Valvoline to acquire Breeze Autocare (Oil Changers) for ~$625M in cash

VALVOLINE INC

Acquires Breeze Autocare for ~$625M in cash, funded via new Term Loan B; expected close in fiscal Q3 2025.
Adds nearly 200 stores across 17 states (Oil Changers brand); total network to surpass 2,200 locations.
Breeze generated $200M net sales (FYE Dec 2024); purchase price implies 10.7x adjusted EBITDA.
Deal expected to be relatively neutral to adjusted diluted EPS in year one, accretive over time.
Share repurchases paused; target net leverage of 2.5x-3.5x within 24 months post-close.

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