Clean Streak Ventures, a platform company of MKH Capital Partners, has added Bay Breeze Car Wash and Lube to its portfolio of express car wash locations.
Bay Breeze Car Wash operates seven sites located in the Tampa metropolitan area. Bay Breeze provides express and full-serve washes, detailing and quick lube services and, according to Clean Streak, is one of Tampa’s largest car wash operators.
In addition to Bay Breeze, Clean Streak brands include Top Dog Express Car Wash & Oil Change with four locations Orlando (acquired in November 2019); Blue Water Car Wash with three locations in Orlando (acquired in March 2020; and Clean Machine Car Wash with three locations in the Naples/Fort Myers metropolitan area (acquired in January 2020).
Orlando-headquartered Clean Streak was founded by MKH in November 2019 and now operates 17 locations across Tampa, Orlando and Naples.
Additional acquisitions for Clean Streak include multi-unit express or flex-serve car washes that have revenues of at least $1.5 million per site and at least 85% of revenue from express services. For new markets, acquisitions should have a minimum of four locations, and single sites are considered in Clean Streak’s existing markets.
“Clean Streak continues to execute on its plan to build an operator-led car wash platform,” said Tom Welter, CEO of Clean Streak. “We were looking to grow our presence in Florida and Bay Breeze is an attractive addition to our portfolio. We are excited to invest a significant amount of capital in the locations and bring our financial and operational resources to the company.”
MKH makes control and significant minority investments of $20 million to $300 million in companies that have EBITDA of $3 million to $30 million. MKH is headquartered in Miami with an additional office in Panama City, Panama.
Private Equity Professional | August 5, 2020