JIFFY LUBE FRANCHISEE BUYS QUICK 10 CORP
8 November 1999
LUCOR, Inc. Announces Acquisition of Quick 10 Corporation; 27 North Carolina Locations To Be Added To The Company's Growing Family of Jiffy Lube Outlets
RALEIGH, N.C.--Nov. 8, 1999--LUCOR, Inc., the largest Jiffy Lube franchisee in the United States, today announced that the Company has entered into an agreement to acquire 100% interest in Quick 10 Corporation, a privately-held owner and operator of twenty seven full service, automotive fast oil change outlets located in North Carolina.Specific terms of the sale have not been disclosed at this time. LUCOR's management has obtained the financing for the transaction from Enterprise Mortgage Acceptance Corporation (EMAC), and believes that the acquisition will have a positive impact on earnings.
LUCOR President Jerry Conway noted, "Because of the proximity of LUCOR's headquarters and current locations and Quick 10's history of strong operations, we feel this acquisition fits perfectly in our Company's strategic growth plan. The acquired units are very established, well-operated and fit well with our current markets."
About Lucor, Inc.
Headquartered in Raleigh, North Carolina, Lucor, Inc. is the largest and only publicly traded franchisee of Jiffy Lube International. Through its subsidiaries, Lucor is engaged in the automotive fast oil change, fluid maintenance lubrication, and general preventive maintenance service business at 192 service centers located in eight states - 27 service centers are located in the Raleigh-Durham area of North Carolina; 29 in the Cincinnati, Ohio area (which includes northern Kentucky); 15 in the Pittsburgh, Pennsylvania area; 16 in the Dayton, Ohio area; 5 in the Toledo, Ohio area; 18 in the Nashville, Tennessee area; 8 in the Lansing, Michigan area; 21 in the Richmond-Tidewater, Virginia area; and 53 in the Greater Atlanta, Georgia area.
