Oil Can Henry’s operated 89 stores in six states
LEXINGTON, Ky. (Dec. 11, 2015) — Ashland Inc. today announced that it has signed a definitive agreement to acquire OCH International, Inc. (Oil Can Henry’s), which operates and franchises a total of 89 quick-lube stores in six states. The acquisition is expected to be completed in the first quarter of calendar 2016. Financial terms were not disclosed.
Oil Can Henry’s, based in Portland, is the 14th largest quick-lube network in the U.S., servicing approximately 1 million vehicles annually. Founded in 1978, it employs approximately 435 people and currently operates 47 company-owned stores and 42 franchise locations in Oregon (38 sites), Washington (29), California (11), Arizona (five), Idaho (three) and Colorado (three).
The addition of Oil Can Henry’s will complement the existing Valvoline Instant Oil ChangeSM network of approximately 940 company-owned and franchise stores, while also marking Valvoline’s entry into the quick-lube space in several Pacific Northwest markets.
“Valvoline is a strong and growing business. We see significant opportunities to grow the Valvoline Instant Oil ChangeSM network and we are increasing our investment to accelerate store count growth, both organically and through acquisitions,” said William A. Wulfsohn, Ashland chairman and chief executive officer. “The acquisition of Oil Can Henry’s is consistent with this strategy as it will provide high returns on invested capital, will increase our quick-lube store count by nearly 10 percent and will expand our geographic footprint. This acquisition comes at an exciting time as we prepare to separate Valvoline into an independent, publicly traded company.”
Valvoline Instant Oil ChangeSM service centers provide a stay-in-your-car solution for preventive maintenance needs including full-service oil change, transmission, radiator, gearbox and air-conditioning services, tire rotation, wiper blade, air filter, light bulb and serpentine belt replacement. Most locations also offer fuel system and battery services. Using an ASE-certified training program, store technicians are trained to work on all vehicle makes and models, including luxury and diesel vehicles. No appointments are necessary.
“Our goal is to deliver consistently great service to every customer, every day, at every store,” said Tony Puckett, president of Valvoline Instant Oil ChangeSM. “We’re looking forward to working with the team at Oil Can Henry’s to grow the business and build on their success.”