M&A Deal Summary

Palladin Consumer Retail Partners and Goldman Sachs Merchant Banking Acquire Splash Car Wash

On November 6, 2018, private equity firms Palladin Consumer Retail Partners and Goldman Sachs Merchant Banking acquired consumer services company Splash Car Wash

Acquisition Highlights
  • This is Palladin Consumer Retail Partners’ 1st and Goldman Sachs Merchant Banking’s 1st transaction in the Consumer Services sector.
  • This is Palladin Consumer Retail Partners’ 6th and Goldman Sachs Merchant Banking’s 109th transaction in the United States.
  • This is Palladin Consumer Retail Partners’ 1st and Goldman Sachs Merchant Banking’s 3rd transaction in Connecticut.

M&A Deal Summary

Date 2018-11-06
Target Splash Car Wash
Sector Consumer Services
Buyer(s) Palladin Consumer Retail Partners
Goldman Sachs Merchant Banking
Deal Type Buyout (LBO, MBO, MBI)

Target

Splash Car Wash

Greenwich, Connecticut, United States
Splash Car Wash is an operator of car washes with 18 locations in New York and Connecticut. The Company offers Full Service, Hand Wash, Express, and Self-Service alternatives, as well as Oil and Lube services at premier locations. Driven by industry-leading customer service and environmentally-focused technology, Splash provides its customers with multiple options under various programs including monthly subscriptions and a la carte pricing. Splash Car Wash was formed in 1981 and is based in Greenwich, Connecticut.

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Buyer(S) 2

DESCRIPTION

Palladin Consumer Retail Partners is a private equity firm focused on consumer and retail company investments across North America. The Firm looks to invest $10 to $50 million in companies with $50 to $500 million of revenue. Specific areas of interest include specialty stores, branded apparel, drug stores, discount chains, food retailers, wholesalers and manufacturers of consumer goods, consumer services, and e-commerce. Palladin Consumer Retail Partners was formed in 1998 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 7 of 11
Sector (Consumer Services) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 5 of 5
State (Connecticut) 1 of 1
Country (United States) 6 of 10
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-30 InMotion Entertainment Group

Jacksonville, Florida, United States

InMotion Entertainment Group offers airport concessions premium retail brands including InMotion Entertainment, Soundbalance, and Headphone Hub. The stores feature premium electronics, including tablets, digital cameras, portable power, and noise-canceling headphones.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-24 Pure Barre - 13 Studios

Denver, Colorado, United States

Pure Barre LLC - 13 Studios provides a total body workout that uses the ballet barre to perform small isometric movements, which burn fat, sculpt muscles and create long, lean physiques.

Buy -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 155 of 181
Sector (Consumer Services) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 31 of 33
State (Connecticut) 3 of 3
Country (United States) 109 of 125
Year (2018) 11 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-26 Staff Finder

Zurich, Germany

Staff Finder is a provider of staffing solutions. Staff Finder was founded in 2011 and is based in Zurich, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-18 StandardAero

Scottsdale, Arizona, United States

StandardAero is an independent maintenance, repair, and overhaul (MRO) provider. The Company offers extensive MRO services and custom solutions for business aviation, commercial aviation, military, and industrial power customers. StandardAero is based in Scottsdale, Arizona.

Buy -