Love’s Travel Stops & Country Stores has hammered out a deal to purchase Speedco, a national network of service locations that provides quick lube and inspection services to truckers, from tire maker Bridgestone Americas.
The transaction is subject to the usual regulatory approvals and certain other closing conditions, Love’s noted. Financial data regarding the deal wasn’t disclosed.
The acquisition will add 52 trucking service and lube locations to Love’s network of truck stops, bringing the number of Love’s operated tire service and lube facilities to 323 nationwide, the company said.
Founded in 1964, Love’s currently operates over 430 locations in 41 states and employs 17,000, with the on-site Truck Tire Care centers at its truck stops – the division within which the Speedco locations will be folded into – offering roadside assistance, tire care and light mechanical services.
“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, in a statement. “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.”
Since 2007, Speedco – a 25-year old brand – has operated as a subsidiary of Bridgestone Americas. Prior to the deal’s closing, Speedco and Love’s said they will continue to operate as separate companies. During the transition period to Love’s ownership, Speedco said it will “conduct business as usual” with a continued focus on meeting the needs of its trucking clientele.
