TSG Consumer Partners (“TSG”), a private equity firm, has announced that it has signed a definitive agreement to acquire a majority stake in Super Star Car Wash, a family-owned car wash operator. Following the transaction, founder and president Reza Amirrezvani and the management team will remain significant investors and continue to lead the company. Financial terms of the transaction were not disclosed.
Founded in 1993 and based in Phoenix, AZ, Super Star Car Wash has 35 locations spanning the Southwest and West Coast in Arizona and California, with expansion to Colorado planned for early 2022. Super Star has a robust pipeline of more than 40 new locations and anticipates significant growth in 2022 and beyond.
“TSG has invested in and helped build countless iconic consumer brands, and we are excited for their support as we continue to grow our business,” said Amirrezvani. “Importantly, the firm is a strong cultural fit — they understand and value the significance of our decades-long dedication toward our employees, customers, and local communities. Their meaningful marketing expertise, consumer understanding, and significant experience with membership models makes them the perfect partner as we enter new markets and continue to innovate for our customers.”
“We believe the car wash industry is poised for continued growth, and Super Star Car Wash — with its talented personnel and innovative business model — has the ability to anticipate and meet evolving customer needs,” said Erik Johnson, managing director at TSG.
Ropes & Gray LLP acted as legal advisor to TSG. Snell & Wilmer acted as legal advisor and Ardent Advisory Group acted as financial advisor to Super Star Car Wash. The transaction is expected to close by year’s end.