Mr. Lube + Tires Acquired by Diversified Royalty | Industrials M&A Deal

Diversified Royalty has agreed to acquire Mr. Lube + Tires, a industrial services other business in Canada, for $235 million. Diversified Royalty acquisitions will increase its exposure to the Mr. Lube + Tires automotive service franchise network, which provides vehicle maintenance and tire services across Canadian locations. The platform acquisition is designed to deepen economic interest in a top-performing royalty partner with strong same-store sales growth and rising adjusted EBITDA. The industrials M&A deal is structured as a platform acquisition led by a private equity acquisition profile, with a newly formed subsidiary buying remaining assets such as franchise agreements and supplier contracts while existing real estate leases stay with the current entity under a management agreement. Closing is expected by the end of Q2 2026, subject to regulatory approvals and customary conditions.