Golden Gate Capital is purchasing automotive service provider Express Oil Change & Tire Engineers from two-time owner Carousel Capital. Private equity firm Carousel Capital first acquired Express Oil in 2005 before selling the company in June 2010, and later purchased Express Oil again in February 2013.
Founded in 1979, Express Oil offers on-demand oil changes, vehicle maintenance, repair, and tire sales services. The target, based in Birmingham, Alabama, owns approximately 300 franchise locations across 15 states.
Golden Gate is a private equity investment firm based in San Francisco. The firm holds investments in more than 35 companies across six industry sectors that include: industrials, financial services, software, semi-conductors and IT hardware, retail and restaurants, and information technology and business services. The PE firm seeks out “change-intensive investments” in order improve a company’s “earnings by catalyzing strategic and operational change,” according to the firm.
In 2017 alone, Golden Gate purchased elavator parts maker GAL Manufacturing Corp., medical equipment manufacturer Cole-Palmer, restaurant chain Bob Evans, and interior design software developer 2020 Technologies. In 2016, the firm also bought aircraft ground support equipment provider Tronair Parent Inc.
Other automotive industry deals include: Ardian’s purchase of Dynamic Technologies S.A.; Crestview Partners’ agreement to buy Accuride Corp. for $124 million; Tesla Motors Inc.’s acquisition of SolarCity; Illinois Tool Works Inc.’s (NYSE: ITW) completed purchase of ZF Friedrichshafen AG’s engineered fasteners and components business; Renesas Electronics Corp.’s buying of U.S. chipmaker Intersil Corp. (Nasdaq: ISIL) for $3.2 billion; Grakon LLC’s adding lighting and electronics manufacturer Hamsar Diversco Inc.; and Watermill Group’s acquisition of metal parts maker Experi-Metal Inc.
Ropes & Gray LLP and Nob Hill Law Group are serving as legal advisers to Golden Gate. Harris Williams & Co. is acting as financial adviser to Express Oil and Carousel Capital, while K&L Gates LLP and Bradley Arant Boult Cummings LLP are serving as legal advisers. Guggenheim Partners Investment Management LLC and Antares Capital are providing debt financing in connection with the transaction.
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