A significant ownership interest in a leading Valvoline Instant Oil Change franchisee has been acquired by ICV Partners, LLC, according to a recent press release.
ICV is an investment firm and capital partner, specializing in lower middle market companies. Interstate Auto Care, LLC, was first established in 1989, growing from one Valvoline store to its current 26 locations across two states in the Northeast and South.
ICV’s investment in IAC has granted it ownership interest in the franchisee, with ICV CEO Dan Sonnenreich taking over day-to-day operations from IAC founder Howard Weiner, who will transition to a board role and provide strategic guidance.
Moving forward, IAC has plans to grow its store count through acquisitions as well as greenfield expansion.
"We welcome ICV Partners to the Valvoline Instant Oil Change franchise network through their ownership interests in Interstate Auto Care," said Valvoline Inc. Chief Franchising Officer Adam Worsham. "ICV Partners has a proven track record of driving performance for their portfolio companies and we feel confident they will deliver the same type of value to Interstate Auto Care, which is already a strong franchise that has delivered great service under the Valvoline brand for years."
