RICHMOND, Va.--(BUSINESS WIRE)--
Williams & Co., a preeminent middle market investment bank
focused on the advisory needs of clients worldwide, announces the sale
of Mister Car Wash, the largest operator of full-service and express car
washes in the country and a portfolio company of ONCAP, to Leonard Green
& Partners, LP (Leonard Green). Harris Williams & Co. acted as lead
financial advisor to Mister Car Wash. The transaction, which closed on
August 21, 2014, was led by Joe
Jones, and Jeff
Kidd of Harris Williams & Co.’s Transportation
& Logistics (T&L) Group, and Chris
Williams from the firm’s Richmond office.
“Mister Car Wash has established itself as the premier operator in the
car wash and lube center industry. Leonard Green’s longstanding
experience with world-class multi-site operators will aid in the
company’s continued expansion,” said Joe Conner, managing director in
Harris Williams & Co.’s T&L Group. “Harris Williams & Co. is proud to
have partnered with Mister Car Wash as the company enters the next phase
of growth and we believe they have found a great partner.”
“The car wash sector is highly fragmented with 95% of operators owning
five locations or less. Mister Car Wash’s track record and strategy have
driven both scale and best-in-class operations,” added Jershon Jones,
vice president in Harris Williams & Co.’s T&L Group. “Mister Car Wash is
poised to build on its outstanding track record and lead the industry
for the foreseeable future.”
Founded in 1996, Mister Car Wash operates 134 car washes and 32 lube
centers in 14 states across the country, making it the largest car wash
and lube center chain in the United States. The company, headquartered
in Tucson, AZ with 4,800 employees, services more than 15 million
vehicles annually. Mister Car Wash has established itself as the leading
acquirer in the industry, having completed over 25 acquisitions
representing over 70 stores since 2009.
ONCAP is the middle market private equity platform of Onex and invests
in and builds shareholder value in North American small and mid-size
companies that are leaders in their defined market niche and possess
meaningful growth potential. With offices in Toronto, New York and
London, Onex is one of the oldest and most successful private equity
firms in North America. The company has approximately $22 billion of
assets under management, including $6 billion of Onex capital in private
equity and credit securities. For 30 years, Onex has built more than 75
businesses, generating a gross multiple of capital invested of 3.0 times
from its core private equity activities, resulting in a 28 percent
compound annual return on realized, substantially realized and publicly
traded investments. Onex shares trade on the Toronto Stock Exchange
under the stock symbol OCX.
Leonard Green is one of the nation’s preeminent private equity firms
with over $15 billion of private equity capital raised since inception.
Founded in 1989, the firm has invested in 73 companies with aggregate
value of over $88 billion in the form of traditional buyouts,
going-private transactions, recapitalizations, growth capital
investments, corporate carve-outs and selective public equity and debt
positions. Based in Los Angeles, CA, Leonard Green invests in
established companies that are leaders in their markets.
Harris Williams & Co. (www.harriswilliams.com),
a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a
preeminent middle market investment bank focused on the advisory needs
of clients worldwide. The firm has deep industry knowledge, global
transaction expertise and an unwavering commitment to excellence. Harris
Williams & Co. provides sell-side and acquisition advisory,
restructuring advisory, board advisory, private placements and capital
markets advisory services.
Harris Williams & Co.’s T&L Group is dedicated to providing superior
merger and acquisition advisory services to companies in a variety of
attractive niches across the broader transportation, logistics and
automotive aftermarket industries. The group is the national leader in
the automotive aftermarket with experience spanning manufacturers,
distributors, service providers, branded products and retailers. For
more information on the firm’s T&L Group and other recent transactions,
visit the T&L
Group’s section of the Harris Williams
& Co. website.
Investment banking services are provided by Harris Williams LLC, a
registered broker-dealer and member of FINRA and SIPC, and Harris
Williams & Co. Ltd, which is authorised and regulated by the Financial
Conduct Authority. Harris Williams & Co. is a trade name under which
Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
For media inquiries, please contact Katie Hurst, associate brand
manager, at +1 (804) 648-0072.
Harris Williams & Co.
Katie Hurst, associate brand manager
Source: Harris Williams & Co.