Express Oil

About The Company

Express Oil Change & Service Center is a leading independent automotive service provider, including full mechanical services, in the Southeastern United States with more than 170 locations across 10 states.

Situation Overview

In April 2005, Carousel Capital partnered with Ricky Brooks (CEO) and Joe Watson (President) enabling management to achieve partial liquidity, rationalize a disparate investor base and arrange institutional capital to support growth. Carousel had developed a relationship with management since 2002.

Value Creation Initiatives

  • Used industry experience and success to bring leading financing relationships to build value and remain intact today
  • Worked with management to create incentive system which rewarded value creation throughout the organization
  • Completed extensive sale-leaseback of real estate assets on institutional terms
  • Implemented ExpressTrack, a proprietary POS system, across the entire chain
  • Rolled out enhanced ExpressTrack 2.0 / Activant, across the entire chain
  • Acquired and enhanced performance of 33 locations from 2006 to 2009
  • Grew revenue and EBITDA by 90% and 193%, respectively, over investment period

Outcome

  • Sold to Thompson Street Capital Partners in June 2010
  • Management continued their role with the company and maintain a significant ownership position
Location: Birmingham, Alabama
Year of Investment: 2005
Status: Exited 2010
CEO: Ricky Brooks
Fund: II