BB&T Capital Markets Serves As Exclusive Financial Advisor to TBC Corporation in Its Sale of SpeeDee Oil Change & Auto Service to Grease Monkey International

Transaction Summary

On January 31, 2017, SpeeDee Oil Change & Auto Service (“SpeeDee”), a subsidiary of TBC Corporation (“TBC”), was acquired by Grease Monkey International. BB&T Capital Markets served as exclusive financial advisor to TBC Corporation / SpeeDee.

About the Companies

SpeeDee Oil Change & Auto Service is a franchise-based full-service automotive care company with more than 100 shops across the United States in the Gulf Coast, Texas, Mid-Atlantic, California, and New England regions.

TBC Corporation is one of North America’s largest marketers of automotive replacement tires. TBC serves wholesale customers in the United States, Canada, and Mexico through TBC Brands, Carroll Tire Company, TBC International, and TBC de Mexico. Additionally, TBC responds to the needs of consumers in search of total car care at more than 3,200 franchised and company-operated tire and automotive service centers under the brands Tire Kingdom Service Centers, Merchant's Tire & Auto Service Centers, NTB Tire & Service Centers, Big O Tires, and Midas.

Grease Monkey International, LLC is one of the largest automotive maintenance chains not owned by a major oil company, with more than 300 centers located in the United States, China, and Latin America.

Automotive Aftermarket

BB&T Capital Markets is the leading investment bank to the automotive aftermarket. We provide unparalleled industry expertise and transaction execution throughout the entire aftermarket channel - from suppliers and distributors to retailers and professional installers - in every segment of the $300 billion industry.

About BB&T Capital Markets

BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 11 distinct industry verticals including Aerospace, Defense & Government Services; Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.

  • SpeeDee Oil Change & Auto Service

    On January 31, 2017, SpeeDee Oil Change & Auto Service (“SpeeDee”), a subsidiary of TBC Corporation (“TBC”), was acquired by Grease Monkey International. BB&T Capital Markets served as exclusive financial advisor to TBC Corporation / SpeeDee.

    Read More
  • Valvoline Finco Two LLC/Valvoline Inc.

    On July 13, 2016, BB&T Capital Markets served as a co-manager for a $375 million offering of 5.50% senior notes by Valvoline Finco Two LLC, a newly formed, indirect, wholly owned, subsidiary of Ashland Inc. Valvoline Finco will be merged into Valvoline Inc. after Ashland contributes substantially all of the historical assets and liabilities  related to the Valvoline business, as well as other assets and liabilities.

    Proceeds from the offering will be transferred to Ashland through intercompany transfers. Ashland intends to use the proceeds to repay borrowings under its senior unsecured credit facilities.

    Read More
  • Tenneco Inc. (NYSE: TEN)

    On June 6, 2016, BB&T Capital Markets served as a co-manager for a $500,000,000  offering of senior notes by Tenneco Inc. Proceeds from the offering were used to purchase any and all of Tenneco’s outstanding $500 million 6 7⁄8% senior notes tendered in the tender offer and to redeem any of such 6 7⁄8% senior notes that are not tendered at a redemption price of 103.438% per $1,000 principal amount of 6 7⁄8% senior notes and to pay fees, premiums, expenses and unpaid and accrued interest related to the tender offer or redemption.

    Read More
  • LKQ Italia Bondco S.p.A.

    On April 7, 2016, BB&T Capital Markets served as a co-manager for a €500 million offering of 3.875% notes due 2024 by LKQ Italia Bondco, a subsidiary of LKQ Corporation. Proceeds from the offering are being used to refinance existing debt.

    Read More
  • O’Reilly Automotive, Inc. (Nasdaq: ORLY)

    On March 1, 2016, BB&T Capital Markets served as a  co-manager for a $500 million offering of 3.55% senior notes due 2026 by O’Reilly Automotive, Inc. Proceeds from the offering are being used for general corporate purposes, which may include ordinary course working capital increases, repurchases of common stock, repayment of debt, or other investments, including acquisitions.

    Read More
  • MSDP Group, LLC

    On September 23, 2015, Z Capital Partners, L.L.C., (“Z Capital”), the private equity arm of Z Capital Group, L.L.C., completed the sale of MSDP Group, LLC (“MSDP”) to Holley Performance Products Inc. (“Holley”), a portfolio company of Lincolnshire Management, Inc. (“Lincolnshire”). BB&T Capital Markets served as financial advisor to MSDP.

    The transaction represents the 7th completed deal in the performance and enthusiast segment of the automotive aftermarket since 2013 for BB&T Capital Markets.

    

    Read More
  • AutoNation, Inc. (NYSE: AN)

    On September 16, 2015, BB&T Capital Markets served as a co-manager for a $750 million two-tranche bond offering by AutoNation, Inc. The offering consisted of $300 million of 3.35% notes due 2021 and $450 million of 4.50% senior notes due 2025. Proceeds from the offering are being used to reduce borrowings under AutoNation’s credit facility and for general corporate purposes.

    

    Read More
  • Driven Performance Brands

    On September 10, 2015, Dubin Clark & Company, Inc., (“Dubin Clark”), a leading middle market private equity firm, completed the sale of Driven Performance Brands, Inc. (“DPB”) to Sentinel Capital Partners, L.L.C., (“Sentinel”). BB&T Capital Markets served as financial advisor to DPB.

    The transaction represents the 6th completed deal in the performance and enthusiast segment of the automotive aftermarket since 2013 for BB&T Capital Markets.

    

    Read More
  • AEP Holdings, Inc. (“Arrowhead”)

    On August 31, 2015, Pfingsten Partners, L.L.C. (“Pfingsten”), a leading middle market private equity firm, completed the sale of AEP Holdings, Inc. (“Arrowhead”) to The Riverside Company (“Riverside”). BB&T Capital Markets served as financial advisor to Arrowhead.

    

    Read More
  • Ashland Inc.

    On June 30, 2015, Niteo Products, LLC, a newly-formed affiliate of Highlander Partners, L.P., acquired Valvoline’s car care products assets from Ashland Inc. BB&T Capital Markets served as the exclusive financial advisor to Ashland Inc.

    

    Read More
  • 1-800 Radiator & A/C

    BB&T Capital Markets served as the exclusive financial advisor to 1-800 Radiator and A/C, the largest franchised automotive parts distributor in North America, in its sale to Driven Brands, a leader in automotive service franchising and the parent company of such leading franchise brands as MAACO® and Meineke Car Care Centers®. Driven Brands is a portfolio company of Roark Capital Group.


    “1-800 Radiator and A/C is a truly innovative platform in the automotive aftermarket,” said Rex Green, managing director in BB&T Capital Markets Automotive Aftermarket Group and head of Retail & Consumer investment banking. “The Company has transformed the aftermarket temperature control supply chain and as part of the Driven Brands family, we would expect it to continue to apply its advanced technology and business processes to other aftermarket products and services.”


    “Having known the Company and its management team for a number of years and witnessed its growth into a national distribution platform first-hand, we are looking forward to watching its next phase of growth as part of Driven Brands,” added Jonathan Carey, managing director and head of BB&T Capital Markets’ Automotive Aftermarket Group.


    The terms of the transaction are undisclosed.

    Read More
  • Fenix Parts, Inc. (NasdaqGM:FENX)

    BB&T Capital Markets’ Automotive Aftermarket Group completed a transaction for a leading recycler and reseller of original equipment manufacturer (“OEM”) automotive products in the second quarter of 2015, in an equity offering worth $110,400,000.

    The Company intends to use the net proceeds from this offering to acquire eight companies engaged in the recycling and resale of automotive products, repay existing indebtedness, and fund future acquisitions and general corporate purposes. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 1,800,000 shares.

    

    Read More
  • Axalta Coating Systems, Ltd. (NYSE: AXTA)

    BB&T Capital Markets’ Automotive Aftermarket Group served as a co-manager in Axalta Coating Systems’ $1.12 billion follow-on offering. Axalta is a portfolio company of The Carlyle Group.

    

    Read More
  • The Columbia Group’s Engineering Solutions Division

    On January 30, 2015, The Engineering Solutions Division of The Columbia Group, Inc. (“The Columbia Group” or “the Division”), a designer, developer, and manufacturer of cutting edge unmanned undersea vehicles serving military customers around the world, was acquired by Huntington Ingalls Industries, Inc. (“HII”). BB&T Capital Markets | Windsor Group served as the exclusive financial advisor to The Columbia Group. Financial terms of the transaction were not disclosed.

    Read More
  • Tenneco Inc.

    On December 2, 2014, BB&T Capital Markets served as a co-manager for a $225 million offering of 5.375% senior notes due 2024 by Tenneco Inc. This high yield deal represents our first bond transaction with Tenneco. Proceeds from the transaction are being used for a tender offer of $225 million of Tenneco’s outstanding 7.75% senior notes and the redemption of any such notes not tendered.

    Read More
  • Axalta Coating Systems, Ltd. (NYSE: AXTA)

    BB&T Capital Markets’ Automotive Aftermarket Group served as a co-manager in Axalta Coating Systems’ $975 million initial public offering. Axalta is a portfolio company of The Carlyle Group.

    Read More
  • COBB Tuning Products

    On July 29, 2014, COBB Tuning Products, an automotive aftermarket designer and manufacturer of premium performance products for small displacement, turbocharged engines, was acquired by Auto Meter Products and Promus Equity Partners. COBB Tuning was previously owned by New Value Capital and Trey Cobb. Terms of the transaction were not disclosed. BB&T Capital Markets served as the exclusive financial advisor to COBB Tuning and New Value Capital. This was BB&T’s fifth sell-side transaction in the $30 billion Specialty Equipment (“SEMA”) aftermarket in less than two years. The BB&T team expects the transaction pace in the SEMA market to continue. Speaking about the transaction, Jonathan Carey, head of BB&T’s Automotive Aftermarket Investment Banking team said, “We are thrilled to have successfully helped New Value Capital and Trey Cobb find a partner to fuel Cobb’s growth. Having also sold Auto Meter to Promus Equity just last year we are excited to have played an important role in Promus’ continued growth in the automotive aftermarket.”

    Read More
  • Pfingsten Partners

    On March 4, 2014, CURT, a leading manufacturer and distributor of branded aftermarket towing and cargo management solutions, was acquired by Audax Group, a Boston-based private equity firm. Terms of the agreement were not disclosed. BB&T Capital Markets served as the exclusive financial advisor to CURT, a portfolio company of Chicago-based Pfingsten Partners, in the transaction. “Pfingsten has been a solid partner to me and my executive team, and we accomplished a great amount in a relatively short period of time,” said CURT CEO Greg Hooks. “That said, my team and I are very excited to join the Audax family as we continue to execute upon our organic and inorganic growth initiatives." Jonathan Carey, head of BB&T Capital Markets' Automotive Aftermarket Group, added, "CURT is a true leader in its space with unmatched management talent and capabilities. It was a great outcome for Pfingsten and their partners at CURT. We are also excited to see CURT embark on its next phase of growth and are confident that Audax and the team at CURT will be an enormously successful partnership.”

    Read More
  • Caliber Collision Centers

    On November 20, 2013, Caliber Collision Centers (“Caliber”), a leading operator of collision repair centers throughout the U.S. and an operating company of Toronto, Canada-based private equity firm ONCAP, was acquired by OMERS Private Equity. Terms of the agreement were not disclosed. BB&T Capital Markets served as financial advisor to Caliber and ONCAP in the transaction. The sale of Caliber represents BB&T Capital Markets' fifth sale of a major collision repair chain in the last five years.

    Read More
  • Holley Performance Products

    On October 24, 2013, Holley Performance Products, an aftermarket marketer and supplier of high-performance auto parts, and a portfolio company of New York-based Monomoy Capital Partners, was acquired by Lincolnshire Management, a New York-based private equity firm. Terms of the agreement were not disclosed. BB&T Capital Markets served as the exclusive financial advisor to Holley and Monomoy Capital Partners in the transaction.

    Read More
  • SCT Holdings

    On September 20, 2013, SCT Holdings ("SCT") was acquired by an affiliate of Global Environment Fund. Terms of the agreement were not disclosed. BB&T Capital Markets served as the exclusive financial advisor to SCT and Tillery Capital, SCT's controlling shareholder. SCT is a leading supplier of engine and transmission calibration products for the performance automotive aftermarket and light-duty fleets. SCT's branded products are embraced by automotive enthusiasts seeking to increase a vehicle's performance, and more recently, fleet operators who recognize tremendous fuel savings by using SCT's fleet products. www.sctflash.com

    Read More
  • O’Reilly Automotive, Inc.

    On June 17, 2013, BB&T Capital Markets served as a co-manager for a $300 million offering of 3.85% senior notes due 2023 by O’Reilly Automotive, Inc. Proceeds from the transaction are being used for general corporate purposes. This transaction represents the fourth such offering by O’Reilly since the beginning of 2011 to which BB&T Capital Markets has been invited.

  • Auto Meter Products, Inc.

    On May 31, 2013, Auto Meter Products, Inc. ("Auto Meter"), a portfolio company of St. Louis-based Harbour Group, was acquired by Promus Equity Partners, LLC, a Chicago-based private equity firm. Terms of the agreement were not disclosed. BB&T Capital Markets served as the exclusive financial advisor to Auto Meter and Harbour Group in the transaction.

    Read More
  • Acquisition - Honeycomb Company of America, Inc.

    Honeycomb Company of America, Inc.

    Honeycomb Company of America, Inc. ("HCOA" or "the Company"), a Sarasota, Florida-based manufacturer of complex, flight critical, bonded, composite assemblies for U.S. military aircraft platforms, has been acquired by Overall Capital Partners ("Overall"). BB&T Capital Markets | Windsor Group served as the exclusive financial advisor to HCOA. The terms of the transaction were not disclosed.

    Read More
  • Co-Manager Secondary - KAR Auction Services
  • Co-Manager Secondary - KAR Auction Services
  • Acquisition - STS Aviation Group

    STS Aviation Group

    STS Aviation Group ("STS" or "the Company"), a Jensen Beach, Florida-based provider of commercial aerospace engineering solutions, aircraft component supply chain management, and line maintenance services, has acquired Advantage Federal Resourcing, Inc. ("AFR"), a government and military engineering solutions provider. With the addition of AFR, STS will grow its workforce to nearly 400 employees and gain traction with new customers in the Department of Defense ("DoD") and the Department of State ("DoS"). STS' business is currently divided into four lines: Aerostaff Services, Engineering Solutions, Line Maintenance, and Component Solutions. Between its divisions, STS supplies highly trained and qualified aircraft maintenance technicians, 24-hour line and hangar data services, mechanical support, and aerospace component and material distribution. Terms of the transaction were not disclosed.

  • Acquisition - Service King

    Service King

    On August 20, 2012, The Carlyle Group, together with management and employees of Service King Collision Repair Centers, completed a transaction to acquire majority ownership in the largest independent U.S. chain of auto body repair shops. Founder Eddie Lennox will retain a significant ownership stake in Service King. BB&T Capital Markets served as financial advisor to Service King in this transaction.

    Read More
  • Acquisition - Dayton Parts

    Dayton Parts

    On May 4, 2012, Dayton Parts, LLC, a portfolio company of Capital Partners, was acquired by AEA Investors and company management. BB&T Capital Markets served as the exclusive financial advisor to Dayton Parts.

    Read More