Ashland acquire OCH; expands into Pacific Northwest markets

Ashland to acquire OCH; expands into Pacific Northwest markets

11:50 AM, 14th December 2015
Ashland to acquire OCH; expands into Pacific Northwest markets

LEXINGTON, US: Ashland Inc said that it has agreed to acquire OCH International Inc Oil Can Henry’s), which operates and franchises a total of 89 quick-lube stores in six states.

The acquisition is expected to be completed in the first quarter of 2016. Financial terms were not disclosed.  

Oil Can Henry’s, based in Portland, Oregon, is the 14th largest quick-lube network in the US, 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, Ashland said.

In addition OCH will complement the existing Valvoline Instant Oil Change network of approximately 940 company-owned and franchise stores, while also marking Valvoline’s entry into the quick-lube space in several Pacific Northwest markets.

“The addition of Oil Can Henry’s offers attractive growth opportunities for Valvoline in Oregon, Washington and other select markets as we accelerate the expansion of our store network,” said Sam Mitchell, senior VP, Ashland and Valvoline president.

“The acquisition of Oil Can Henry’s will provide high returns on invested capital, increase our quick-lube store count by nearly 10 percent and will expand our geographic footprint. This acquisition comes at an exciting time as we prepare to separate Valvoline into an independent, publicly traded company,” said William Wulfsohn, chairman and CEO, Ashland.

Valvoline Instant Oil Change service centres provide a stay-in-your-car solution for preventive maintenance needs including full-service oil change, transmission, radiator, gearbox and air-conditioning services, tire rotation, wiper blade, air filter, light bulb and serpentine belt replacement. Most locations also offer fuel system and battery services. Using an ASE-certified training program, store technicians are trained to work on all vehicle makes and models, including luxury and diesel vehicles.

“Our goal is to deliver consistently great service to every customer, everyday, at every store,” said Tony Puckett, president, Valvoline Instant Oil Change.

“Oil Can Henry’s has been part of my life since 1988 when my father, John Shepanek, acquired the company. I’m extremely proud of what we have achieved and look forward to the opportunities this creates for our team,” said Chris Shepanek, CEO, Oil Can Henry’s.

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