“That has not been decided in the car wash market, but it’s just about to start.” Changing the GameĬornering an underexploited market explains why the few early movers entered the car wash arena - having eyes on building nationally recognized brands with hundreds of car wash locations across the country. “The fast food industry took about 50 years to consolidate, but you know today who the top players are,” he opined. with around 330 locations, to Leonard Green Partners LP in 2014. In some ways, the car wash business may end up shaking out over the next 10 to 20 years much like the fast food industry did in the mid-twentieth century, said Conklin, who sold Mister Car Wash Holdings Inc., the largest conveyor-style car wash operator in the U.S. “If I think about car wash operators with some sort of private equity backing in this space five or so years ago, I’d say there were no more than 10. “We’re nearing the basket tipping point, but there is still a ton of runway to go,” BlackArch Partners LP managing director John Conklin said. In the next five years, some industry advisers expect that to change. As recently as June 2019, private equity owned about 1% of the nation’s 65,000 total car washes and 2% of the country’s roughly 17,000 conveyor-style car washes, according to data from one of the industry’s dedicated brokerages, New York-based Car Wash Advisory LLC. Until the past three years, however, car wash chains have not been a heavily traded business among private equity firms. (CG) TDR Capital LLP and, most recently, Atlanta-based Roark Capital Management LLC have held ICWG. Since then, JPMorgan Partners (now CCMP Capital Advisors LP) Carlyle Group Inc. paid about £115 million ($157 million) for International Car Wash Group Ltd. It was around the dawn of the 21st century when U.K. For a few private equity firms, the car wash business is old hat.
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