Pennzoil Quaker State, a subsidiary of Shell (SHEL) USA, has entered an agreement to sell Jiffy Lube and its subsidiary Premium Velocity Auto business to an affiliate of Monomoy Capital Partners for $1.3B. As part of this transaction, Pennzoil Quaker State has entered into a long-term lubricants supply agreement with Monomoy. “The sale includes the Jiff y Lube brand and a network of franchised stores which are owned and operated byi ndependent franchisees, in addition to franchised stores that are owned and operated by PVA. Shell will retain its Pennzoil Quaker State, Rotella and other Shell lubricants brands, along with marketing, manufacturing and distribution of lubricants in the U.S. and Canada that serve consumer, commercial and industrial sectors,” Pennzoil said in a statement.
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