Lube Stop acquires 13 Grease Spot locations in Illinois, Iowa
The Lube Stop Inc., a 37 unit quick service oil change company headquartered in Northeast Ohio, 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," says 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," says 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."
Following its acquisition of the Grease Spot, Lube Stop says it now employs more than 300 people and operates 50 locations in Northeast Ohio, Northern Illinois and Eastern Iowa, serving more than 30,000 customers each month.