Econo Lube N' Tune Acquired By Driven Brands, Inc.

(Friday, August 11, 2006) - Driven Brands Inc., formerly Meineke Holding Co., acquired Econo Lube N' Tune, Inc., a California-based franchise specializing in quick oil changes, automotive maintenance and minor repair services. Established in 1973 as one of the first among the quick lube genre of automotive aftercare specialists, Econo Lube N' Tune has grown to a chain of approximately 200 service centers, all but 18 of which are franchised.

Regarding the acquisition of Econo Lube N' Tune, Kenneth D. Walker, President of Driven Brands holding company, said, "I couldn't be more delighted to see Econo Lube N' Tune become the fourth corporation to join the Driven Brands holdings. Their business model plays to our strengths: expertise in franchising and the automotive aftermarket."

Walker added, "Econo Lube N' Tune, which offers many of the same services as another of our brands, Meineke Car Care Centers, Inc. operates primarily on the West Coast, where the Meineke presence is limited. This acquisition allows us to expand our presence in the aftermarket from coast to coast with very little overlap of store locations between the two chains."

Dave Schaefers, formerly Vice President of Franchise Development for Econo Lube, will assume the position of President of Econo Lube N' Tune. "I see this as a tremendous opportunity to improve our chain," he commented. "The acquisition will not change our basic day-to-day operations at all. At some point, back office functions such as accounting and auditing will be handled by Driven Brands, allowing us more time to concentrate on Marketing and Operations. As far as our customers and franchisees are concerned, the transaction should be seamless."

Driven Brands Inc., headquartered in Charlotte, NC, had its roots in the Meineke Car Care Centers franchise chain, an aftermarket service provider founded in Houston, TX, in the early 1970's. In 2000, responding to a need for training that would be convenient and accessible to its nearly 850 franchise locations across the country, Meineke launched a sister company, Tortal.net. Tortal began producing on-line training courses for Meineke franchisees and has since evolved into a stand-alone company that develops and maintains individualized training modules for a variety of businesses. The Meineke Holding Co. was formed to oversee both businesses.

Late in 2005, Driven Brands Inc. acquired its third corporation, Aero-Colours, Inc., based in Minneapolis, MN. The company specializes in a proprietary paint chip and scratch repair process, delivered from mobile units, primarily to new and used car dealers. Aero-Colours celebrated its 20th anniversary in 2005 and has grown to over 200 mobile franchised units, serving more than 300,000 vehicles per year.

View all Meineke Car Care Press Releases

This article has been read 437 times.

Printer Friendly