Quick Quack Car Wash gets private-equity funding
Published on: Jun 12, 2024
KKR has announced a strategic investment in the car wash operator to continue the expansion of its 230-location network across the US.
Global investment firm KKR has announced a strategic investment in Quick Quack Car Wash, marking another development in the car wash sector from private-equity firms.
Quick Quack’s founders and its longtime equity partner, Seidler Equity Partners, will continue to hold meaningful stakes in the company alongside KKR. The new investment will support the continued acceleration of Quick Quack’s growth through innovation, marketing and organic expansion in new and existing markets.
Founded in 2004, Quick Quack is one of the largest and fastest growing express format car wash operators in the U.S., with over 230 locations across California, Texas, Arizona, Utah, and Colorado.
“With its differentiated operating model, strong track record of organic growth and world-class team, we believe Quick Quack is well-positioned to continue its growth trajectory,” said Sam Plotner, Director at KKR.
According to a report by Reuters, sources familiar with the deal said KKR would pay $850 million for the deal. The news agency previously reported that the car wash operator was working with banks Goldman Sachs and William Blair to sell a minority stake.
This recent development marks another move from private-equity firms as major investors in car wash companies. Similar announcements involve Oaktree Capital Management’s acquisition of Magnolia Wash Holdings in 2023 and Warburg Pincus’ purchase of El Car Wash in 2022.
