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MILWAUKEE, WI, October 04, 2018 /24-7PressRelease/ -- Generation Growth Capital Fund III, LP ("GGC"), a Milwaukee-based private equity firm that invests in lower middle market companies, and Harrell's Car Wash Systems, Inc. ("Harrell's"), one of the nation's largest full-service distributors of car wash systems and supplies, today announced the acquisition of Mid-Atlantic Car Wash Technologies, Inc. (d/b/a Washtech). Senior financing was provided by Bell Capital Finance and mezzanine financing was provided by Exmarq Capital Partners and Medallion Capital. Terms of the deal were not disclosed.
Washtech is headquartered in Charlottesville, Virginia and has been in the car wash equipment sales and service business for over 20 years. Washtech has service operations in Virginia, West Virginia, Maryland, New Jersey, Delaware, and Pennsylvania and is a distributor of PDQ Manufacturing, Sonny's, and Lustra, among other car wash equipment and chemical product lines. Washtech is the third add-on to join the Harrell's platform. Craig Hanson, President and former owner of Washtech, will continue to manage the company going forward.
"We have made continued progress in scaling Harrell's to become a leading distributor and service provider of car wash systems and products. Washtech is a very well-run business. The combined best practices of both Harrell's and Washtech will strengthen our customer and vendor relationships," said John Reinke, Managing Director of Generation Growth Capital, Inc.
"I am more than delighted to join a company with a similar culture and commitment to customer service. As the car wash industry is becoming more consolidated, we found Harrell's to be the best partner that aligns well with our core values," said Craig Hanson.
"This is great news for our company and our customers. Teaming up with Washtech will allow us to expand our regional footprint and ensure the best customer service experience across the Harrell's territory. Our shared vision for continued growth will take the Harrell's platform to the next level. We are very excited about the opportunities ahead," said Chad Tearman, President of Harrell's Car Wash Systems, Inc.
Please visit www.generationgrowth.com and www.harrellscarwashsystems.com for more information.
About Generation Growth Capital Fund III, LP
Generation Growth Capital Fund III, LP is a Milwaukee-based private equity firm focusing on investments in small businesses to support ownership transition and growth opportunities. By partnering with solid management teams, GGC adopts a proactive, collaborative approach that builds the businesses in which they invest.
On behalf of Generation Growth Capital Fund III, LP:
John Reinke, Managing Director
Generation Growth Capital, Inc.
email@example.com | (414) 291-8915
On behalf of Harrell's Car Wash Systems, Inc.:
Chad Tearman, President and CEO
Harrell's Car Wash Systems, Inc.
firstname.lastname@example.org | (317) 271-0017
On behalf of Washtech:
Craig Hanson, President
email@example.com | (800) 448-4735
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