Harris Williams & Co. Advises Express Oil Change & Tire Engineers on its Sale to Golden Gate Capital

June 15, 2017

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces the sale of Express Oil Change & Tire Engineers (Express), a portfolio company of Carousel Capital (Carousel), to Golden Gate Capital. The transaction was led by Joe Conner, Frank Mountcastle, Jeff Burkett, Jeff Kidd and Elliott Yousefian of Harris Williams & Co.’s Transportation & Logistics (T&L) Group.

“Express is an incredible platform that is redefining the automotive services sector,” said Joe Conner, a managing director at Harris Williams & Co. “Express’ relentless focus on providing a differentiated customer experience and an unwavering commitment to the long term development of its employees creates a winning combination and positions the company well for continued, impressive growth.”

“Express represents another landmark transaction within the automotive services sector for Harris Williams & Co. and the firm’s T&L Group,” added Frank Mountcastle, a managing director at Harris Williams & Co.  “We have the highest respect for what management and Carousel have accomplished and believe the success of this transaction is indicative of the continued strong interest in the aftermarket services sector.”

Founded in 1979 and based in Birmingham, Alabama, Express is a leading, full service automotive maintenance provider and was one of the first service providers to focus on both fast oil change and dealership-quality mechanical and maintenance services. With the acquisition of Tire Engineers in 2013, Express became one of the only companies to successfully integrate tire retail sales and services to its comprehensive service offering. Express is one of the largest independent operators of quick oil change and automotive service centers in the Southeast, with nearly 300 locations across 15 states. 

Carousel is a private equity investment firm that invests in companies located in the Southeastern U.S. and has received commitments of more than $1.2 billion in capital across its funds. Carousel’s investor base includes institutional investors and an elite group of more than 100 current and former CEOs across the region. Since its inception, Carousel has invested in 37 companies primarily in three targeted growth sectors: business services, consumer services and healthcare services.

Golden Gate Capital is a San Francisco-based private equity investment firm with over $15 billion of capital under management and significant consumer sector expertise. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures and recapitalizations as well as debt and public equity investments.

Harris Williams & Co. (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Harris Williams & Co.’s T&L Group serves companies in a broad range of attractive niches, including automotive and heavy duty vehicle, third-party logistics (3PL), truck, rail, marine and air transportation, and transportation equipment. Notable other clients in the automotive services sector include AAMCO Transmissions, Inc., ABRA Auto Body & Glass, Caliber Collision Centers, Dent Wizard International, Driven Brands, Inc. (Maaco and Meineke), Kadel’s Auto Body and Mister Car Wash. For more information on the firm’s T&L Group and other recent transactions, visit the T&L Group’s section of the Harris Williams & Co. website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.