M&A Deal Summary

CCMP Capital and Intermediate Capital Group Acquire International Car Wash Group

On January 5, 2004, private equity firm CCMP Capital and mezzanine finance firm Intermediate Capital Group acquired consumer services company International Car Wash Group from Bridgepoint and Phoenix Equity Partners for 350M GBP

Acquisition Highlights
  • This is CCMP Capital’s 1st and Intermediate Capital Group’s 4th transaction in the Consumer Services sector.
  • This is CCMP Capital’s 16th and Intermediate Capital Group’s 38th largest (disclosed) transaction.
  • This is CCMP Capital’s 49th and Intermediate Capital Group’s 2nd transaction in the United States.
  • This is CCMP Capital’s 5th and Intermediate Capital Group’s 1st transaction in Colorado.
Investment Fate
  • International Car Wash Group was sold to a consortium of financial buyers in 2006.
  • International Car Wash Group went bankrupt in 2010.
  • International Car Wash Group was sold to a financial buyer in 2014.
  • International Car Wash Group was sold to a consortium of financial buyers in 2017.
  • International Car Wash Group was sold to a strategic buyer in 2020.

M&A Deal Summary
Date 2004-01-05
Target International Car Wash Group
Sector Consumer Services
Buyer(s) CCMP Capital
Intermediate Capital Group
Sellers(s) Bridgepoint
Phoenix Equity Partners
Deal Type Secondary Buyout
Deal Value 350M GBP

Target

International Car Wash Group

Centennial, Colorado, United States
International Car Wash Group is a large local car wash conglomerate washing millions of cars across North America and Europe. The Company was established in 1965 and is headquartered in Centennial, Colorado.

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Buyer(S) 2

Buyer

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

CCMP Capital is a large private equity firm focused on buyout and growth equity valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase. The Firm is based in New York City.

DEAL STATS #
Overall 56 of 97
Sector (Consumer Services) 1 of 2
Type (Secondary Buyout) 7 of 22
State (Colorado) 5 of 7
Country (United States) 49 of 75
Year (2004) 5 of 9
Size (of disclosed) 16 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 Mindspark Interactive Network

White Plains, New York, United States

iWon provides consumers and advertisers with information retrieval products across a diverse portfolio of Web sites, portals and desktop search applications. iWon was acquired by Ask Jeeves in 2004.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-01 Aibel

Sandnes, Norway

Aibel is a provider of offshore-based solutions and maintenance to the European energy sector. The company operates in the field of new building (Field Development) in both offshore wind power and the oil and gas industry, as well as in maintenance (Modification & Yard Services). Aibel was established in 1882 and is based in Sandnes, Norway.

Buy $925M
Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.

DEAL STATS #
Overall 108 of 292
Sector (Consumer Services) 4 of 10
Type (Secondary Buyout) 13 of 114
State (Colorado) 1 of 2
Country (United States) 2 of 19
Year (2004) 5 of 18
Size (of disclosed) 38 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 Simple Health & Beauty

West Midlands, United Kingdom

Simple Health & Beauty Ltd.(formerly Accantia) is a health & beauty business in Uk.

Buy €229M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-18 Nobia

Stockholm, Sweden

Nobia is a manufacturer and retailer of kitchen interior products in Europe. The company sells its products directly to consumers and to the construction industry under some 20 different brands such as Marbodal, HTH, Novart, Norema, Poggenpohl, and Magnet. Nobia was formed in 1996 and is based in Stockholm, Sweden.

Sell -

Seller(S) 2

SELLER

Bridgepoint

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 28.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Bridgepoint is a large European private equity firm that invests in middle-market companies across a broad range of industries with an enterprise value of €200 - €1000 million. Prospective transaction situations include buyouts, buy-ins, growth financings, consolidations, and take privates. The firms invest in the range of €75 - €400 million transaction. Bridgepoint Development Capital specializes in investments in businesses valued up to a €150 million, taking equity stakes of between €10 million and €75 million. General sectors of interest include consumer products and services, retail, financial services, healthcare, media, technology, industrials, and business services. Bridgepoint was formed in 1984 and has offices in London, Frankfurt, Luxembourg, Madrid, Milan, Paris, Stockholm and Warsaw.

DEAL STATS #
Overall 4 of 109
Sector (Consumer Services) 2 of 5
Type (Secondary Buyout) 1 of 65
State (Colorado) 1 of 1
Country (United States) 1 of 6
Year (2004) 1 of 3
Size (of disclosed) 17 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 Corporacion Eolica CESA SA

Alcobendas, Spain

Corporacion Eolica CESA SA is a developer and manager of wind farms, leader in Spain and with presence in Italy, Greece and Portugal.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-01 Pets at Home Group

Handforth, United Kingdom

Pets at Home Group is a specialist retailer of pet food, pet related products and accessories. Pets at Home was founded in 1991 and is based in Handforth, the United Kingdom.

Buy £230M
SELLER

Phoenix Equity Partners

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 1.5B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Phoenix Equity Partners is a mid-market private equity firm that funds management buyouts and buy-ins, and provides expansion capital for UK-based companies. Phoenix looks for opportunities valued up to £200 million. Target sectors include consumer, leisure, retail, financial services, healthcare, education, media, transportation/logistics, and business services. Phoenix Equity Partners was formed in 2001 and is based in London.

DEAL STATS #
Overall 2 of 42
Sector (Consumer Services) 1 of 1
Type (Secondary Buyout) 1 of 21
State (Colorado) 1 of 1
Country (United States) 1 of 1
Year (2004) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-03 Aspen Insurance Holdings

Hamilton, Bermuda

Aspen Insurance Holdings is a provider of reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Ireland, Singapore, Switzerland, the United Arab Emirates, the United Kingdom and the United States. Aspen Insurance Holdings was founded in 2002 and is based in Hamilton, Bermuda.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-01 Palletways Group

Lichfield, United Kingdom

Palletways Group is a provider of less-than-full load palletised freight logistics. Palletways contracts with approximately 250 independent delivery businesses (members) to organise and distribute small consignment loads of palletised freight.

Buy -
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