- people on the move
Quick lube chain acquires car wash and oil change
A quick service oil change company in the region has acquired a similar business on the state’s east side.
Holland-based Performance Plus recently acquired Farmington-based Colonial Car Wash and Oil Exchange, according to the Grand Rapids-based M&A firm Calder Capital.
The owners declined to be named.
Terms of the deal were not disclosed.
Colonial contains two divisions: a car wash operation and oil exchange service. The latter’s “wide variety of oil products” complements Performance Plus’ existing products and services, Calder said.
Calder’s lead M&A adviser on the transaction, Patrick Robey, said Colonial was the right candidate for acquisition because of pricing, services, location and more.
“Colonial represents an excellent fit with Performance Plus due to the family-focused culture, the highly capable team and talent, the degree of sincerity and professionalism and the excellently maintained building and operations — all priorities of the Performance Plus culture,” Robey said.
Calder Capital served as the exclusive M&A adviser for Performance Plus.
The Performance Plus/Colonial transaction marked the Calder Capital/Small Business Deal Advisor team’s 20th transaction of 2019.
Founded in 1983, Performance Plus is a second-generation, family-owned chain of over 30 retail quick lube locations across Michigan.
The company provides oil changes, coolant flushes and other preventive maintenance services for consumer vehicles and commercial fleets.
Colonial Car Wash and Oil Exchange
Mark and Holly Owen founded Colonial Car Wash in 1989 and added the Colonial Oil Exchange division in 2000.
The business provides car wash packages and a range of economy and premium oil changes and products for individual vehicles and company fleets.