Midas, Inc.has acquired the assets of G.C. & K.B. Investments, Inc., and its affiliated entities that franchise or sub-franchise 181 SpeeDee quick-lube and automotive maintenance shops in the United States and Mexico.
G.C. & K.B. Investments, Inc., is owned by Gary Copp and Kevin Bennett, who founded the company in 1980. SpeeDee, which is based in New Orleans, generated U.S. system-wide retail sales of approximately $78 million in 2007, through its network of 116 U.S. shops. The SpeeDee system also includes 65 shops in Mexico that are licensed to a master franchisee.
Oil changes and other fluid replacements account for approximately 50 percent of SpeeDee’s U.S. retail sales compared to only six percent in Midas shops. Conversely, brake services account for nearly 40 percent of sales at a typical Midas shop compared to only five percent in a SpeeDee shop. The typical SpeeDee shop has four drive-through express oil change bays and four general service bays that are well-suited for performing Midas’ core services.
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