ICV Partners Invests in a Leading Valvoline Oil Change Franchisee
ICV Partners, LLC (ICV), a leading investment firm and capital partner to lower middle market companies, has acquired a significant ownership interest in Interstate Auto Care, LLC (“IAC”), a leading franchisee in the Valvoline Instant Oil Change system with 26 locations across the Northeast and South.
Founded in 1989, IAC has grown from a single location to 26 stores, across two states. The company’s dedication to convenience, quality service and customer experience, along with Valvoline’s recognized brand strength and proven franchise model, provide a solid foundation for growth. IAC plans to grow its unit count through acquisitions and greenfield expansion.
“We are thrilled to partner with such a respected and well-established business in the automotive services industry,” said Kalpana Zeena Rao, Managing Director at ICV Partners. “This acquisition aligns with our investment strategy of backing strong companies that provide essential services to their customers. We look forward to supporting the leadership team as they continue to deliver exceptional service and expand operations.”
Howard Weiner, the franchisee’s founder, expressed confidence in the transition: “Building this business from the ground up has been one of the proudest achievements of my career. I’m excited to transition to a board role where I can continue to contribute strategically while handing over day-to-day operations to an exceptional leader in Dan Sonnenreich. ICV Partners’ backing will enable the company to reach new heights and expand its market presence.”
Dan Sonnenreich, CEO of IAC, added: “I’m incredibly excited to lead our team during this exciting next chapter. With ICV Partners’ support, we’re well-positioned to enhance our customer service, invest in our people, and expand our footprint. Our commitment to providing fast, friendly, and reliable service remains as strong as ever.”
ICV was represented by Akerman LLP. IAC was advised by Mufson Howe, Hunter & Company and represented by Pierson Ferdinand.
About ICV Partners
Founded in 1999, ICV Partners is an experienced private equity firm that supports management of lower middle market companies to facilitate transformational growth. The principals of ICV have worked together for many years and crafted a strong track record of helping companies improve performance over the long term and across a variety of industries. ICV seeks to make control investments in strong businesses with $25 million to $250 million in revenue. ICV celebrated its 25th year anniversary recently. Additional information is available at www.icvpartners.com.
Source: PRNewswire