CenterOak Partners exits FullSpeed Automotive to MidOcean Partners after three-year hold

CenterOak Partners exits FullSpeed Automotive to MidOcean Partners after three-year hold


CenterOak Partners has sold FullSpeed Automotive to fellow private equity investor MidOcean Partners after three years in its portfolio.

FullSpeed, the fourth largest quick lube operator in the US, operates primarily under the Grease Monkey and SpeeDee.

The company’s service offerings include oil changes, tire sales and rotations, brake services, car washes and other ancillary services, made from almost 600 domestic and international locations.

CenterOak CEO and managing partner Randall Fojtasek said, “The highly fragmented automotive aftermarket is a space we know well, and the FullSpeed exit represents our second successful investment in the sector following the sale of TruRoad last year.”

Lucas Cutler, a managing partner of CenterOak, added, “During our hold we completed 15 add-on acquisitions in key markets to further develop our national presence across multiple brands, while focusing on integration efforts and expanding the customer base.

“Over the course of the partnership we invested in technology, leveraged increased scale to drive improved pricing and vendor rebates, and harmonized best operational practices, all while maintaining our commitment to best in class customer service.”

Daniel Penn, managing director at MidOcean, said, “MidOcean has been evaluating the auto aftermarket services space for a number of years and is thrilled to partner with FullSpeed’s exceptional management team for the company’s next phase of growth.

“We believe FullSpeed will continue to experience strong growth from its existing locations with industry leading customer service and robust performance metrics.”

Harris Williams served as the exclusive financial advisor to FullSpeed in connection with the transaction. Gibson, Dunn & Crutcher served as legal counsel to CenterOak.

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