We are pleased to announce the sale of our client, Central Lube & Wash to Strickland Brothers. The acquisition closed July 21, 2021.
Central Lube & Wash is comprised of two separate auto repair shops: Sco Mar LLC d/b/a Central Lube & Wash in Smithfield, North Carolina, and Citgo Quik Lube of Clayton, Inc. d/b/a Central Lube Car Care in Clayton, North Carolina (collectively known as Central Lube or “the Company”). Central Lube provides oil changes, state inspections, and vehicle maintenance services such as serpentine belt, air filter, transmission fluid, fuel filter, and fluid replacements, among other services.
Strickland Brothers is independently owned and operated and offers fast and friendly oil change services, along with a variety of preventative maintenance services for any vehicle. Drive thru oil changes, tire rotations, vehicle inspections, fleet service programs and a variety of other car maintenance services are also offered. Headquartered in Thomasville, North Carolina, the Company has multiple locations and is actively pursuing franchisees to expand the brand.
Tim Matthews, Owner of Central Lube & Wash, said “We began our journey to evaluate and or sell our business in October 2020. We associated with Generational Equity shortly thereafter. We were well informed about what would take place as we maneuvered through the process. Upon deciding to move forward and sell our business we were teamed up with Genell Boyer.”
Matthews added, “Genell did an excellent job of making sure we were moving in the right direction with the correct information for us to make the many decisions presented to us along the way. Genell introduced us to several professionals who provided the proper information during the process to make critical decisions. It is hard to imagine being on the journey of selling your business without the guidance we received. Genell worked hard to keep us focused on the objective.”
“Strickland Brothers is very excited to continue to build on the amazing culture that Tim Matthews & Central Lube have built since inception. We look forward to serving the communities of Smithfield and Clayton,” stated Justin W. Strickland, CEO/President of Strickland Brothers.
Generational Equity Executive Managing Director, M&A-Technology Practice Leader, David Fergusson, and his team led by Senior M&A Advisor, Genell Boyer, with the support of Vice President Mergers & Acquisitions, Alex Mironov, successfully closed the deal. Senior Managing Director, Doug Morrow established the initial relationship with Central Lube & Wash.
“I was amazingly impressed with Tim Matthews & Justin Strickland and their teams. They worked efficiently, and diligently and showed me that when you want to get a deal done you get it done. I am anticipating a great future for both teams!” said Boyer.
If you would like to explore other transactions our associates have supported in this industry, visit our dedicated Automotive M&A Deals page or get in touch.
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