SAN FRANCISCO — TSG Consumer Partners (TSG), a leading private equity firm, announced that it has signed a definitive agreement to acquire a majority stake in Super Star Car Wash, according to a press release
Super Star is a leading, family-owned carwash operator.
Following the transaction, Super Star Car Wash Founder and President Reza Amirrezvani and the management team will remain significant investors and continue to lead the company. Financial terms of the transaction were not disclosed.
Founded in 1993 and based in Phoenix, Arizona, Super Star Car Wash is a family-owned business with 35 locations spanning the Southwest and West Coast in Arizona and California, with expansion to Colorado planned for early 2022.
The company is dedicated to making its customers’ lives easier by providing friendly, fast and exceptional automotive care services.
Super Star has a robust pipeline of more than 40 new locations and anticipates significant growth in 2022 and beyond.
“TSG has invested in and helped build countless iconic consumer brands, and we are excited for their support as we continue to grow our business,” said Amirrezvani. “Importantly, the firm is a strong cultural fit — they understand and value the significance of our decades-long dedication toward our employees, customers and local communities. Their meaningful marketing expertise, consumer understanding and significant experience with membership models makes them the perfect partner as we enter new markets and continue to innovate for our customers.”
“We are thrilled to partner with Reza and the first-class team at Super Star Car Wash. They have built a leading carwash operation that has provided immense value to customers and local communities with consistent, convenient and quality automotive care services,” said Colin Welch, managing director and head of the New York and London offices of TSG. “We are excited to further the company’s unique emphasis on its people, customers and local communities, which, along with its innovative membership model, has helped it develop a deep and loyal customer base.”
Michael Layman, managing director at TSG added, “We look forward to leveraging our experience scaling other multi-unit businesses to support Super Star Car Wash. With additional access to capital, Reza and his team will have the resources and flexibility to execute their long-term growth ambitions through innovation at existing locations and capitalize on both organic growth and acquisition opportunities ahead.”
Ropes & Gray LLP acted as legal advisor to TSG.
Snell & Wilmer acted as legal advisor and Ardent Advisory Group acted as financial advisor to Super Star Car Wash.
The transaction is expected to close by year-end.