MIAMI — MKH Capital Partners, a Miami-based private equity firm, has announced the launch of its express carwash platform, Clean Streak Ventures and the hiring of Tom Welter as CEO.
Established in November 2019, Clean Streak is a national carwash platform that currently operates 10 locations in Florida, the release continued.
Clean Streak closed three deals in the past six months and plans to continue growing organically and through acquisitions, the release added.
Miguel Heras, managing partner at MKH Capital Partners, said, “Our team identified the express carwash space as an industry with attractive opportunities for consolidation and growth and created Clean Streak as the foundation for a national operator of high-quality carwashes.”
Prior to joining Clean Streak, Welter served as chief operating officer of Lift Brands, managing 1,500 gyms, yoga and kickboxing brands, including Snap Fitness, 9Round, Yoga Fit, Steele Fitness and Fitness OnDemand, the release stated.
His prior experience includes roles as senior vice president of operations at 24 Hour Fitness and regional vice president of operations at Yum Brands, where he oversaw over 450 company-owned stores, the release noted.
Annette Rodriguez, managing partner at MKH Capital Partners, mentioned, “We are thrilled to partner with Tom, who has an excellent track record in building membership-centered, multi-unit businesses to scale Clean Streak in its existing markets and new MSAs.”
Andres Bethencourt, director at MKH Capital Partners, said, “Clean Streak’s growth strategy is focused on acquiring or partnering with strong multi-unit regional players in new markets and pursuing tuck-ins in its existing markets.”
According to a separate press release, Clean Streak Ventures has acquired Top Dog Express Car Wash & Oil Change, entered a partnership with Clean Machine Car Wash and acquired three Blue Water Car Wash locations.
In November 2019, Clean Streak acquired Top Dog’s three operating locations plus one additional site under development in the Orlando area, the release noted.
Top Dog’s services include express and full-serve washes, detailing and quick lube, the release added.
The company was founded by Chad Ibbotson, Doug Russel and their partners, the release noted.
Ibbotson said, “The Clean Streak and MKH Capital Partners teams were a pleasure to work with. We look forward to continue partnering with them on new locations and expanding the Top Dog brand together.”
In January 2020, Clean Streak partnered with the Raskin family and purchased a majority stake in Clean Machine, which currently operates three locations and has a new site under construction in the Naples/Fort Myers area, the release added.
Colin Raskin mentioned, “We are excited about our partnership with Clean Streak. We can leverage their team and resources to accelerate our growth and deliver our quality washes to more customers.”
In March 2019, Clean Streak acquired three Blue Water locations to complement its existing Orlando footprint; these locations will be converted to the Top Dog brand, the release added.
Earl May and Ken Tyrell, the former owners of the acquired locations, said, “The Clean Streak and MKH teams showed strong conviction in the carwash industry, honoring their commitment to close our deal despite the uncertainty of COVID. We are pleased to see our former Blue Water employees in good hands with Tom.”
Welter added, “The founders of Top Dog, Clean Machine and Blue Water created high-quality, customer-centric operations. We are eager to continue growing the Top Dog and Clean Machine brands throughout Orlando and Naples areas.”
Clean Streak is actively seeking opportunities to expand its geographic footprint through national acquisitions or partnerships and tuck-ins or new developments in its existing markets, the release concluded.