© Reuters.
By Abigail Summerville
NEW YORK (Reuters) – National Carwash Solutions’ private equity owner is exploring a sale of the U.S. carwash equipment provider that could value it at close to $3 billion, including debt, according to people familiar with the matter.
Berkshire Partners, which has owned National Carwash since 2020, has hired investment bank William Blair to run a sale process for the company, which is attracting the interest of other buyout firms, the sources said.
The company’s earnings before interest, taxes, depreciation and amortization could reach $170 million in 2023, the sources added, requesting anonymity because the matter is confidential.
National Carwash did not respond to a request for comment, while William Blair and Berkshire Partners declined to comment.
Private equity firms have been major investors in car washing businesses in recent years. In July, Oaktree Capital Management acquired Magnolia Wash Holdings for an undisclosed amount. Last year, Warburg Pincus bought El Car Wash. In 2021, Mister Car Wash (NYSE:), a Leonard Green & Partners-backed company, and Driven Brands, backed by Roark Capital, went public.
Berkshire Partners, which oversees more than $20 billion in capital, acquired National Carwash in 2020 from AEA Investors for an undisclosed amount.
National Carwash brands include Ryko Solutions, Blue Coral, Armor All Professional and Rain-X. Under Berkshire’s ownership, the company acquired Zep Vehicle Care in 2021.
Read the full article here
