MILWAUKEE — Generation Growth Capital Fund III, LP (“GGC”), a Milwaukee-based private equity firm that invests in lower middle market companies, and Harrell’s Car Wash Systems Inc. (“Harrell’s”), one of the nation’s largest, full-service distributors of carwash systems and supplies, have announced the acquisition of Mid-Atlantic Car Wash Technologies Inc. (dba Washtech), according to a press release.
Senior financing was provided by Bell Capital Finance and mezzanine financing was provided by Exmarq Capital Partners and Medallion Capital, the release continued; terms of the deal were not disclosed.
Washtech is headquartered in Charlottesville, Virginia, and has been in the carwash equipment sales and service business for over 20 years, the release noted.
Washtech has service operations in Virginia, West Virginia, Maryland, New Jersey, Delaware and Pennsylvania, and is a distributor of PDQ Manufacturing, Sonny’s and Lustra, among other carwash equipment and chemical product lines, the release stated.
Washtech is the third add-on to join the Harrell’s platform, the release reported.
Craig Hanson, president and former owner of Washtech, will continue to manage the company going forward, the release added.
“We have made continued progress in scaling Harrell’s to become a leading distributor and service provider of carwash systems and products. Washtech is a very well-run business. The combined best practices of both Harrell’s and Washtech will strengthen our customer and vendor relationships,” said John Reinke, managing director of Generation Growth Capital Inc.
“I am more than delighted to join a company with a similar culture and commitment to customer service. As the carwash industry is becoming more consolidated, we found Harrell’s to be the best partner that aligns well with our core values,” said Craig Hanson.
“This is great news for our company and our customers. Teaming up with Washtech will allow us to expand our regional footprint and ensure the best customer service experience across the Harrell’s territory. Our shared vision for continued growth will take the Harrell’s platform to the next level. We are very excited about the opportunities ahead,” said Chad Tearman, president of Harrell’s Car Wash Systems Inc.
