Wiggy Wash’s founders made a significant equity investment in Mammoth and will have executive and developmental roles with the company, the release continued.
“We are elated Wiggy Wash is joining the Mammoth family of brands,” explained carwash industry veteran Gary Dennis, Mammoth’s CEO. “Brent Wignall and Chris Hailstone, Wiggy Wash’s founders, have built a market leader in the high-growth Utah Valley. Brent and Chris will be great additions to our team, and we’re going to provide them with the resources they need as we expand our presence throughout Utah and the Mountain West.”
“Chris [Hailstone] and I weren’t looking to get out of the carwash business, but we did have a bunch of things we wanted to accomplish,” said Brent Wignall, Wiggy Wash’s co-founder. “The Mammoth team listened carefully to our concerns and structured a deal addressing each of them. We got the liquidity we needed, we got rid of our personal guarantees, we got equity upside, and we’re still running our business and adopting the best practices of operators we admire. That’s hard to beat.”
“We had heard lots of great things about Mammoth from the operators who joined the company before us,” said Chris Hailstone, Wiggy Wash’s co-founder, who will continue to oversee maintenance and development opportunities for Wiggy Wash. “Now we know why. They treated Brent and me like partners from our first meeting. They got through due diligence quickly and didn’t play games, and their purchase contract was simple and fair.”
Mammoth’s 36-unit multi-brand portfolio includes Marc-1, Wash Me Fast, Swifty, Ultra, Finish Line and now Wiggy Wash, among others.
Red Dog Equity LLC, an Atlanta-based private equity firm, which, through its partnership with Tom Pritzker’s family business interests (advised by The Pritzker Organization), provided the equity for the Wiggy Wash acquisition, and Monroe Capital provided the debt financing, the release noted.
King & Spalding LLP and Alvarez & Marsal Transaction Advisory Group provided Mammoth with legal and accounting services, respectively, and Ironwood advised the company on insurance and benefits, the release concluded.