UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

_____________________
FORM 8-K
___________________

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 17, 2018

_________________________________________

VALVOLINE INC.
 
(Exact name of registrant as specified in its charter)
__________________________________________

Kentucky	 	001-37884	 	30-0939371	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	

100 Valvoline Way
Lexington, KY 40509
(Address of Principal Executive Offices)

(859) 357-7777
(Registrant’s telephone number, including area code)
___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 	 	 	
 	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 	 	 	
 	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 	 	 	
 	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
 	 	 	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 	Emerging growth company	☐	
 	 	 	 	 	
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 	☐	

 

Item 8.01.	Other Events.	
 
On May 17, 2018, Valvoline Inc. (“ Valvoline ”) issued a news release announcing that it has entered into a definitive agreement to acquire the business assets of Great Canadian Oil Change, which franchises 73 quick-lube stores in Canada.  The acquisition, Valvoline’s first international quick lube acquisition, is expected to be completed within 60 days.

A copy of the news release is being furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01.	Financial Statements and Exhibits.	

Exhibit No.	Description of Exhibit	
99.1	News release issued by Valvoline Inc., dated May 17, 2018	

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	VALVOLINE INC.	 	

Date:  May 17, 2018	By: 	 /s/ Ian C. Lofwall	 	
 	 	Name: 	 Ian C. Lofwall	 	
 	 	Title: 	 Assistant Secretary	 	

 

Exhibit 99.1
 
NEWS RELEASE

Valvoline to Acquire Great Canadian Oil Change, its First International Quick-Lube Acquisition
Great Canadian Oil Change, which has 73 franchised stores in five Canadian provinces, will become Valvoline’s largest quick-lube brand in Canada
LEXINGTON, Ky., May 17, 2018 - Valvoline Inc. (NYSE: VVV), a leading worldwide supplier of premium branded lubricants and automotive services, today announced that it has signed a definitive agreement to acquire the business assets of Great Canadian Oil Change, which franchises 73 quick-lube stores in five Canadian provinces, primarily in British Columbia and Saskatchewan. The acquisition is expected to be completed within 60 days. Financial terms were not disclosed.
Great Canadian Oil Change, based in Chilliwack, British Columbia, was founded in 1978 and is the third largest quick-lube system in Canada. The acquisition will expand Valvoline’s existing quick-lube network to more than 1,200 company-owned and franchised locations.
“Growing and strengthening our quick-lube network through organic store expansion and high-quality acquisitions in both core and new markets is a key business strategy for Valvoline,” said Sam Mitchell, chief executive officer. “The addition of Great Canadian Oil Change, with its established brand – which we intend to keep in place – and loyal customer base, provides us with an excellent opportunity to expand our quick-lube footprint outside the U.S.”
“Owners Trevor and Carolynn Weflen have spent 40 years developing the Great Canadian Oil Change brand and building its reputation in the Canadian marketplace,” said Tony Puckett, president, Valvoline Quick Lubes. “We’ve developed a strong relationship with Great Canadian Oil Change over the years through our Canadian installer business team and blending and packaging plant in Mississauga, and look forward to working with Great Canadian Oil Change’s large and experienced franchise-owner base to further grow and improve the business. We believe there is significant opportunity for system growth through both support of franchisees and company-owned store expansion.”
“Great Canadian Oil Change has been part of our family since 1978, and we are extremely proud of the brand we’ve built and the growth we’ve achieved,” said Trevor Weflen, owner of Great Canadian Oil Change. “Although the decision to sell was difficult, we are very confident that Valvoline is the right steward for the Great Canadian Oil Change brand and our franchisees going forward. Valvoline is a 150-year-old company that has a long, successful history of taking care of its people, franchisees and customers. We know Valvoline is dedicated to the growth and success of the brand and every franchisee.”

About Valvoline TM
Valvoline Inc. (NYSE: VVV) is a leading worldwide marketer and supplier of premium branded lubricants and automotive services, with sales in more than 140 countries. Established in 1866, Valvoline’s heritage spans over 150 years, during which it has developed powerful brand recognition across multiple product and service channels. The highly trusted brand ranks as the No. 3 passenger car motor oil brand in the DIY market by volume and the No. 2 quick-lube chain by number of stores in the United States. The company operates and franchises more than 1,100 Valvoline Instant Oil Change ℠ centers in the United States. It also markets Valvoline lubricants and automotive chemicals, including the new Valvoline ™ Modern Engine Full Synthetic Motor Oil, which is specifically engineered to protect against carbon build-up in Gasoline Direct Injection (GDI), turbo and other engines manufactured since 2012; Valvoline High Mileage with MaxLife technology motor oil for engines over 75,000 miles; Valvoline Synthetic motor oil; and Zerex™ antifreeze. To learn more, visit www.valvoline.com .
Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, including estimates, projections, statements related to the company’s business plans and operating results are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Valvoline has identified some of these forward-looking statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “may,” “will,” “should” and “intends” and the negative of these words or other comparable terminology. These forward-looking statements are based on Valvoline’s current expectations, estimates, projections and assumptions as of the date such statements are made, and are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. Additional information regarding these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Valvoline’s most recently filed periodic reports on Forms 10-K and Form 10-Q, which are available on Valvoline’s website at http://investors.valvoline.com/sec-filings. Valvoline assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

TM Trademark, Valvoline or its subsidiaries, registered in various countries
SM Service mark, Valvoline or its subsidiaries, registered in various countries

FOR FURTHER INFORMATION
 
Investor Relations 
 Sean T. Cornett
+1 (859) 357-2798 
 scornett@valvoline.com	Media Relations 
 Valerie Schirmer 
 +1 (859) 357-3235
vschirmer@valvoline.com