KKR invests $850-million in Quick Quack
KKR & Co is planning to buy a “significant” minority stake in Quick Quack Car Wash, Reuters reports. The investment firm told the news agency that KKR would pay $850 million for the American car wash company. The news was later confirmed through a press release.
Quick Quack’s founders and existing owner Seidler Equity Partners will remain invested in the company, which is based in California.
“With its differentiated operating model, strong track record of organic growth and world-class team, we believe Quick Quack is well-positioned to continue its growth trajectory,” said Sam Plotner, Director at KKR. “We look forward to working with the Quick Quack and Seidler teams to continue to drive growth by building upon the strong foundation that they have established over the past two decades.”
“We are pleased to welcome KKR as a new strategic partner. Their support is a testament to the impressive business that our team has built and the culture underlying it,” said Jason Johnson, CEO of Quick Quack.
Major investments
Private-equity has been investing big time in carwash companies for the last couple of years. In 2023, Oaktree Capital Management acquired Magnolia Wash Holdings. Two years ago, Warburg Pincus bought El Car Wash.
Other major players in the industry, like Mister Car Wash and Driven Brands, are also backed by private equity money.
Reuters reported earlier this year that Quick Quack was working with banks Goldman Sachs and William Blair to sell a minority stake.
Quick Quack launched in 2004 and now has over 230 locations across California, Texas, Arizona, Utah and Colorado. A new investment will help the company grow through marketing and expansion, KKR said.
Quick Quack will adopt a program to give equity in the company to its whole workforce, a strategy that KKR has implemented at several other portfolio companies.
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