CLEVELAND, ATLANTA & BOURBONNAIS, IL – June 1, 2015 – Lube Stop, a 37 unit quick service oil change company headquartered in Northeast Ohio, today announced that it has acquired the assets of The Grease Spot, Inc., a 13 unit quick service oil change operator with locations in Illinois and Iowa.
“For nearly 30 years, Grease Spot has been delivering consistent, convenient and affordable automotive service to customers across the Northern Illinois and Eastern Iowa markets,” said Tony Cammerata, President of Lube Stop. “With this acquisition, we are excited to be joining forces with a highly- experienced Grease Spot team as we look to expand the Lube Stop brand and suite of services into exciting new markets.”
This marks the first add-on acquisition for Lube Stop since it was acquired by an affiliate of Argonne Capital Group, LLC in September 2014.
“We acquired Lube Stop as a platform for acquisitions just like this,” said Bill Weimar, Senior Vice President at Argonne Capital Group. “We are excited to have crossed the 50-store mark with this deal and look forward to facilitating Lube Stop’s continued growth in the automotive service sector.”
King & Spalding and McGuireWoods LLP advised Argonne Capital Group.
About Argonne Capital Group
Argonne Capital Group is a private investment firm focused on investments in the multi-unit restaurant, retail and service industries. The firm targets equity investments of $25 – $150 million per transaction. Argonne also has a significant presence in multi-tenant retail real estate through its RCG Ventures platform. In aggregate, Argonne and its affiliates have over $700 million of equity under management.
For more information, please visit www.argonnecapital.com
About Argonne Automotive, LLC dba Lube Stop
Celebrating its 30th year, Lube Stop is one of the oldest and largest privately-owned quick oil change companies in the Midwestern U.S. Following its acquisition of The Grease Spot, Lube Stop now employs over 300 people and operates 50 locations in Northeast Ohio, Northern Illinois and Eastern Iowa. Every month over 30,000 customers choose Lube Stop to provide a variety of services including oil changes, fluid exchanges, engine flushes, tire rotations and battery replacements. Every Lube Stop employee completes comprehensive in-house training and continual learning programs to ensure a great experience for every customer.
For Argonne Capital Group: Bill Weimar