DFW partnered with the management of Fleetwash to acquire the business from a transportation-focused investment firm. Coincidentally, a predecessor DFW fund had owned a minority interest in Fleetwash for five years prior to its sale to this industry buyer. Fleetwash is a provider of environmentally-friendly power washing and specialty high pressure cleaning services for truck fleets and commercial / industrial facilities.
Under DFW’s four year ownership tenure, the team worked closely with management to (i) accelerate the company’s diversification into specialized facility washing; (ii) invest in technology to bring greater job visibility and quality transparency to customers; and (iii) re-initiate a strategic acquisition program to continue to grow Fleetwash’s national footprint. During this time period management worked closely with DFW to more than double pro forma EBITDA, and Fleetwash crested the $100 million revenue mark for the first time. Fleetwash was sold to a larger private equity firm for a substantial gain on DFW’s and management’s equity investment.