Shell agrees to sell part of its lubricants business for $1.3 billion

Gelonghui, March 10th｜Shell has agreed to sell part of its lubricants business, Jiffy Lube and its subsidiary Premium Velocity Auto, to an institution under private equity fund Monomoy Capital Partners for $1.3 billion. According to the statement, the transaction includes the Jiffy Lube brand and its franchise store network, some of which are operated by independent franchisees, as well as stores directly operated by PVA. Shell's US subsidiary, Pennzoil Quaker State Company, will sign a long-term lubricants supply agreement with Monomoy.