Ashland Inc. announced it has completed the previously announced acquisition of OCH International, Inc. (Oil Can Henry's), which operates and franchises a total of 89 quick-lube stores in six states. Financial terms were not disclosed.
Oil Can Henry's, based in Portland, Oregon, is the 14th largest quick-lube network in the United States, 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, Washington, California, Arizona, Idaho and Colorado.
The addition of Oil Can Henry's will complement the existing Valvoline Instant Oil Change network of 956 company-owned and franchise stores, while also marking Valvoline's entry into the quick-lube space in several new markets.
"This is a great fit for us, as it will expand Valvoline's geographic footprint into an attractive growth market and accelerate our store growth this year," said Sam Mitchell, Ashland senior vice president and Valvoline president. "The addition of the Oil Can Henry's network will increase our total store count by approximately 10 percent. In addition, the acquisition highlights the strength of our quick-lube model. We will be able to leverage the unique benefit gained from our vertical integration by introducing industry-leading Valvoline-branded lubricants into the Pacific Northwest quick-lube market. It also enhances our ability to own and operate stores and support franchisees in a new market for Valvoline. We look forward to working with the team at Oil Can Henry's to grow the business and build on their success."
"The acquisition of Oil Can Henry's is consistent with Valvoline's strategy of investing in higher-return opportunities within its core lubricants business," added William A. Wulfsohn, Ashland chairman and chief executive officer. "We believe the continued expansion of the quick-lubes store footprint, via both organic growth as well as acquisitions, is among the most attractive investments for Valvoline."
