Located in Lindenwold, New Jersey, White Horse Rapid Lube is a highly-rated quick-service oil change provider. Originally a Texaco Rapid Lube franchise, the business has now operated independently for over 20 years. Open 6 days a week, White Horse Rapid Lube has three employees who can work on 50-60 cars a day, which is a rare feat for a single-lane oil change business. These qualities made the business an attractive endeavor for new owner Fran Grenier.
Fran began his career in the nuclear power industry for several decades, before eventually switching over to owning a franchise home inspection business. While he liked the franchise model, he wanted to operate a business that didn’t require long hours. Fran began to look for opportunities to acquire a business in the automotive industry and came across a similar business in North Carolina. It was through this deal that a business broker introduced him to one of our experienced Business Development Officers. While the deal ended up falling through, Fran eventually found a new opportunity in White Horse Rapid Lube. Fran was still in need of financing for the acquisition, and he decided to reach back out to our BDO since they already had a good, established relationship. He was able to navigate Fran through the SBA loan process and work with the landlord and lawyers involved to ensure a successful acquisition. Ultimately, our BDO structured an SBA 7(a) loan that allowed Fran to acquire the business and achieve working capital to preserve cash flow.
Fran had this to say about his experience partnering with the team at FNB Small Business Finance:
I had a great experience with FNB! Everything went smoothly and they were able to walk me through every step of the SBA loan process. It was a no-brainer to work with them. I would absolutely recommend him to other business owners.
Congratulations to Fran on taking the next step as a business owner and acquiring White Horse Rapid Lube! We wish him all the success in the world and look forward to seeing his accomplishments.
