DFW Capital Partners announced today that it has completed the sale of its portfolio company, Fleetwash Holdings, Inc., to an affiliate of ACON Investments. The sale represents the fifth sale or major liquidity event for the firm’s 2012 vintage fund, DFW Capital Partners IV, LP.
DFW led the recapitalization of New Jersey-based Fleetwash in 2014, partnering with management to acquire the business from affiliates of Transportation Resource Partners (“TRP”). Fleetwash is the country’s largest provider of mobile power washing services for vehicle fleets and a wide array of commercial and industrial facilities applications. Fleetwash possesses an unrivaled national footprint of self-performing operating branches serving over 10,000 customers, utilizing proprietary, environmentally-friendly and compliant methods. Prior to its sale to TRP, DFW had held a minority investment in the company for several years. During DFW’s most recent four-year hold period, Fleetwash grew significantly primarily through the expansion of its high margin facility washing services. During this period, Fleetwash also completed ten tuck-in acquisitions, while expanding EBITDA margins and broadening its national service reach. Fleetwash will continue to be led by co-founder and CEO Vito DiGiovanni and the entire existing team, all of whom have made a significant re-investment back into the business.
Vito DiGiovanni commented “DFW has been an excellent partner for Fleetwash and its management team over the past four years. We originally teamed with DFW in 1999 when the firm made a minority investment in the company, and are pleased to have successfully achieved a great return for all of our investors in the most recent iteration of our relationship. We look forward to partnering with ACON and continuing to expand our industry leading position.” Keith Pennell, Managing Partner with DFW, noted “We have been thrilled with our long-standing relationship with Vito and the entire Fleetwash team, and wish them great success with their new partner.”
Robert W. Baird & Co., Inc. represented Fleetwash in the sale to ACON.
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 20+ year track record of success in both building leading companies. 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.