Percheron Capital agreed to buy a majority stake in Caliber Car Wash, an express conveyor car wash platform. Founders and co-CEOs Mac McCall and Danny York will remain significant equity holders and continue to lead the management team. Eagle Merchant Partners will retain a minority interest in the company.
Percheron Capital (“Percheron”), a private equity firm focused on partnering with high-quality essential services businesses, today announced that it has signed a definitive agreement to acquire a majority stake in Caliber Car Wash (“Caliber”), a leading express conveyor car wash platform. Founders and Co-CEO’s Mac McCall and Danny York will remain significant equity holders and will continue to lead the company alongside the current management team. Eagle Merchant Partners (“Eagle”), a leading Atlanta-based private equity firm and Caliber’s current financial partner, will retain a minority interest in the company. Financial terms of the transaction, which is expected to close by year-end, were not disclosed.
Caliber is one of the fastest growing platforms of express conveyor car washes in the nation with more than 50 state of the art existing and pipeline express conveyor car wash facilities in growing markets across the Southeast and Mid-Atlantic. The company is dedicated to providing high quality and convenient washes while delivering best-in-class customer service in an environmentally friendly manner with advanced water reclamation systems and biodegradable wash chemicals. The company expects significant growth over the coming years due to the growing demand for express car wash services as the number of cars on the road continues to increase and the adoption of subscription car wash programs accelerates.
Chris Lawler, Co-Founder and Managing Director of Percheron, commented, “We are pleased to partner with the Caliber team as they continue to build a best-in-class express car wash platform. Consumers are increasingly looking for fast, affordable car wash services without sacrificing quality, and Caliber generates industry-leading membership program participation by offering exceptional customer service and unmatched convenience at a great value. We look forward to leveraging our significant sector expertise and operational resources to support Caliber’s talented management team as they continue to rapidly scale the business and bring Caliber’s leading value proposition and membership model to new customers across the U.S.”
Mac McCall, Co-Chief Executive Officer of Caliber, added, “We are thrilled to have found a partner in Percheron Capital whose values and vision of growing our company while maintaining the core tenants that make us great are truly aligned. We believe Caliber is a preeminent business at an inflection point in our growth story, and we are confident that Percheron will provide us with the support and resources we need to accelerate our expansion.”
Danny York, Co-Chief Executive Officer of Caliber, stated, “We are incredibly proud of our team at Caliber and their passion for providing high-quality, fast and eco-friendly car wash services to our loyal customers. Staying true to our name, our mission is to provide the best possible wash experience and operate at the highest caliber of standards for our customers, employees, and the communities we serve.”
Brady Sumner, Vice President of Eagle, stated, “Mac and Danny’s exceptional leadership and long-term vision for Caliber as an industry-leading developer and operator of express car washes was the genesis of our partnership and Eagle’s initial investment in late 2020, and today’s announcement is further testament to their team’s hard work and dedication. We are excited for the company’s next phase of growth with the support of Percheron’s partnership.”
About Caliber Car Wash
Caliber Car Wash, headquartered in the Southeast, is a leading express conveyor car wash platform. Caliber has built an industry-leading membership model and a strong reputation for high-quality, fast and friendly car wash services at a great value. By utilizing state-of-the art equipment, including advanced water reclamation systems, Caliber delivers environmentally friendly car washes without sacrificing quality. Caliber prides itself on putting customers first, investing in its passionate and dedicated team members, and supporting its local communities. For more information, please visit www.calibercarwash.com.
About Percheron Capital
Percheron Capital is a private equity firm focused on partnering with exceptional teams to build market-leading services businesses. The firm’s purpose is to help high-quality businesses accelerate growth and enhance long-term value. Percheron manages over $850 million of committed capital and focuses on investing in strong services businesses in resilient end markets, including animal health, automotive, education, food & beverage, healthcare & wellness, and residential. For more information, please visit www.percheroncapital.com.
About Eagle Merchant Partners
Eagle Merchant Partners is an Atlanta-based private equity firm focused on investments in Southeastern companies with unique growth opportunities. The partnership is one of the most experienced private equity investors in the region, investing in sixteen companies with more than $1.5 billion in revenues. For more information, please visit www.eaglemerchantpartners.com.