O2 Forms New Platform, Straightaway Tire & Auto
Bloomfield Hills, Michigan
O2 Investment Partners (www.o2investment.com) announced today that it has invested in and partnered with All County Automotive (www.allcountyautorepair.com), Auto Care Plus (www.autocareplus.com), EAS Tire & Auto (www.eas-tire.com), Victory Automotive Service (www.victoryautoservice.com), and Village Autoworks (www.villageautoworks.com) to form a new automotive service platform, Straightaway Tire & Auto (www.gostraightaway.com). The platform and partnership will help support the companies’ aggressive organic and M&A growth plans. Terms of the investments were not disclosed.
The combination brings together five best-in-class companies to create a leading independent automotive service platform that collectively operates 43 locations across Colorado, Florida, Maine, Minnesota, New Hampshire, and Wisconsin. Straightaway’s member companies share a resolute focus on customer service and offer a comprehensive suite of services, including mechanical and electrical repair, preventative and scheduled maintenance, EV and hybrid vehicle service, glass repair, and tire sales.
“I’ve had the pleasure of knowing the other founding members for over a decade, and we are all very proud of the businesses we’ve been able to build,” said Brian Bates, founder of EAS Tire & Auto. “It was important to all of us that our investment partner recognize the value each of us operators brought to the table and also shared our vision for continued expansion. The partnership with O2 will allow us to share resources and technology, and truly turbocharge our plans for future growth.”
The leadership groups have maintained significant ownership in the platform, and each member company will continue to be led by its current management teams.
Joe Vallee at O2 commented, “We are beyond excited to partner with such an amazing group of operators with excellent reputations. We believe the Straightaway platform is well positioned to capitalize on the industry’s significant fragmentation. We are confident that our approach to partnering with best-in-class operators and empowering them to pursue localized M&A will make Straightaway the partner of choice for independent auto repair businesses across the country. We are grateful to be in business with these industry leaders and look forward to building something special together.”
Straightaway is the third platform investment for O2’s most recent fund, O2 Investment Partners Fund IV.
About Straightaway Tire & Auto:
Straightaway Tire & Auto is a leading independent, full-service aftermarket automotive repair and service platform with over 40 locations across Colorado, Florida, Maine, Minnesota, New Hampshire, and Wisconsin. Straightaway offers a comprehensive suite of services, including mechanical and electrical repair, preventative and scheduled maintenance, EV and hybrid vehicle service, glass repair, and tire sales. Straightaway is growing its footprint throughout the United States and is actively engaging in partnership discussions with operators looking to accelerate growth.
About O2 Investment Partners:
O2 Investment Partners is a Midwestern based private equity firm that seeks to invest in lower middle market B2B services, technology, and select industrial companies. The firm invests in businesses with earnings growth potential and a clear path to the creation of shareholder value. O2 invests with a view toward partnering with management to build and grow the business and take it to its next stage of development. This requires not only a clear vision and strategic plan to create shareholder value, but a close partnership and alignment of interest with management.