VANCOUVER - Mr. Lube Canada, a B.C.-based quick lube and preventive automotive maintenance provider, has sold 23 corporately-owned stores across Canada as the company focuses on its succesful franchise business.
Financial terms of the deal, announced Thursday, were not revealed.
The automotive services company said each outlet is being sold to an existing Mr. Lube franchisee, and the company will focus on expanding its national presence.
Less than a quarter of the company's outlets are corporate owned.
"We have decided to concentrate all of our efforts on supporting our franchising model," Stuart Suls, president and chief operating officer, said in a release.
"Due to our significant market successes and industry leading performance, we have created a solid investment vehicle by selling our established locations to a collection of trusted Mr. Lube franchisees," Suls added.
"This gives us the opportunity to provide enhanced support for our proven franchise model while continuing to grow the business."
The transaction is expected to close by the end of November.
After the deal closes, the only remaining location which will continue under the ownership of Mr. Lube Canada is based in Edmonton, where founder Founder Clifford Giese and his father Arnold opened the company's first store in 1976.
Mr. Lube Canada is based in Delta, B.C. and operates 102 outlets across the country.