MIAMI, Dec. 21, 2021 /PRNewswire/ — MKH Capital Partners, a family-backed, Miami-based private equity firm, announced today the successful closing of the sale of its express car wash platform Clean Streak Ventures LLC (“Clean Streak” or the “Company”), to Mister Car Wash, Inc. (“Mister”) for $390 million. Clean Streak owns 23 operating and 10 development locations.
Headquartered in Orlando, Clean Streak is one of the fastest growing express car wash platforms in the nation and one of the largest in Florida. Operating under the Clean Machine and Top Dog Express brands, Clean Streak provides modern express car wash locations on prime real estate with excellent wash quality and differentiated service for a growing base of recurring subscription members.
“We are extremely proud of what the Clean Streak team has accomplished during our partnership and wish them continued success during their next chapter,” said Miguel Heras, Founder and Managing Partner at MKH. “By making strategic investments in the platform and supporting our team members, Clean Streak built a leadership position in Florida and achieved a rapid growth trajectory. We are grateful to have played a part in the rapid ascent of their car wash operations,” added Annette Rodriguez, Founder and Managing Partner at MKH.
Established in November 2019, Clean Streak partnered with several car wash owners and expanded from 3 locations to 33 locations during MKH’s ownership through a combination of in-house development and acquisition initiatives.
Colin Raskin, Founder of the Clean Machine business, and minority partner in Naples, said “MKH has been a tremendous partner to Clean Machine since their original investment in late 2019. Their unique vision in the car wash sector was supported by an intense dedication of resources to our team including growth capital, M&A support, board-level strategic insight and operational support. MKH performed on their promises as a partner and were flexible as the Company’s strategy evolved. This approach to partnership enabled us to significantly accelerate our growth throughout the state.” Miguel Heras added “Colin was a critical partner in forming Clean Streak and his efforts leading the in-house development team were instrumental in the Company’s success.”
Clean Streak was led by Greg Ries, President, a talented operator with significant prior experience in the car wash industry.
“MKH and I had a shared vision that success in the car wash industry is driven by delivering the best consumer service experience and high-quality washes. MKH invested significant capital into our locations and provided the appropriate level of support we needed to deliver on that promise to our customers,” said Greg Ries, President of Clean Streak Ventures.
The acquisition of Clean Streak expands Mister’s footprint in Florida to 65 locations and provides even more options for customers to access Mister’s services throughout the state.
John Lai, President and CEO of Mister Car Wash said, “Clean Streak’s focus on operating premium car wash locations attracted us to the Company. Their locations increase our presence across Florida, bolstering our market position in the state while giving our customers and members additional convenient locations to wash with us. We are excited to welcome these new team members into the Mister Car Wash family and look forward to seeing them grow within our organization.”
BlackArch Partners was retained by MKH and management to serve as the Company’s exclusive financial advisor.
About MKH Capital Partners
MKH Capital Partners is a private equity firm founded by two entrepreneurial families and professional investors. MKH offers a strong combination of long-term family capital and large-scale private equity expertise and resources. MKH actively partners with business owners and leading management teams to cultivate growth of niche industry players and create stronger companies that become regional/national leaders. MKH is headquartered in Miami, Florida and has an office in Panama City, Panama. To learn more visit https://www.mkhpartners.com.
About Mister Car Wash® | Inspiring People to Shine®
Headquartered in Tucson, Arizona, Mister Car Wash, Inc. (NYSE: MCW) operates over 360 car washes nationwide and has the largest car wash subscription program in North America. With over 25 years of car wash experience, the Mister team is focused on operational excellence and delivering a memorable customer experience through elevated hospitality. The Mister brand is anchored in quality, friendliness and a commitment to the communities we serve as good stewards of the environment and the resources we use. We believe that when you take care of your people, they will take care of your customers. To learn more visit: https://mistercarwash.com.
About BlackArch Partners
BlackArch Partners is a leading middle-market investment bank offering a full spectrum of advisory services to financial sponsors, private companies and diversified corporations. BlackArch addresses the needs of companies with specialized services that include M&A advisory, strategic advisory and private capital solutions. Headquartered in Charlotte, NC, BlackArch features a total of 12 industry-focused practices that cover all sectors of interest to middle-market investors. BlackArch professionals have closed more than 350 transactions in 16 countries on 4 continents. For more details please visit: www.blackarchpartners.com.
SOURCE MKH Capital Partners LP
