Wave Wash’s eight locations in Dallas-Fort Worth are being sold to Super Star Car Wash, a growing car wash operator backed by TSG Consumer Partners private equity firm.
The car wash industry is one of the new hotbeds of private equity activity, with several buyout firms acquiring regional companies and bundling them into a single business with more scale. Private equity roll-ups, as the strategy is known, aim to create bigger, more valuable companies that can be sold later for multiples of what they paid.
Financial terms of the Wave Wash deal weren’t disclosed Monday.
