SAN FRANCISCO — Percheron Capital, a private equity firm focused on partnering with high-quality essential services businesses, announced that it has signed a definitive agreement to acquire a majority stake in Caliber Car Wash, according to a press release.
Founders and co-CEO’s Mac McCall and Danny York will remain significant equity holders and will continue to lead the company alongside the current management team.
Eagle Merchant Partners, an Atlanta-based private equity firm and Caliber’s current financial partner, will retain a minority interest in the company.
Financial terms of the transaction, which is expected to close by year-end, were not disclosed.
Caliber is one of the fastest growing platforms of express conveyor carwashes in the nation with more than 50 state-of-the-art existing and pipeline express conveyor carwash facilities in growing markets across the Southeast and Mid-Atlantic.
The company is dedicated to providing high quality and convenient washes while delivering best-in-class customer service in an environmentally friendly manner with advanced water reclamation systems and biodegradable wash chemicals.
The company expects significant growth over the coming years due to the growing demand for express carwash services as the number of cars on the road continues to increase and the adoption of subscription carwash programs accelerates.
Chris Lawler, co-founder and managing director of Percheron, commented, “We are pleased to partner with the Caliber team as they continue to build a best-in-class express carwash platform. Consumers are increasingly looking for fast, affordable carwash services without sacrificing quality, and Caliber generates industry-leading membership program participation by offering exceptional customer service and unmatched convenience at a great value. We look forward to leveraging our significant sector expertise and operational resources to support Caliber’s talented management team as they continue to rapidly scale the business and bring Caliber’s leading value proposition and membership model to new customers across the U.S.”
McCall added, “We are thrilled to have found a partner in Percheron Capital whose values and vision of growing our company while maintaining the core tenants that make us great are truly aligned. We believe Caliber is a preeminent business at an inflection point in our growth story, and we are confident that Percheron will provide us with the support and resources we need to accelerate our expansion.”
York stated, “We are incredibly proud of our team at Caliber and their passion for providing high-quality, fast and eco-friendly carwash services to our loyal customers. Staying true to our name, our mission is to provide the best possible wash experience and operate at the highest caliber of standards for our customers, employees and the communities we serve.”
Brady Sumner, vice president of Eagle, stated, “Mac and Danny’s exceptional leadership and long-term vision for Caliber as an industry-leading developer and operator of express carwashes was the genesis of our partnership and Eagle’s initial investment in late 2020, and today’s announcement is further testament to their team’s hard work and dedication. We are excited for the company’s next phase of growth with the support of Percheron’s partnership.”