National Carwash Solutions, a provider of carwash services and systems and a portfolio company of Trivest Partners, has been acquired by AEA Investors.
National Carwash Solutions (NCS) manufactures a full line of friction and touch-free rollover car washes, along with conveyor, drive-through, and self-service car wash systems. Additionally, the company provides installation services, preventative maintenance and carwash chemicals (detergents, presoaks, waxes and protectants) through its nationwide support network that has over 250 service technicians.
NCS, founded in 1973, has approximately 500 employees. NCS is based near Des Moines in Grimes, IA (www.NationalCarwashSolutions.com) (www.MacNeilwash.com) and (www.Ryko.com).
Trivest first invested in NCS in December 2010 when it acquired Ryko Manufacturing, a manufacturer of friction and touch-free rollover car washes, as well as conveyor, drive-through, and self-service car wash systems. In April 2013, Ryko acquired MacNeil Wash Systems, a manufacturer of car wash equipment (brushes, dryers, vacuums and applicators). In July 2014, Ryko acquired National Carwash Solutions, the largest independent carwash service organization in North America. In May 2016, Trivest rebranded Ryko under the National Carwash Solutions name.
“We truly enjoyed working with NCS and being a part of their growth strategy,” said Russ Wilson, a Partner with Trivest. “We are happy that AEA Investors is on board to continue the growth of NCS at this juncture of their history.”
Trivest makes control and non-control investments in founder or family owned businesses in the United States and Canada that have revenues of at least $25 million and cash flows of at least $5 million. Sectors of interest include business services, niche manufacturing, consumer products, and franchisors. The firm was founded in 1981 and has completed more than 250 transactions totaling over $6 billion in value. Trivest is headquartered in Miami (www.trivest.com).
AEA makes equity and debt investments in middle market companies that operate in the following sectors: retail and consumer products, services, specialty chemicals, and value-added industrial products. The firm manages approximately $9 billion of capital. AEA was founded in 1968 and is headquartered in New York (www.aeainvestors.com).
“We are excited to have partnered with AEA Investors. This transaction will allow us to continue to strengthen our leadership position within the industry and best position us for growth in the coming years,” said Michael Gillen, CEO of National Carwash Solutions. “We had an immediate connection with AEA. It was apparent there was a great fit between our two companies.”
BlackArch Partners (www. blackarchpartners.com) was the financial advisor to Trivest and NCS on this transaction.
© 2017 Private Equity Professional | May 2, 2017
