Pennzoil Quaker State Company, a subsidiary of Shell USA, has completed the sale of Jiffy Lube International and its Premium Velocity Auto business to an affiliate of Monomoy Capital Partners for $1.3 billion.

The transaction includes the Jiffy Lube brand and its network of franchised service centres operated by independent franchisees, as well as outlets owned by Premium Velocity Auto.

Shell has retained its Pennzoil Quaker State, Rotella and other lubricants brands, along with its US and Canada manufacturing, marketing and distribution operations serving consumer, commercial and industrial markets.

As part of the deal, the company will maintain a long-term lubricants supply agreement with Monomoy.

The divestment is part of Shell’s strategy to streamline its portfolio by monetising non-core assets within its lubricants business. -OGN/TradeArabia News Service