Love’s Travel Stops and Bridgestone Americas reached an agreement for Love’s to purchase Speedco, a national network of service locations that provides quick lube and inspection services to the trucking industry.
The acquisition will add 52 trucking service and lube locations to the Love’s network, bringing the number of Love’s-operated tire service and lube facilities to 323.
“The Speedco organization shares our commitment to providing reliable, high-quality and convenient services to truck drivers and fleets across the country,” said Tom Love, founder and executive chairman of Love’s. “The addition of the Speedco locations to Love’s is an important step in continuing to provide the highest standard of service to the trucking industry.”
Bridgestone Americas Holding got Speedco as part of its $1.05 billion acquisition of Bandag Inc. in 2007.
Prior to closing on the transaction, Speedco and Love’s will continue to operate as separate companies. During this transition period, Speedco will conduct business as usual.
“Speedco is a strong commercial retail service business, and Love’s is the right partner to build on Speedco’s success and ensure a great future for Speedco employees,” said Bill Thompson, chief operating officer, Bridgestone Americas. “We are excited to continue our relationship with Love’s as a valued partner in the strong Bridgestone distribution network.”
Originally posted on Trucking Info