Jiffy Lube, a familiar name for millions of vehicle owners across the United States and Canada, is heading into a new era. On March 12, 2026, Monomoy Capital Partners announced a definitive agreement to acquire Jiffy Lube International from Pennzoil Quaker State Company (doing business as SOPUS Products), a subsidiary of Shell USA. The deal, valued at $1.3 billion, marks a significant shift for the automotive service giant, separating it from Shell’s broader oil and lubricants business and setting the stage for fresh growth and transformation.
Jiffy Lube’s journey began back in 1979, when W. James Hindman founded the company with a simple idea: make oil changes quick and convenient. That innovation sparked a revolution in car maintenance, and the brand soon became synonymous with fast, reliable service. Shell acquired Jiffy Lube in 2002, and under its stewardship, the company expanded its offerings well beyond oil changes. During the 2010s, Jiffy Lube rolled out its multicare service format, adding tire rotations, brake repairs, and battery replacements to the menu. Today, the company boasts a sprawling network of more than 2,000 franchised service centers, serving over 19 million vehicle owners each year. Its customers range from everyday drivers to commercial fleet operators who depend on timely, routine maintenance for their vehicles.
Headquartered in Houston and led by CEO Greg Johnson, Jiffy Lube has built a reputation for efficiency and trust. The company’s services now include not just engine oil replacement and inspection of key vehicle systems, but also brake pad replacement, brake system inspections, and battery testing and replacement. It’s a one-stop shop for many drivers looking to keep their cars on the road and running smoothly.
Monomoy Capital Partners, the private equity firm set to take the reins, is no stranger to complex corporate carve-outs. Founded in 2005 and based in New York City, Monomoy specializes in control investments in companies with earnings before interest, taxes, depreciation, and amortization (EBITDA) ranging from $20 million to $100 million. The firm’s portfolio spans manufacturing, distribution, and business services across North America. Its fifth fund, which closed in July 2024 with $2.25 billion in capital, will provide the equity for the Jiffy Lube acquisition.
Monomoy’s leadership is enthusiastic about the deal and the opportunities it brings. "Few brands have the heritage and scale of Jiffy Lube," said Lee Mlotek, a managing director at Monomoy. "As the original pioneer of the fast oil change, Jiffy Lube reshaped the industry and remains the market leader today. We are incredibly excited to partner with our franchisees to enhance the customer experience and value proposition that has made Jiffy Lube a trusted name for generations."
The transaction also garnered praise from Dan Collin, founder and co-chief executive officer of Monomoy. "For over twenty years, global corporations have trusted Monomoy to execute complex corporate carve-out transactions," Collin noted. "We are thankful that the Shell team has entrusted Monomoy to provide the operational experience and strategic capital to position Jiffy Lube as a stand-alone entity. Jiffy Lube enters this next chapter well capitalized and focused on future growth with its franchise partners."
The acquisition, expected to close in the second half of 2026, is being supported by several major financial players. RBC Capital Markets served as financial advisor to Monomoy, while Golub Capital is acting as the sole administrative agent and joint lead arranger on debt financing. MidCap Financial and Ares Credit are also participating as joint lead arrangers, providing the capital needed to complete the transaction and fuel Jiffy Lube’s ambitions as an independent company.
While Jiffy Lube prepares for its new chapter, its soon-to-be-former parent company, Shell, is grappling with its own set of challenges and ambitions. On the same day as the Jiffy Lube announcement, Shell published its annual report for 2025, revealing that its greenhouse gas emissions remained largely stable at around 1.1 billion metric tons of CO2 equivalent. The bulk of these emissions come from so-called Scope 3 emissions, which are generated mainly by the combustion of fuels sold by Shell. For context, Britain’s total emissions in 2024 were about 480 million tons of CO2 equivalent—less than half of Shell’s annual output.
Shell’s net carbon intensity (NCI)—the company’s main measure for tracking its energy transition—stood at 71 grams of CO2 equivalent per megajoule in 2025, unchanged from the previous year. The company has set an ambitious goal to reduce this measure to zero by 2050, but the path forward is far from straightforward. Measuring emissions performance by intensity, rather than absolute volume, allows a company to technically increase its fossil fuel output and overall emissions while offsetting the rise with renewable energy or biofuels. It’s a strategy that has drawn both praise and criticism, as it provides flexibility but can also obscure the true environmental impact.
Shell’s 2023 emissions were reported at 1.197 million metric tons of CO2-equivalent, underscoring the scale of the challenge facing the oil giant as it seeks to transition to a lower-carbon future. The company’s efforts are being watched closely by environmental advocates, investors, and policymakers alike, all of whom are eager to see tangible progress toward emissions reductions. A coalition of six international industry associations recently urged governments to begin implementing renewables action plans to avoid continued heavy reliance on fossil fuels, highlighting the growing pressure on both private and public sectors to accelerate the shift to cleaner energy sources.
For Jiffy Lube, the separation from Shell comes at a time of change and opportunity. As a stand-alone entity backed by Monomoy Capital Partners, the company will have the resources and strategic focus to invest in new technologies, expand its service offerings, and strengthen its relationships with franchisees and customers. The move also allows Shell to focus more squarely on its core energy business and the formidable task of reducing its carbon footprint.
With more than 2,000 locations and a loyal customer base, Jiffy Lube is well positioned to adapt to evolving consumer needs and industry trends. Whether it’s embracing electric vehicle maintenance, integrating digital tools, or enhancing sustainability practices, the company now has a clear runway to innovate and grow. As Monomoy’s Lee Mlotek put it, the goal is to "enhance the customer experience and value proposition that has made Jiffy Lube a trusted name for generations."
As the ink dries on the acquisition agreement and both companies chart their respective paths forward, one thing is clear: the automotive service landscape is shifting. Jiffy Lube’s next chapter as an independent business, and Shell’s ongoing energy transition, will both be stories to watch in the years ahead.