Shell completes sale of Jiffy Lube International and Premium Velocity Auto to Monomoy Capital Partners
Pennzoil Quaker State Company DBA SOPUS Products, a wholly owned subsidiary of Shell USA, Inc., that comprises Shell’s United States (“U.S.”) lubricants business, has completed the previously announced sale of Jiffy Lube International (JLI) and its subsidiary Premium Velocity Auto (PVA) LLC business to an affiliate of Monomoy Capital Partners (Monomoy) for $1.3 billion.
The sale includes the Jiffy Lube brand and a network of franchised stores which are owned and operated by independent franchisees, in addition to franchised stores that are owned and operated by PVA. Shell has retained its Pennzoil Quaker State, Rotella and other Shell Lubricants brands, along with marketing, manufacturing and distribution of lubricants in the U.S. and Canada that serve consumer, commercial and industrial sectors. As part of the transaction, Pennzoil Quaker State Company retains a long-term lubricants supply agreement with Monomoy.
The divestment supports ongoing portfolio high-grading by monetising a non-core Lubricants asset.
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