Generation Growth buys Harrell’s Car Wash Systems

Generation Growth Capital Inc said Nov. 16 that it acquired Harrell’s Car Wash Systems Inc. Financial terms weren’t announced. Mark Harrell, the founder, was the seller. Stephenson National Bank & Trust and EXMARQ Capital Partners Inc provided financing. Indianapolis-based Harrell is a distributor of car wash systems and supplies.

PRESS RELEASE

MILWAUKEE, WI–(Marketwired – Nov 16, 2016) – Generation Growth Capital Fund III, LP (“GGC”), a Milwaukee-based private equity firm that invests in lower middle market companies, today announced the acquisition of Harrell’s Car Wash Systems, Inc. (“Harrell’s”) from its founder, Mark Harrell. Senior financing was provided by Stephenson National Bank & Trust and mezzanine financing was provided by EXMARQ Capital Partners, Inc. CGK M&A Advisors acted as the exclusive financial advisor to Harrell’s on the transaction. Terms of the deal were not disclosed.
Based in Indianapolis, IN, Harrell’s is one of the nation’s largest distributors of car wash systems and supplies. Founded over 38 years ago as a car wash, the company has grown into a full-service distributor that provides site evaluation, design and development assistance, equipment solutions, and a full line of chemical and parts supply to customers located across Indiana, Illinois, Kentucky, and Ohio.
“Harrell’s represents a great investment opportunity for GGC. From our first meeting with Mark and his team, it was evident that this was a great cultural fit. We are investing in a business with a solid management team and a great market reputation that is positioned for growth in this industry,” said John Reinke, Managing Director of Generation Growth Capital, Inc.
“As the founder of Harrell’s, it was a difficult decision to find a new investment partner to help take the business beyond my ownership horizon. I liked the no-nonsense attitude of the GGC team and their commitment to supporting our team for long term growth. I am looking forward to seeing how far GGC and the Harrell’s team can drive this business,” said Mark Harrell, founder of Harrell’s.
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 for more information