Shell to sell Jiffy Lube and Premium Velocity for over $1 billion
Shell PLC on Monday announced a US subsidiary’s agreement to sell Jiffy Lube International, and its Premium Velocity Auto LLC business, to a Monomoy Capital Partners affiliate for $1.3 billion.
The oil major also said that Pennzoil Quaker State Co DBA SOPUS Products, the Shell USA Inc subsidiary that agreed to the sale and which comprises Shell’s US lubricants business, has entered a long-term lubricants supply agreement with Monomoy.
London-based Shell said the disposal includes the Jiffy Lube brand, a network of stores owned and operated by independent franchisees, and franchised stores that are owned and operated by PVA, Jiffy’s second-largest franchisee.
Shell will hang onto the Pennzoil Quaker State, Rotella and other Shell lubricants brands, and continue to manufacture, market and distribute lubricants for the consumer, commercial and industrial sectors in the US and Canada.
The firm expects the sale to Monomoy, a US private investment company focused on middle-market businesses, to close in the second half of this year.
It noted that Jiffy Lube has been a part of Shell Lubricants in the US for over two decades, ‘consistently delivering strong performance and building a trusted brand,’ and makes up approximately 6.5% of Shell’s US and Canadian total lubricants business volume.
‘By capitalising on a strong market opportunity, this divestment allows us to monetise an asset that is not central to Shell’s lubricants portfolio in the US and reinvest in opportunities that generate higher returns,’ commented Machteld de Haan, Shell’s president of Downstream, Renewables & Energy Solutions.
Shares in Shell were down 1.8% at 3,148.00 pence in London on Tuesday morning. The stock has risen 22% over the last 12 months.
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