Valvoline Inc. announced that it has entered into an Agreement and Plan of Merger to acquire OC IntermediateCo, the parent company of Breeze Autocare, which operates quick lube oil change stores under the Oil Changers brand. The acquisition is valued at approximately $625 million, subject to customary closing adjustments.

Under the agreement, Valvoline’s wholly owned subsidiary, OCI Merger Sub Inc., will merge with OC IntermediateCo, making it a wholly owned subsidiary of Valvoline. The deal includes provisions for potential adjustments related to net working capital, cash and liabilities, as well as real estate transactions.

The transaction is expected to close by July 1, 2025, with an automatic extension to October 1, 2025, if regulatory approvals are pending. Closing conditions include clearance under the Hart-Scott-Rodino Antitrust Improvements Act and the absence of any government-issued injunction preventing the merger.

Valvoline has stated that this acquisition aligns with its growth strategy, expanding its quick lube service network and strengthening its market position. The company issued a press release and investor presentation on February 20, 2025, outlining the details of the transaction.