New Orleans-based Take 5 Oil Change is being acquired by Driven Brands, an automotive company that is based in Charlotte, North Carolina, and owned by Roark Capital.
The purchase price was not disclosed.
Founded in 1984, Take 5 operates 65 quick oil change facilities across nine states throughout the Southeast. Its management team will remain at the helm, and the headquarters will remain in New Orleans, Driven Brands said.
Take 5 CEO Marc Graham, who headed the company since 2013 and has more than 40 years of automotive aftermarket experience, will lead the Driven Brands quick lube division.
The division also includes Pro Oil Change and Driven Florida Lubes.
“We are actively expanding our footprint through the strategic acquisition of top-performing, complementary auto aftermarket services companies,” said Jonathan Fitzpatrick, CEO of Driven Brands. “Take 5 Oil Change is an ideal addition to our portfolio of brands.”
“With this partnership, we have access to world-class technology, purchasing power, operational support and resources that will enable us to accelerate our growth and success,” Graham said.
Driven Brands manages a group of automotive companies, including Maaco, Meineke Car Care Centers, Carstar North America and 1-800 Radiator & A/C, which collectively generate annual revenue of more than $2.1 billion.
Take 5 Oil Change represents the fifth acquisition for Driven Brands in the year since Roark Capital acquired the business, expanding the collective brands’ footprint to more than 2,000 locations in the U.S.