DFW Capital Partners has acquired Fleetwash Holdings, the parent company for Fleetwash, Inc., a provider of mobile truck washing and facility cleaning services. Fleetwash’s management team, led by CEO Vito DiGiovanni, co-invested alongside DFW on this transaction.
Fleetwash operates a network of mobile fleet and facility washing operations, serving thousands of customers in 44 states. The company serves local, national and regional trucking fleets and leasing companies, as well as large industrial, retail, restaurant, commercial, petroleum station and other commercial facilities. Fleetwash’s washing process allows its customers to maintain compliance with local and federal environmental regulations, while providing reliable and cost-effective washing services. The company was founded in 1972 and is headquartered near Newark in Fairfield, NJ (www.fleetwash.com).
DFW made its investment in Fleetwash through its most recent fund, DFW Capital Partners IV, which held a final closing in December 2013. In a prior fund, from 1999 to 2005, DFW held a significant minority investment in Fleetwash, prior to the sale of the company to its current owners.
“We are delighted to partner with Vito DiGiovanni and the entire extended Fleetwash team in helping them continue their outstanding history of growth and industry leadership. We are especially gratified that management has partnered with DFW again after many years under current institutional ownership,” said Keith Pennell, DFW’s Managing Partner.
DFW’s and management’s growth strategy for Fleetwash includes organic customer growth and select tuck-in acquisitions in its core geographies and fleet washing segments, as well as acquisitions which strengthen its rapidly-growing specialized facility cleaning services business.
DFW Capital Partners invests in lower middle market companies. Sectors of interest include outsourced healthcare and business services, including clinical services, specialty distribution, automated dispensing and pharmacy technology. DFW is headquartered in Teaneck, NJ, and maintains an office in Chevy Chase, MD (www.dfwcapital.com).
Prospect Capital and JP Morgan Chase provided debt financing alongside DFW’s and management’s equity investment in the transaction.
2014 PEPD • Private Equity’s Leading News Magazine • 6-3-14
