Shell agreed on 9 March to sell Jiffy Lube International, the leading quick-lube and automotive service franchisor in North America, and its franchisee subsidiary Premium Velocity Auto to an affiliate of private equity firm Monomoy Capital Partners for about $1.3bn.
Why Monomoy Capital Partners is buying Jiffy Lube International (incl. Premium Velocity Auto)
Shell downstream president Machteld de Haan said the sale lets the company monetise an asset that is not central to its US lubricants portfolio and redirect capital to higher-return opportunities. Monomoy, which specialises in corporate carve-outs, said it would support franchisee growth as the ageing US car fleet sustains demand for maintenance.
Deal terms and financing
The sale covers the Jiffy Lube brand and franchise system plus the stores operated by Premium Velocity Auto. Pennzoil Quaker State signed a long-term lubricants supply agreement with Monomoy. Golub Capital led the acquisition financing, with Ares Credit funds and MidCap Financial as joint lead arrangers.
Regulatory approvals and timing
Closing was expected in the second half of 2026 subject to regulatory approval. Monomoy announced completion on 1 July 2026.
Market context
Founded in 1979 and based in Houston, Jiffy Lube serves about 19 million customers a year through more than 2,000 franchised service centres. Monomoy manages more than $5.3bn across its funds.
