Loveโs Travel Stops & Country Stores agreed to purchase Speedco, a national network of service locations that provides quick lube and inspection services to truckers, from tire maker Bridgestone Americas โ a transaction subject to the usual regulatory approvals and certain other closing conditions, Loveโs noted.
Financial data regarding the deal wasnโt disclosed.
The acquisition will add 52 trucking service and lube locations to Loveโs network of truck stops, bringing the number of Loveโs operated tire service and lube facilities to 323 nationwide, the company said.
Founded in 1964, Loveโs currently operates over 430 locations in 41 states and employs 17,000, with the on-site Truck Tire Care centres at its truck stops โ the division within which the Speedco locations will be folded into โ offering roadside assistance, tire care and light mechanical services.
โThe Speedco organization shares our commitment to providing reliable, high-quality and convenient services to truck drivers and fleets across the country,โ said Tom Love, founder and executive chairman of Loveโs, in a statement. โThe addition of the Speedco locations to Loveโs is an important step in continuing to provide the highest standard of service to the trucking industry.โ
Since 2007, Speedco โ a 25-year old brand โ has operated as a subsidiary of Bridgestone Americas. Prior to the dealโs closing, Speedco and Loveโs said they will continue to operate as separate companies. During the transition period to Loveโs ownership, Speedco said it will โconduct business as usualโ with a continued focus on meeting the needs of its trucking clientele.
