DFW Capital Partners has sold Fleetwash Holdings to ACON Investments. This transaction is the fifth sale or major liquidity event for DFW’s 2012 vintage fund, DFW Capital Partners IV LP.
With more than 10,000 customers, Fleetwash is the country’s largest provider of mobile power washing services – the company has more than 700 mobile units located across the country – for large and small vehicle fleets. Last year the company completed over 8 million truck washes.
Fleetwash also provides its power washing services for commercial and industrial facilities and equipment. Fleetwash, led by CEO Vito DiGiovanni, was founded in 1973 and is headquartered in Fairfield, NJ (www.fleetwash.com).
DFW acquired Fleetwash Holdings, the parent company for Fleetwash, in May 2014 from Transportation Resource Partners (TRP). In a prior fund, from 1999 to 2005, DFW held a minority investment in Fleetwash, prior to the sale of the company to TRP. During DFW’s current ownership term, Fleetwash grew significantly primarily through the expansion of its high margin facility washing services and also through the completion of ten add-on acquisitions.
Mr. DiGiovanni and other members of the senior management team of Fleetwash have reinvested alongside ACON Investments and will continue to run the business. “DFW has been an excellent partner for Fleetwash and its management team over the past four years,” said Mr. DiGiovanni. “We originally teamed with DFW in 1999 when the firm made a minority investment in the company, and are pleased to have successfully achieved a great return for all of our investors in the most recent iteration of our relationship. We look forward to partnering with ACON and continuing to expand our industry-leading position.”
ACON invests in middle-market companies in the United States and Latin America. The firm was founded in 1996 and has $5.3 billion of capital under management. ACON has offices in Washington, DC (headquarters); Los Angeles; São Paulo, Brazil; Bogotá, Columbia; and Mexico City, Mexico (www.aconinvestments.com).
“We have been thrilled with our long-standing relationship with Vito and the entire Fleetwash team, and wish them great success with their new partner,” said Keith Pennell, Managing Partner with DFW.
DFW invests in lower middle-market healthcare, business, and industrial services companies that have revenue of $20 million to $100 million and EBITDA of $3 million to $10 million. The firm is headquartered in Teaneck, NJ, and has an additional office in Chevy Chase, MD (www.dfwcapital.com).
Robert W. Baird & Co. (www.baird.com) was the financial advisor to Fleetwash on this transaction.
© 2018 Private Equity Professional | October 2, 2018