Monomoy Capital Partners, a private investment firm focused on private equity and credit investing in the mid-market, has entered into a definitive agreement to acquire oil change business Jiffy Lube from Pennzoil Quaker State Company DBA SOPUS Products, a wholly owned subsidiary of Shell. An affiliate of Monomoy will acquire Jiffy Lube through its Fund V for approximately $1.3bn.
Founded in 1979 and headquartered in Houston, Texas, Jiffy Lube serves approximately 19 million customers annually through more than 2,000 service centres across North America. It provides a range of automotive services including maintenance of brakes, batteries, and tires.
Monomoy says that the partnership combines Jiffy Lube’s leadership position in the automotive service industry with its history of providing operational support to branded retailers and automotive aftermarket businesses.
The transaction is expected to close by the second half of 2026, subject to customary closing conditions and regulatory approval.
RBC Capital Markets served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to Monomoy. Golub Capital will act as sole administrative agent and joint lead arranger on the financing. Ares Credit funds and MidCap Financial will also act as joint lead arrangers on the financing.
