M&A Deal Summary

Penfund and Leonard Green & Partners Acquires Car Wash Partners

On August 22, 2014, mezzanine finance firm Penfund and private equity firm Leonard Green & Partners acquired consumer services company Car Wash Partners, Inc. from ONCAP Management Partners

Acquisition Highlights
  • This is Penfund’s 2nd and Leonard Green & Partners’ 2nd transaction in the Consumer Services sector.
  • This is Penfund’s 5th and Leonard Green & Partners’ 49th transaction in the United States.
  • This is Penfund’s 1st and Leonard Green & Partners’ 2nd transaction in Arizona.

M&A Deal Summary

Date 2014-08-22
Target Car Wash Partners, Inc.
Sector Consumer Services
Buyer(s) Penfund
Leonard Green & Partners
Sellers(s) ONCAP Management Partners
Deal Type Secondary Buyout
Advisor(s) BlackArch Partners LLC (Financial)

Target

Car Wash Partners, Inc.

Tucson, Arizona, United States
website
Mister Car Wash operates car washes and lube centers across the US. The Company, headquartered in Tucson, Arizona services 15+ million vehicles annually.

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Buyer(S) 2

Buyer

Penfund

Toronto, Ontario, Canada

Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1979
PE ASSETS 1.8B CAD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Penfund is a private investment firm that provides equity, junior capital, and alternative financing to Canadian-based middle-market companies with EBITDA of at least C$20 million. Penfund can commit up to C$225 million per transaction. Penfund does not have any industry preferences and its investments are generally used to support growth needs, recapitalization, shareholder liquidity, acquisitions, and buyouts. Penfund was formed in 1979 and is based in Toronto.


DEAL STATS #
Overall 16 of 28
Sector (Consumer Services) 2 of 2
Type (Secondary Buyout) 6 of 12
State (Arizona) 1 of 1
Country (United States) 5 of 14
Year (2014) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-21 Mevotech, Inc.

Toronto, Ontario, Canada

Mevotech, Inc. is a provider of steering, suspension, and driveline replacement components for the automotive aftermarket. Mevotech was founded in 1982 and is based in Toronto, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-03 Mavis Tire Supply Corp.

Millwood, New York, United States

Mavis Discount Tire is an independent tire retailer and wholesaler.

Buy -
Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 40.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


DEAL STATS #
Overall 51 of 79
Sector (Consumer Services) 2 of 4
Type (Secondary Buyout) 11 of 34
State (Arizona) 2 of 3
Country (United States) 49 of 74
Year (2014) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-16 Advantage Solutions, Inc.

Irvine, California, United States

Advantage Solutions is a business solutions provider committed to driving growth for consumer goods manufacturers and retailers through winning insights and execution. Advantage’s data and technology-enabled omnichannel solutions including sales, retail merchandising, business intelligence, digital commerce, and a full suite of marketing services are designed to help brands and retailers across a broad range of channels drive consumer demand, increase sales and achieve operating efficiencies. Headquartered in Irvine, California, Advantage has offices throughout the United States and Canada and a presence in select markets throughout Africa, Asia, Australia and Europe. Advantage Solutions was founded in 1987 and is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-05 Packers Sanitation Services, Inc.

Mt. Pleasant, Iowa, United States

Packers Sanitation Services Inc. (PSSI) is a provider of outsourced cleaning services to the beef, pork and poultry processing industries. PSSI also cleans other specialized food preparation plants including those that process salads and pizza toppings. PSSI has grown rapidly due to increased outsourcing of cleaning services and added focus on food safety.

Buy $1.0B

Seller(S) 1

SELLER

ONCAP Management Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
PE ASSETS 1.8B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

ONCAP is the mid-market private equity business of Onex Corporation. ONCAP looks to invest in small and mid-sized North American businesses where it can commit $50 to $200 million of equity capital. ONCAP considers investment opportunities in a wide range of industry sectors. Situations of interest include, complete or partial sales of a closely held private companies, divestitures, companies seeking equity capital to pursue key strategic initiatives, and take privates. ONCAP was established in 1999 and is based in Toronto.


DEAL STATS #
Overall 10 of 13
Sector (Consumer Services) 1 of 1
Type (Secondary Buyout) 3 of 4
State (Arizona) 1 of 1
Country (United States) 3 of 5
Year (2014) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-20 Caliber Collision Centers

Lewisville, Texas, United States

Caliber Collision Centers is a collision repair company in America with 600+ I-CAR Gold Class Professional certified collision repair centers. Caliber currently owns and operates 1,166 collision repair centers across 32 states. Caliber Collision Centers was founded in 1997 and is based in Lewisville, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-03 Mavis Tire Supply Corp.

Millwood, New York, United States

Mavis Discount Tire is an independent tire retailer and wholesaler.

Buy -