Consolidation • Consumer Services

Oaktree Capital Management and Alvarez & Marsal Capital Acquire Whistle Express Car Wash

On July 25, 2023, asset manager Oaktree Capital Management and private equity firm Alvarez & Marsal Capital acquired consumer services company Whistle Express Car Wash

Acquisition Context
  • This is Oaktree Capital Management’s 3rd and Alvarez & Marsal Capital’s 1st transaction in the Consumer Services sector.
  • This is Oaktree Capital Management’s 77th and Alvarez & Marsal Capital’s 22nd transaction in the United States.
  • This is Oaktree Capital Management’s 1st and Alvarez & Marsal Capital’s 2nd transaction in North Carolina.

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M&A Deal Summary

Date July 25, 2023
Target Whistle Express Car Wash
Sector Consumer Services
Buyer(s) Oaktree Capital Management
Alvarez & Marsal Capital
Deal Type Consolidation
Advisor(s) J.P. Morgan Securities (Financial)

Target Company

Whistle Express Car Wash

Charlotte, North Carolina, United States
Whistle Express Car Wash leverages technology and innovation in offering car washes. It delivers consumers and teammates on-premise experience, including its Unlimited Fast Pass Membership Program, free towels, free vacuums, and free mat washing stations. Whistle Express Car Wash was founded in 2014 and is based in Charlotte, North Carolina.
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Buyers Overview 2

Buyer

Oaktree Capital Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1995
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.


Deal Context for Buyer #
Overall 120 of 129
Sector: Consumer Services 3 of 3
Type: Consolidation 3 of 4
State: North Carolina 1 of 1
Country: United States 77 of 83
Year: 2023 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-11 ESG

Newburgh, Indiana, United States

ESG is a sustainable energy solutions provider focused on energy efficiency, sustainability, resiliency, and infrastructure improvement solutions. ESG also offers a full range of sustainable infrastructure solutions including waste-to-energy, distributed generation, and renewable energy. ESG is based in Newburgh, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-04 Aqseptence

Aarbergen, Germany

Aqseptence is an international equipment and solutions provider focused on water treatment and liquid/solid separation. The Group offers specialized equipment and solutions to blue-chip customers across a variety of sectors, including water treatment, power, energy, mining, and general industries. Aqseptence is based in Aarbergen, Germany.

Buy -
Buyer

Alvarez & Marsal Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2011
PE ASSETS 5.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Alvarez & Marsal Capital is a private equity investment firm affiliated with financial advisory and due diligence provider. A&M Capital looks to invest $20 to $75 million in North American and Western European companies valued up to $750 million. The Firm looks for control situations where it can leverage its operational expertise. Sectors of interest include general industrial/manufacturing, consumer, retail, healthcare, business services, transportation, and energy. Alvarez & Marsal Capital was founded in 2011 and is based in Greenwich, Connecticut.


Deal Context for Buyer #
Overall 29 of 34
Sector: Consumer Services 1 of 1
Type: Consolidation 3 of 3
State: North Carolina 2 of 2
Country: United States 22 of 25
Year: 2023 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-21 Bobby s

Bromsgrove, United Kingdom

Bobby's is a supplier of snacks, sweets, and cakes, distributing its products to local stores. Bobby’s was founded in 1972 and is based in Bromsgrove, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-19 VTG

Chantilly, Virginia, United States

VTG is a provider of engineering and logistics services primarily in support of platform sustainment initiatives and operational readiness for the U.S. Department of Defense and other government agencies. VTG was founded in 2005 and is based in Arlington, Virginia.

Buy -