Consumer · Advisory · Closed 2022

Ultimate Shine Car Wash

Financial advisor · sell-side

Growth investment and partnership with Spotless Brands (Access Holdings, $2.1B AUM): 14 sites scaling to 50+, founders retained as significant shareholders.

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Press releaseJuly 01, 2022

1V1sion Capital and MIRACLE Advised Ultimate Shine Car Wash on Its Growth Investment and Partnership with Spotless Brands, a Portfolio Company of Access Holdings

SectorConsumer Services – Car Wash
Deal typePrivate Capital Investment
Deal locationUSA
Deal team leadersPatrick Yeghnazar, 1V1sion Capital / Thomas Coffman, Miracle

NEW YORK, July 1, 2022 — 1V1sion Capital and MIRACLE Real Estate Partners today announced they advised Ultimate Shine Car Wash on its growth investment and partnership with Spotless Brands, a portfolio company of Access Holdings.

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Advised

On its partnership with

Background

  • Ultimate Shine Car Wash is a leading middle market car wash operator in Tennessee, Virginia and West Virginia with 17 existing car wash locations, a strong operating team and culture and a robust growth pipeline.
  • Established in 2005 by David Wild, Ultimate Shine has consistently provided quality and value to its customers, enabling rapid growth.
  • Access Holdings formed Spotless Brands in 2019 to build market-leading car wash platforms in partnership with world-class operators. Through its partnerships with Flagship Car Wash, Cobblestone Auto Spa, Okie Express Auto Wash, and now Ultimate Shine Car Wash, Spotless Brands operates 120 locations across Arizona, Colorado, Oklahoma, Washington D.C., Maryland, West Virginia, Virginia and Tennessee. With a robust pipeline of acquisitions and new development opportunities, Spotless Brands is on track for significant expansion across each of its markets in 2022.
  • Access Holdings Management Company LLC is a Baltimore-based middle-market investment firm with over $2.1bn in assets under management. Founded in 2013, Access provides high-quality, direct investment opportunities to build concentrated portfolios of essential service-based businesses across North America.

Process

  • MIRACLE and 1V1sion Capital acted as exclusive financial advisor and real estate broker to Ultimate Shine on its growth investment and partnership with Spotless Brands.
  • Ultimate Shine selected MIRACLE to advise on this opportunity for its ability to generate the best value for Ultimate Shine, incorporating a partnership with a strong private equity backed platform, shared values, a robust valuation and meaningful growth capital to fund its pipeline.
  • MIRACLE and 1V1sion Capital worked closely with management to position Ultimate Shine as an attractive investment opportunity within the car wash market, highlighting the Company's operational expertise and development acumen.

Outcome

  • Ultimate Shine and Spotless Brands announced a partnership including a meaningful investment in the Ultimate Shine business.
  • Ultimate Shine, in partnership with Spotless Brands, is committed to continuing its strong growth from 17 existing sites to over 50 sites by the end of 2023.
  • David Wild and family will remain significant shareholders and continue to lead operations and development, while the Spotless Brands team, led by Russ Reynolds (CEO) and Christian Seem (COO), will contribute significantly to operational improvement and growth investment.

“It's been a pleasure to work with MIRACLE and 1V1sion Capital. Thomas, Patrick and team were fully committed to the process from commencement to completion. They understood our business drivers, both at the existing sites and the development pipeline, and supported us as we built our partnership with Spotless. The team demonstrated deep domain expertise to ensure our partners fully grasped the value in our business and the future pipeline. The Wild family is delighted with the outcome and looks forward to working with the team in the future as we continue to grow.”

David Wild, Founder and CEO, Ultimate Shine

“These transactions can be complicated. 1V1sion Capital, MIRACLE and the collective internal and external teams from both sides did a great job getting the transaction done while keeping an eye on the long-term prize for growth in the Ultimate Shine car wash footprint through a partnership with Spotless Brands.”

Russ Reynolds, CEO, Spotless Brands

“The Wild Family has built a tremendous portfolio of car washes under the Ultimate Shine brand and is well known and respected in the car wash industry. Customers can expect the same great experience under the partnership with Spotless Brands and the operational expertise offered by its COO, Christian Seem. The Wild Family and Wild Construction work very hard to build high-quality assets, fast, which will lead this partnership to significant growth and success. It has been exhilarating to work among two top-notch groups during this transaction.”

Thomas Coffman, Founder and Managing Partner, MIRACLE Real Estate

“We are excited to support the growth of Ultimate Shine as it combines with Spotless Brands. The combined platform under the leadership of Russ Reynolds and team represents a best-in-class growth platform serving the car wash industry.”

Patrick Yeghnazar, Founder and Managing Partner, 1V1sion Capital

About 1V1sion Capital

1V1sion Capital is a principal-led merchant bank and capital advisory firm based in New York. The firm advises founders and operators on growth capital, partnerships and strategic transactions across a range of industries.

About MIRACLE

MIRACLE is a full-service car wash real estate brokerage firm. Through its partnership with 1V1sion Capital, MIRACLE provides a wide range of services, including real estate brokerage, mergers and acquisitions advisory, financing and development on a national level.