MILWAUKEE, WI--(Marketwired - Jul 13, 2017) - Generation Growth Capital Fund III, LP, a Milwaukee-based private equity firm that invests in lower middle market companies, and Harrell's Car Wash Systems, Inc., one of the nation's largest distributors of car wash systems and supplies, today announced the acquisition of New England Car Wash Equipment, LLC. Senior financing was provided by Bell Capital Finance, mezzanine financing was provided by Exmarq Capital Partners, Inc and Medallion Capital, Inc. Terms of the deal were not disclosed.
Based in Littleton, MA, NECWE is a large distributor of car wash systems and supplies. The company is a full-service distributor and provides equipment solutions, chemicals, parts, supplies, and technical services to customers located in the greater New England and Eastern New York markets. NECWE represents PDQ, Simoniz, and PECO, among other manufacturers of car wash equipment and supplies. Jeff Arimento, President and part owner of NECWE, will continue to manage the company going forward.
"Our strategy is to build the nation's leading distributor and service provider of car wash systems and supplies. This will allow us to better serve large national operators as well as the local accounts we currently serve. We are already seeing best practices throughout the industry that we plan to instill into our platform. NECWE is the first acquisition to the Harrell's platform and we are excited to continue our consolidation with other acquisitions in the near future," said John Reinke, Managing Director of Generation Growth Capital, Inc.
"I am very proud of all that New England Car Wash Equipment has accomplished since 2008 and am even more excited about what the future holds. Being part of Harrell's Car Wash Systems will provide us scalability in ways that we would not have been able to achieve on our own. The vehicle wash industry landscape is changing rapidly and we are now properly positioned to be the best partner to our customers for years to come," said Arimento.
"Jeff and his team at New England Car Wash Equipment have done a great job building their company. I'm excited to partner with Jeff and bring our companies together. We do a lot of things well at Harrell's and they do as well at NECWE -- bringing our teams together will allow us to serve our customers that much better," said Chad Tearman, President, Harrell's Car Wash Systems, Inc.
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. Please visit www.generationgrowth.com and www.hcws.com and www.necwe.com for more information
Contact Information:
Media Contact
John Reinke
Managing Director
Generation Growth Capital, Inc.
(414) 291-8915