Shell Oil Products U.S. announced that Pennzoil Quaker State Company, doing business as SOPUS Products, has completed the previously announced sale of Jiffy Lube International and its subsidiary Premium Velocity Auto to an affiliate of Monomoy Capital Partners. The transaction was valued at $1.3 billion.
The sale includes the Jiffy Lube brand and a network of franchised stores owned and operated by independent franchisees. It also includes franchised stores owned and operated by Premium Velocity Auto.
Shell retained its Pennzoil Quaker State, Rotella, and other Shell Lubricants brands. The company also retained the marketing, manufacturing, and distribution of lubricants in the U.S. and Canada, serving consumer, commercial, and industrial sectors.
As part of the transaction, Pennzoil Quaker State Company retained a long-term lubricants supply agreement with Monomoy. This allows Shell to continue participating in the lubricants value chain while divesting the Jiffy Lube service-center platform.
Shell said the divestment supports ongoing portfolio high-grading by monetizing a non-core lubricants asset. The move allows Shell to focus on its retained lubricants brands and broader U.S. and Canadian lubricants operations.
Monomoy acquired Jiffy Lube International, including the registered trademark. Jiffy Lube operates more than 2,000 franchised and company-owned service centers across the U.S., along with licensees in Canada.
Monomoy also acquired Premium Velocity Auto, the second-largest Jiffy Lube franchisee. Premium Velocity Auto operates more than 360 locations across 20 states.
Jiffy Lube had been part of Shell Lubricants in the U.S. for more than 20 years. The stores provide lubrication, oil change, and light repair services for cars and light trucks under the Jiffy Lube trade name.
Shell said Jiffy Lube represented about 6.5% of Shell’s total U.S. and Canadian lubricants volume. Shell Lubricants companies have led the global lubricants industry by volume for more than 19 consecutive years, according to Kline & Company.
The transaction gives Monomoy a large automotive services platform with a nationally recognized brand and a major franchise network. For Shell, the sale creates proceeds from a non-core asset while preserving a long-term supply relationship tied to its lubricants business.
Shell has operated in the U.S. for more than 100 years and has more than 11,000 employees in the country. The company operates across all 50 states and maintains a major branded fuel, trading, supply, LNG, and energy presence.
