Monomoy Secures Jiffy Lube Acquisition
Monomoy Capital Partners, a private investment firm focused on private equity and credit investing in the mid-market, has entered into a definitive agreement to acquire the oil change business Jiffy Lube from Pennzoil Quaker State Company DBA SOPUS Products, a wholly owned subsidiary of Shell, according to Private Equity Wire. An affiliate of Monomoy will acquire Jiffy Lube through its Fund V for approximately $1.3 billion, with the transaction expected to close by the second half of 2026, subject to customary closing conditions and regulatory approval.
Details of the Acquisition
Jiffy Lube, founded in 1979 and headquartered in Houston, Texas, serves approximately 19 million customers annually through more than 2,000 service centers across North America. The business provides a range of automotive services, including maintenance of brakes, batteries, and tires. Monomoy states that the partnership combines Jiffy Lube’s leadership position in the automotive service industry with its own history of providing operational support to branded retailers and automotive aftermarket businesses.
Transaction Background
As a widely known practice in private equity, firms like Monomoy often use specific funds to target established companies in targeted sectors, though this deal specifically involves Fund V for the acquisition. The transaction reflects Monomoy’s focus on mid-market investments, as detailed in the agreement reported by Private Equity Wire.
Advisors and Financing Involved
RBC Capital Markets served as the exclusive financial advisor and Kirkland & Ellis LLP as legal counsel to Monomoy. Golub Capital will act as the sole administrative agent and joint lead arranger on the financing, while Ares Credit funds and MidCap Financial will serve as joint lead arrangers. This structure underscores the financial arrangements for the deal, according to the source.
