International Car Wash Group (“ICWG”) was the largest independent car wash business in the world, operating over 900 conveyor sites across 14 countries at the time of exit. Headquartered in the UK, ICWG employed around 250 people and operated under a commission-based model, partnering with local site operators to deliver consistent, high-quality car wash services.
Initial investment
2014
Sector
Consumer Services
Initial transaction size
£285m
We first identified ICWG as an attractive opportunity given our wider experience in investing behind multi-site consumer businesses. The company was a misunderstood and underinvested asset held by lenders following a debt-for-equity restructuring, but with strong cash generation, significant asset backing, and a resilient business model.
We saw a compelling opportunity to acquire ICWG and drive returns through estate refurbishment, new site roll-outs and targeted M&A, particularly in the highly fragmented US market.
We acquired ICWG from the lenders in 2014 through a bilateral process and invested significantly in upgrading and expanding the estate.
We entered the US market, the largest global conveyor car wash market, from a standing start and through 12 acquisitions, built a strong platform from which to continue US market consolidation.
Under our ownership, ICWG was repositioned into a fast-growing international consolidation platform. By the time of our exit, it had become the largest independent car wash operator globally.
Sales and profitability grew substantially through a focused programme of operational improvements, refurbishment and international expansion. In 2017, ICWG was sold to Roark Capital.