Roark Capital Group has acquired International Car Wash Group from TDR Capital.
International Car Wash Group (ICWG) is the largest car wash operator in the world, washing more than 35 million cars every year through more than 900 locations in 14 countries across Europe, the United States, and Australia. ICWG operates under the IMO brand in Europe and in the Asia-Pacific region. In the US, ICWG operates under the brands Car Wash USA Express, Goo-Goo, Zippy’s, Car Wash Express, and Supersonic Car Wash. The company was founded in 1965 and is headquartered west of London in High Wycombe, UK (www.icwg.com).
TDR Capital acquired ICWG in July 2014. ICWG was previously a portfolio company of The Carlyle Group but the firm lost control of the company in 2009 through a debt restructuring that led to the company being acquired by its creditors. Carlyle had acquired ICWG in February 2006 from JPMorgan’s private equity unit which in turn had acquired the company in December 2003.
TDR Capital is a UK-based private equity firm with over €5 billion of committed capital. The firm invests in medium-sized, European businesses. TDR Capital was founded in 2002 by Manjit Dale and Stephen Robertson and is headquartered in London (www.tdrcapital.com).
During the term of TDR’s ownership, the company began expanding into the highly-fragmented US car wash market. In August 2017, ICWG acquired Columbus, GA-based Goo-Goo Car Wash which operated 53 3-Minute Express Wash locations in seven states — Alabama, Florida, Georgia, Kentucky, Ohio, Tennessee and Texas. The bulk of the company’s operations are in Alabama, which has 15 car washes, and in Georgia, which has 14 outlets. Also during TDR’s ownership, ICWG opened over 50 new sites within its existing European geographies.
“ICWG’s quick conveyor car wash model provides high-quality washes at an affordable price point that is attractive to today’s consumers who demand convenience and value,” said Ezra Field, Senior Managing Director and Chief Investment Officer at Roark.
Roark Capital Group invests in franchised and multi-unit business models in the retail, restaurant, consumer and business services sectors. Since inception, Roark has invested in 61 franchise/multi-unit brands which collectively generate $25 billion in annual system revenues from 28,000 locations in 50 states and 78 countries.
Roark’s current brands include Anytime Fitness, Arby’s, Atkins Nutritionals, Batteries Plus Bulbs, CKE Restaurants (the owner of Carl’s Jr. and Hardee’s), Corner Bakery, Driven Brands (the owner of Maaco, Meineke, CARSTAR, 1-800-Radiator and Take 5 Oil Change), Drybar, FOCUS Brands (the owner of Auntie Anne’s Pretzels, Carvel Ice Cream, Cinnabon, McAlister’s Deli, Moe’s Southwest Grill, and Schlotzsky’s), Great Expressions Dental Centers, Il Fornaio, Jimmy John’s, Jim ‘N Nick’s, Massage Envy, Miller’s Ale House, Naf Grill, Orangetheory Fitness, Pet Retail Brands (the owner of Pet Supermarket and Pet Valu), Primrose Schools and Waxing the City.
“Roark brings a deep understanding of the consumer and an operational expertise that complements our business,” said Bill Derwin, CEO of ICWG. “We are delighted to be a part of the Roark family.”
Roark Capital Group is headquartered in Atlanta (www.roarkcapital.com).
© 2017 Private Equity Professional | October 6, 2017
