International Car Wash Group (“ICWG” or “the Company”) announced today that an affiliate of Roark Capital Group (“Roark”) has executed a definitive agreement to acquire ICWG from TDR Capital LLP (“TDR Capital”) for an undisclosed amount.
ICWG was founded in 1965 and is now the world’s largest car wash operator, washing more than 35 million cars every year through 900 locations across Europe, Australia and the USA. TDR Capital acquired ICWG in 2014 and has worked closely with the management team to extend its global leadership position.
The Company has grown significantly in recent years by opening new sites in existing markets as well as investing in an extensive refurbishment programme and expanding its international presence. ICWG continues to develop its business in Australia, it also recently signed a joint venture in Denmark and is planning to open its first site in China later this year. In August 2015, ICWG entered the US market and now has 110 sites, making it one of the country’s largest operators.
Liberty provided advice to the international management team on their investment and equity terms
Mike Smith, Executive Chairman of International Car Wash Group, said:“After a highly successful period for the business, during which we were extremely fortunate to have the support of the whole team at TDR Capital, ICWG has further established itself as the key player in the global car wash market. I am delighted that in Roark we have found another strong partner who is excited about working with us during the next chapter of our growth.”
Ezra Field, Senior Managing Director and Chief Investment Officer, and Matt Kaelin, Managing Director, of Roark Capital Group said: “ICWG fits well with our core focus on multi-location consumer-facing service businesses. It is a scaled operator of fast and affordable car wash businesses, and its brands represent quality and value to millions of loyal customers globally. We are looking forward to working with Mike Smith and his management team to continue to build their business in the U.S. and globally.”