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00:02Shell agreed to sell Jiffy Lube to Monomoy Capital Partners in a $1.3 billion deal,
00:07according to The Wall Street Journal. The automotive service chain became part of
00:11Shell through its $2.9 billion purchase of Penzel Quaker State in 2002. The sale includes the Jiffy
00:18Lube brand, franchisee Premium Velocity Auto, and a network of stores operated by independent
00:23franchisees. Jiffy Lube operates more than 2,000 locations. Shell will retain its Pennzoil,
00:29Quaker State, and Rotella lubricant brands along with U.S. and Canada marketing,
00:34manufacturing, and distribution operations. Shell said the divestment monetizes an asset that is
00:40not central to its lubricants portfolio and allows reinvestment in higher return opportunities.
00:45Jiffy Lube represents 6.5% of Shell's U.S. and Canada lubricants volume.
00:50For all things money, visit Benzinga.com.
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