TDR Capital has agreed to exit ICWG, known as the world’s largest car wash operator, to Roark Capital Group.
The company washes more than 35 million cars through 900 locations across Europe, Asia Pacific and the US. It operates in 13 countries in total and has a reported turnover of £163.8m last year.
TDR acquired the company three years ago and in this time helped open up new sites in existing markets, invest in a refurbishment programme and expand the company’s global reach.
Roark Capital closed its fourth fund on $2.5bn two years ago, the largest fundraise in the firm’s history. The company focuses on the consumer, business and environmental service sectors. Portfolio companies include Anytime Fitness, Carl’s Jr and Primrose Schools.
TDR Capital was reportedly near a €3bn final close of its fourth fund in March this year, above its initial €2.85bn hard cap.
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