BOSTON — Henley Investments, a private equity real estate firm based in the U.K. and the U.S., has announced the acquisition of five Water Works carwash locations in greater Greensboro, North Carolina, with the intention to modernize the equipment at each facility to dramatically increase daily vehicle washing capacity, according to a press release.
The in-bay carwash facilities will be converted to full tunnel and mini tunnel express wash configurations, increasing capacity at each from 10 vehicles per hour to up to 130 per hour, the release continued.
“This is a new brand of acquisition for us, but it fits very well with our overall philosophy of capturing strong opportunities when we see them,” said Henley CEO Ian Rickwood. “The carwash industry has a low-degree of revenue volatility and is relatively insulated from economic ups and downs, given that it is affordable for consumers who tend to view carwashing as a staple service.”
Henley’s renovation of the carwash locations to express configurations will greatly increase the profitability of these locations, the release noted.
“The modernization of these carwash facilities will provide a great new convenience for Greensboro-area drivers,” said Garrett Solomon, Henley’s chief investment officer for North America. “The new equipment will improve efficiency, give customers more wash service options and reduce their time spent for a carwash without dramatically changing the cost of the service.”
Henley has recently closed on the five Greensboro carwash facilities, and the equipment upgrades and renovations for all six facilities are projected to be completed by early spring of 2020, the release stated.
Henley is actively pursuing additional stand-alone and portfolio acquisition opportunities across the U.S., the release concluded.
