Shell completes $1.3 billion sale of Jiffy Lube business
Energy company divests automotive service brand to Monomoy Capital Partners while retaining lubricants supply operations in North America.
Shell has completed the sale of Jiffy Lube International and its subsidiary Premium Velocity Auto (PVA) to an affiliate of Monomoy Capital Partners for $1.3 billion, marking another step in the company’s portfolio optimization strategy.
The transaction includes the Jiffy Lube brand, its network of franchised service centers operated by independent franchisees, and company-owned locations managed through PVA. Together, the businesses comprise more than 2,000 Jiffy Lube service centers across the United States and licensed operations in Canada, as well as more than 360 PVA-operated locations across 20 states.
The divestment allows Shell to monetize what it described as a non-core lubricants asset while maintaining its focus on lubricant production and distribution. The company has retained ownership of its Pennzoil, Quaker State, Rotella and other Shell Lubricants brands, along with its lubricants manufacturing, marketing and distribution operations in the United States and Canada.
As part of the agreement, Shell will continue supplying lubricants to the business through a long-term supply arrangement with Monomoy Capital Partners, preserving a commercial relationship between the two companies.
Jiffy Lube had been part of the energy giant’s lubricants portfolio for more than two decades, providing oil changes, lubrication services and light vehicle repairs. According to the company, the business accounted for approximately 6.5% of the company’s total lubricants volume in the United States and Canada.
