FranchiseWire: FullSpeed Automotive Shows Major M&A Midyear Growth Including Acquisition of Kwik Kar

July 5, 2022

Greenwood Village, COJuly 5, 2022  – FullSpeed Automotive®, which is among the nation’s largest franchisors and operators of automotive aftermarket repair facilities and home to flagship brands Grease Monkey® and SpeeDee Oil Change & Auto Service®, is accelerating growth with an acquisition strategy set to fuel its expansion goal of 1,000 units by the end of 2023. Most recently, the automotive brand acquired the intellectual property of Kwik Industries, Inc., including ownership of the Kwik Kar brand, and purchased from local independent operators a total of 25 more Kwik Kar related centers. The completion of this acquisition brings FullSpeed to ten acquisitions in 2022, for a total of 40 units across 6 states.

FullSpeed’s most recent acquisitions include the 25 new Kwik Kars in Dallas for a total of 54 company operated Kwik Kar related centers, four Texas Express Lube centers, and units in Connecticut, Florida, New Mexico and Wisconsin.

Kwik Kar® specializes in full-service oil changes, scheduled maintenance, state inspections, and many other automotive repair services. The iconic Kwik Kar brand will add impressive strength to FullSpeed’s current roster of flagship brands, which already includes Grease Monkey and SpeeDee Oil Change & Auto Service. In 2022, Kwik Kar was rated #2 in overall customer satisfaction for full-service maintenance and repairs by JD Power.    

“We are thrilled to acquire a quality brand like Kwik Kar that has such a tremendous reputation and loyal customer base,” said Kevin Kormondy, Chief Executive Officer of FullSpeed Automotive. “This acquisition further solidifies our position as one of the nation’s largest automotive aftermarket services operators and franchisors. We look forward to further developing the Kwik Kar brand as well as growing the number of units that we own.”

FullSpeed’s franchise development is also on the fast track to growth with 25 newly awarded franchise agreements this year. With an aggressive M&A and franchise development strategy, FullSpeed plans to continue expansion efforts across the country. Since FullSpeed was acquired by MidOcean Partners in November 2020, it has completed over 30 separate acquisitions covering 110 locations, and now has over 740 franchised and company-owned locations.

“Acquisitions are a key priority of FullSpeed’s aggressive growth strategy as we continue our expansion efforts,” said Greg Penman, Vice President of Mergers & Acquisitions at FullSpeed Automotive. “The first half of the year has been off to a busy start with several large and successful acquisitions across the country, and we are working very hard to make strategic decisions to set FullSpeed up for success in the future.”

FullSpeed Automotive is looking to bring on additional qualified and engaged individuals seeking single, multi-unit, and conversion opportunities. When franchisees invest with FullSpeed Automotive brands, they’re investing in an organization with a strong culture, solid systems, and a proven business models backed with 70+ years of experience in providing quality car care in the industry.

For more information on FullSpeed Automotive and the company’s flagship brands, visit fullspeedautomotive.com or call 800-364-0352.

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About FullSpeed Automotive

FullSpeed Automotive® is among the nation’s largest franchisors and operators of automotive aftermarket repair facilities and home to flagship brands Grease Monkey and SpeeDee oil change and Auto Service.   FullSpeed Brands offers 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 740 -plus franchised and company-owned locations provide density in high growth markets. The company’s flagship brands include Grease Monkey®, SpeeDee Oil Change & Auto Service®, and Kwik Kar. In 2022, both Grease Monkey and SpeeDee were included in Entrepreneur’s prestigious Franchise 500 ranking. FullSpeed is headquartered in Greenwood Village, Colorado. For more information, go to www.fullspeedautomotive.com.

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.

MidOcean Media Relations Contacts
Amanda Shpiner/Grace Cartwright
Gasthalter & Co.
212-257-4170
midocean@gasthalter.com

MidOcean Investor Relations Contact
Allison Donohue
Investorrelations@midoceanpartners.com