January 21, 2021

Partners

Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised FullSpeed Automotive (FullSpeed), a portfolio company of CenterOak Partners LLC (CenterOak), on its sale to MidOcean Partners (MidOcean). FullSpeed is one of the largest franchisers and operators of automotive service centers, primarily under the Grease Monkey and SpeeDee brands. The transaction was led by Joe Conner, Frank Mountcastle, Jeff Burkett, Jonathan Meredith, Elliott Yousefian and Michael Meyer of the Harris Williams Transportation & Logistics (T&L) Group.

“FullSpeed’s highly capable leadership team, industry leading brands and first-rate customer service will all ensure continued success as the company begins the next chapter of its growth with MidOcean,” said Joe Conner, a managing director at Harris Williams. “We are grateful to have had the opportunity to work with the company and extend our outstanding track record of successful transactions in the automotive aftermarket.”

“It was a privilege to work with the teams at FullSpeed and CenterOak during this transaction. FullSpeed provides essential services to loyal clients throughout the country, and we are excited to see what the company accomplishes under its new ownership,” said Elliott Yousefian, a vice president at Harris Williams.

FullSpeed is a leading automotive aftermarket services platform offering oil changes, tire sales and rotations, brake services, car washes and other ancillary services through multiple brand formats that target several highly attractive segments of the service market. The company’s strategic geographic footprint of nearly 600 franchised and company owned locations provide density in high growth markets. FullSpeed supports two core brand platforms under the Grease Monkey and SpeeDee brands. FullSpeed is headquartered in Greenwood Village, Colorado.

CenterOak is a private equity firm with a focus on making control-oriented investments in middle market companies organized or operating in the United States. The firm specializes in three key industry sectors: industrial growth, consumer and business services. Based in Dallas, the investment and portfolio management team has a strong history of creating significant value through operational improvement. CenterOak and its partners have managed over $2.2 billion of equity capital commitments and have completed over 100 acquisitions, representing over $4.8 billion in transaction value.

MidOcean is a premier New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has managed approximately $4.8 billion of committed capital and has targeted investments in high-quality middle market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages over $7.5 billion across a series of alternative credit strategies, collateralized loan obligations (CLOs) and customized separately managed accounts as of September 30, 2020.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to

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NEW YORK–(BUSINESS WIRE)–MidOcean Partners, a premier middle market private equity firm focused on the business services and consumer sectors, announced today that it has acquired FullSpeed Automotive (“FullSpeed” or the “Company”) from CenterOak Partners. FullSpeed is an industry leading auto aftermarket services platform offering oil changes, tire sales and rotations, brake services, car washes and other ancillary services through multiple brand formats including under the Grease Monkey® and SpeeDee® brands. The Company has a broad geographic footprint of nearly 600 franchised and company owned locations. MidOcean Partners plans to continue the Company’s aggressive growth plan through comprehensive organic initiatives and strategic M&A. Financial terms of the transaction were not disclosed.

FullSpeed Automotive was founded in 1978 and has nearly 600 automotive centers across the U.S. as well as internationally. The Company’s brands include: Grease Monkey®, SpeeDee®, American Lubefast®, and Uncle Ed’s Oil Shoppe®. The Company’s Retail Operations division also operates Havoline xpress lube locations. In addition to quick lube oil changes, FullSpeed Automotive provides a variety of other services, such as tire rotations, brake services, suspension repairs, and minor electrical-system repairs.

Daniel Penn, Managing Director at MidOcean, commented, “MidOcean has been evaluating the auto aftermarket services space for a number of years and is thrilled to partner with FullSpeed’s exceptional management team for the Company’s next phase of growth. We believe FullSpeed will continue to experience strong growth from its existing locations with industry leading customer service and robust performance metrics. We also plan to support the Company’s existing aggressive M&A strategy, as well as to drive franchise development in new and existing markets. Our focus in this sector has been in partnership with our MidOcean Executive Board member Marc Graham who brings over 35 years of expertise in this industry, and we are pleased to have Marc involved as Chairman of the Board of the Company going forward.”

Marc Graham joined MidOcean as an Executive Board member in 2020 as a dedicated resource to MidOcean’s efforts in the auto aftermarket sector. Mr. Graham is an accomplished auto aftermarket operating executive with over 35 years of senior management experience in high volume automotive consumer products and services industries. Mr. Graham’s prior experience includes roles as CEO of Take 5 Oil Change, a rapidly growing oil change business under his leadership, and President of Jiffy Lube International. Mr. Graham will be an integral member of the MidOcean-backed FullSpeed team, and will serve as Chairman of the Board of the Company.

“I’m thrilled to partner with the FullSpeed management team and am excited about the opportunities to drive growth alongside MidOcean,” said Mr. Graham. “FullSpeed has best-in-class operations across a number of different brands with a wide variety of service offerings for its customers. We plan to focus on maintaining these industry leading service levels, while also accelerating new units. We are looking forward to executing this strategic plan closely with the FullSpeed team.”

“We are excited to partner with MidOcean to drive outsized growth for

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