Mace may sell if buyer “sweetens” the deal
Mace Security International, the manufacturer of personal defense products and operator of car and truck washes, has rejected a buyout proposal from a venture capital firm, but asked the suitor to sweeten the offer.
Mace turned down an offer of $3 a share or $45.9 million from San Diego-based Kelly Capital, saying the company will be worth nearly $4 a share after Mace finishes selling its line of carwashes.
Kelly is operating under a confidentiality agreement and is currently conducting due diligence in order to determine whether it should up the ante.
In December, Mace agreed to sell a block of carwashes in Arizona for $19.2 million.
Earlier this year, the company sold four carwashes of its northeast carwashes for $7.7 million. It still has four more to sell there, in addition to six in Florida and 19 in Texas.
Mister Car Wash chain acquired by Canadian firm
Mister Car Wash, the nation’s fourth largest conveyor carwash chain, has been acquired by ONCAP, a private equity firm.
ONCAP is acquiring the carwash chain of 39 carwashes in partnership with the senior management team at Mister Car Wash.
ONCAP is a leading mid-market private equity firm based in Toronto that was established in 1999 by Onex Corporation, one of Canada’s largest corporations, with global operations in service, manufacturing and technology industries.
Ron Peterson, CEO of Mister Car Wash said the new partnership gives the carwash chain the opportunity to pursue new acquisitions and build the business.
“We’re excited about our new relationship with ONCAP. We have a partner that is committed to helping us accelerate growth,” said Peterson.
In addition to its 39 carwashes, Mister Car Wash also operates 11 lube shops and 2 convenience stores in 8 regional markets throughout the western United States.
The company is headquartered in Tucson, AZ and has over 1,500 employees, washing over 5 million vehicles annually.
Terrible Herbst buys 33 c-stores and 3 carwashes
Terrible Herbst has signed a contract to purchase Berry Hinckley Industries and the company’s 33 Winner’s Corner convenience stores and gas stations, and three carwashes.
Herbst will also acquire the rights from Berry-Hinckley to develop seven additional c-store sites in northern Nevada.
The transaction price was not disclosed, but parties anticipate the deal to close this month.
Terrible Herbst, Las Vegas, currently operates 125 c-stores/stations, 25 carwashes and 21 lubes in Nevada, California, Arizona and Utah. The company was ranked number 8 on PC&D’s Top 50 list in 2007.
Is Wal-Mart developing a smaller c-store chain?
Wal-Mart may be developing a smaller convenience store chain in response to a similar concept by competitor Tesco.
Wal-Mart currently operates a mega-c-store chain, Neighborhood Market. The stores are typically around 40,000-sq.-ft., whereas this new concept is rumored to feature stores of about 15,000-sq.-ft.
Industry observers are pointing to the company’s announcement that former Tesco executive David Wild will now serve as vice president of new business development.
Tesco is rolling out its U.S. convenience store chain later this year. It already has a hold on the European market, and operates some c-stores with carwashes.
The company opened its 112th Neighborhood Market store this past week in Lexington, KY.
Mr. Clean Car Wash halted by legislation
The village council of Evendale, OH was unable to generate the required votes to pass emergency ordinances to allow Procter & Gamble to build its second carwash test site.
The council scheduled a second and third meeting to vote on legislation that could approve the Mr. Clean Performance Car Wash.
The matter hinges on the attractiveness of P&G’s high-end carwash. The council wants to use specific language to guarantee that a less-attractive carwash would not be able to move in if the company leaves.
The company’s first location is expected to open in Deerfield Township this spring.
ICA seeks reports on Toyota Sienna
The International Carwash Association (ICA) is seeking documentation from carwash owners and operators of damage to the rear bumper of Toyota Siennas.
All incidents should be reported to Joe Ward, email@example.com
, director of engineers for the ICA. Carwash owners and operators should include the vehicle’s identification number and pictures, if possible.
Ward is asking for this information because of a high-rate of incidence with the Toyota Sienna. Over 50 cases of bumper peel back damage have been documented by the ICA.
According to Ward, the rear bumper on the Toyota Sienna Minivan can become loose at the rear wheel opening and can be caught by the carwash’s side wraps.
Ward will be meeting with Toyota representatives shortly to discuss the damage and possible retribution for carwash owners and operators.
Two years ago, after Ward’s involvement, Volvo reimbursed over 100 carwash owners and operators for damage to sunroof glass due to a design discrepancy.