Automotive repair company Lucor Inc., which operates Jiffy Lube locations, has raised $3 million in a private equity offering, according to a filing Thursday with the Securities and Exchange Commission.
The Raleigh-based company raised the money from only one investor, according to the filing.
The company said that is plans to use all of the proceeds to fund a tender offer of shares from its existing stockholders, which it estimates will include up to approximately $2.5 million to its directors and executive officers, who are expected to sell a portion of their shares.
Lucor generates an estimated $83.4 million in annual revenues and employs approximately 60 people at its headquarters location.
The company has been in business since 1998 and is led by Chief Executive Officer Stephen Conway.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.