have also opened four franchised units in Texas this year, including a new Grease Monkey center in Texas City, TX last week.”
The Minit Man locations were previously owned by HLS Ventures. Jason Smith, Vice President, Operations at HLS Ventures, was pleased with the transition to FullSpeed Automotive.
“FullSpeed Automotive has been a great partner, engaging with our team to ensure a smooth and seamless transition for both employees and customers,” Smith said. “The Corpus Christi market will be well-served by their experience and passion for customer service.”
Following its acquisition by MidOcean Partners in November 2020, FullSpeed Automotive has completed twenty-three acquisition transactions that have added sixty- seven new centers, and now has 697 franchised and company-owned locations. Forty- six new franchise licenses have already been sold this year, and with future growth from both new franchise locations as well as continued acquisitions the company plans to exceed 1,000 centers in the near future.
“We are excited to be rapidly closing in on having 700+ centers in the FullSpeed family,” Kormondy added. “And with our strategy to grow units through both expanded franchise operations as well as strategic acquisitions, we look to grow our brands by 200-300 units in a short amount of time.”
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About FullSpeed Automotive
FullSpeed Automotive® is a leading automotive aftermarket services platform offering oil changes, tire sales and rotations, brake services, car washes, and other ancillary services through multiple brand formats that target several desirable segments of the service market. The company's strategic geographic footprint of 700+ franchised and company-owned locations provide density in high growth markets. The company's flagship brands include Grease Monkey® and SpeeDee Oil Change & Auto Service®. FullSpeed is headquartered in Greenwood Village, Colorado.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
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