Peterson Private Equity invested in WashU, a Chicago-area car wash operator. The company will continue to be managed by management, including co-founder Craig Nelson, who will work as COO and CFO, co-founder Steve Timmer, who will lead business development, co-founder Donald Tomich, who will lead construction and business planning, and Michael Timmer, director of wash operations.
Peterson Private Equity has invested in WashU, a Chicago area based car wash operator.
WashU will continue to be managed by a team with decades of industry experience. Co- founder Craig Nelson will serve as COO and CFO, overseeing corporate operations and financial reporting. Craig has over 30 years of experience in the automotive service sector, including a previous role as COO of NASCAR Car Wash. Co-founder Steve Timmer will lead business development and car wash operations. Steve has previously built, operated, and acquired over 22 car wash locations. Co-founder Donald Tomich will lead constructions and business planning, and Michael Timmer, director of wash operations, will oversee day-to-day operations.
Peterson’s investment will fund the expansion of WashU into new markets and increase its penetration in existing markets to meet the growing demand for express car wash services. The expansion will include developing and acquiring new locations.
“WashU has established a reputation for providing value, convenience, and high-quality customer service,” says Nelson, co-founder of WashU. “We are thrilled to begin a partnership with Peterson Partners as we seek to scale our platform.”
“Peterson Partners exists to help great people build great businesses,” says Preston Phillips, Vice President at Peterson Partners. “We are excited to back the talented and experienced management team at WashU and participate in this next chapter of growth.”
About Peterson Partners
Peterson Partners is an independent investment management firm with over $1 billion in assets under management across a variety of alternative asset classes. Peterson seeks to be the partner of choice to exceptional entrepreneurs who are looking for more than just capital from their investment partner. Since first raising outside capital nearly 20 years ago, Peterson has invested in over 200 companies. Peterson Partners has invested across a number of different strategies, including Real Assets, Private Equity, Seed Stage Venture, and Search Funds. Each investment strategy is focused on the mission of our platform: to help great people build great businesses. The portfolio companies identified and described herein do not represent all of the portfolio companies purchased, sold or recommended for funds advised by Peterson Partners. The reader should not assume that an investment in the portfolio companies identified was or will be profitable. A full listing of investments can be provided upon request. Past performance is not indicative of future results. For a list of our portfolio companies, please visit www.petersonpartners.com. AUM indicated is as of 09/30/21. This press release is not a solicitation of an offer to purchase securities and may not be relied upon in connection with the purchase or sale of any security. Interests in the Peterson Funds, if offered, will only be made pursuant to a confidential offering memorandum and subscription documents.