DFW Capital Partners announced that it recently completed an equity investment in Fleetwash Holdings, LLC, the parent company for Fleetwash, Inc. (collectively “Fleetwash”). Fleetwash is the nation’s leading provider of mobile truck washing and facility cleaning services. Joining DFW in the transaction was Fleetwash’s management team, led by CEO Vito DiGiovanni. DFW’s and management’s equity investments were used to acquire the business from its current institutional investors.
Fleetwash, headquartered in Fairfield, NJ, operates a highly-sophisticated network of mobile fleet and facility washing operations, serving thousands of customers in 44 states. Utilizing a proprietary, environmentally friendly system for wash water recovery and disposal, Fleetwash serves local, national and regional trucking fleets and leasing companies, as well as large industrial, retail, restaurant, commercial, petroleum station and other commercial facilities. Fleetwash’s washing process allows its customers to maintain compliance with local and federal environmental regulations, while providing highly reliable and cost-effective washing services.
DFW made its investment in Fleetwash through its most recent fund, DFW Capital Partners IV, LP, on which it held a final closing in December 2013. In a prior fund, from 1999 to 2005, DFW held a significant minority investment in Fleetwash, prior to the sale of the company to its current owners. Keith Pennell, DFW’s Managing Partner, commented: “We are delighted to partner with Vito DiGiovanni and the entire extended Fleetwash team in helping them continue their outstanding history of growth and industry leadership. We are especially gratified that management has partnered with DFW again after many years under current institutional ownership.” As a testament to their conviction in the future of Fleetwash, management increased their effective ownership in the company in connection with the transaction. Management and DFW will continue to pursue a multi-pronged growth strategy including organic customer growth and select tuck-in acquisitions in its core geographies and fleet washing segments, as well as acquisitions which strengthen its rapidly-growing specialized facility cleaning services business.
Prospect Capital and JP Morgan Chase provided debt financing alongside DFW’s and management’s equity investment in the transaction.
About DFW Capital Partners
DFW Capital Partners is a private equity investment firm focused on lower middle-market companies. The firm concentrates on service companies, with an emphasis on healthcare and outsourced business and industrial support services. DFW is backed by both institutional and high-net worth individual investors, and has established a 25+ year track record of success in building leading companies and delivering superior returns for its investors. DFW is headquartered in Teaneck, NJ, and maintains an office in Chevy Chase, MD. For more information contact Keith Pennell, Managing Partner, at (201) 836-6000.