MILWAUKEE — Generation Growth Capital Fund III, LP (GGC), a Milwaukee-based private equity firm that invests in lower middle market companies, announced the acquisition of Harrell’s Car Wash Systems Inc. from its founder, Mark Harrell, according to a press release.
Terms of the deal were not disclosed, the release stated.
Based in Indianapolis, Harrell’s is one of the nation’s largest distributors of carwash systems and supplies, the release continued.
Founded over 38 years ago as a carwash, the release stated, the company has grown into a full service distributor that provides site evaluation, design and development assistance, equipment solutions and a full line of chemical and parts supply to customers located across Indiana, Illinois, Kentucky and Ohio.
“Harrell’s represents a great investment opportunity for GGC. From our first meeting with Mark and his team, it was evident that this was a great cultural fit. We are investing in a business with a solid management team and a great market reputation that is positioned for growth in this industry,” said John Reinke, managing director of Generation Growth Capital Inc.
“As the founder of Harrell’s, it was a difficult decision to find a new investment partner to help take the business beyond my ownership horizon. I liked the no-nonsense attitude of the GGC team and their commitment to supporting our team for long term growth. I am looking forward to seeing how far GGC and the Harrell’s team can drive this business,” said Mark Harrell.
Chad Tearman, the general manager of Harrell’s, will be taking over as the company CEO, according to the release.
“It has been such a great experience working with Mark and it is bittersweet for his team to see him move on to a well-deserved retirement. However, we are truly excited to move forward with GGC because we believe this is the right partner to help Harrell’s continue to grow and expand our territories.”