MIAMI, FL – (December 14, 2011) Trivest Partners (“Trivest”) today announced the successful completion of its acquisition of Take 5 Oil Change, Inc. (“Take 5” or the “Company”), a differentiated fast lube chain with 26 locations throughout the Southeast. Take 5 CEO and shareholder, Pete Frey, will continue to lead the Company’s daily operations. Take 5 represents the fifth Trivest acquisition during 2011 and the 10th platform company investment in Trivest Fund IV, a $325 million fund.
Headquartered in New Orleans, Louisiana, Take 5 is a leading fast lube chain focused exclusively on oil changes and ancillary services, including windshield wiper and air filter replacements. Over the last five years, the Company has almost doubled its footprint, becoming an industry leader in Louisiana and the Gulf Coast region. Take 5’s success is built on its niche focus of providing superior speed and best-in-class service to consumers that are outsourcing a greater portion of their vehicle maintenance due to time constraints.
Founded in 1984, the Company has developed a differentiated stay-in-your-car store format that facilitates a unique consumer experience. The Company’s facilities have a small footprint and utilize a “shallow pit” design. As a result, Take 5’s stores are easy to construct, have limited ongoing maintenance/overhead needs and require only modest upfront capital investment. Take 5’s facilities are designed for high volume and serve the Company’s mission to “Change Your Oil, Not Your Schedule”. The Company can complete an oil change in approximately five minutes of in-bay time, less than one-third the industry average. This model enhances the consumer experience by increasing efficiency and creating a lower pressure sales environment.
Take 5’s CEO Pete Frey stated, “Trivest handled the acquisition of Take 5 from the Company’s inactive Founder with great care and attention. As a result, the dedicated employees of Take 5 are excited to participate in our Company’s next phase of growth and development alongside Trivest. Importantly, Trivest shares Take 5’s relentless commitment to delivering an exceptional customer experience each and every day.”
Troy Templeton, Trivest’s Managing Partner, stated, “We are delighted that the Take 5 team identified Trivest as the best partner to help build on the Company’s impressive track record of growth and success. Take 5 is perfectly aligned with Trivest’s strategy to partner with growing founder and family owned businesses. In addition to corporate store growth, Take 5’s strong business model and attractive new store payback periods are expected to support incremental licensing/franchising expansion. We believe we can leverage our experience to help Take 5 continue to prosper in the coming years.”
Trivest Partners is a private investment firm that focuses on partnering with founder/family owned businesses in the United States and Canada. Since its founding in 1981, Trivest has completed more than 175 transactions, totaling in excess of $4.5 billion in value. For additional information, please visit www.trivest.com.
