ACON Investments, L.L.C. and its affiliates announced today that ACON has acquired a majority stake in Fleetwash, Inc. from affiliates of DFW Capital Partners. Following the acquisition, the founders and long-tenured management team will remain substantial equity holders in the Company. Financial terms of the transaction were not disclosed.
Fleetwash, based in Fairfield, New Jersey, is the largest mobile fleet washing and facility service company in the U.S. The Company was co-founded by Vito DiGiovanni and James DiCarlo in 1973. Fleetwash operates 56 facilities across the United States and serves approximately 6,000 customers ranging from small businesses to Fortune 100 companies who value the Company's national scale, consistency in service, broad range of service offerings and proprietary environmentally-friendly processes.
"Fleetwash is led by a passionate management team with a proven track record of innovation and growth," said ACON Partner Mo Bawa. "We are excited about this partnership and have tremendous respect for the Company's customer-focused and environmentally-sensitive operating culture. We see a highly scalable platform with significant room for continued growth, both organically and through add-on acquisitions."
"Fleetwash is a market leader in a fragmented space that has leveraged its core fleet washing capabilities into higher growth facility cleaning services to capitalize on macro trends around greater environmental compliance, food safety and non-core service outsourcing," added Ken Brotman, Founding Partner of ACON.
"Over more than 45 years, we have grown our business into an industry leader that operates nationwide, offering clients economies of scale and a variety of fleet and facilities cleaning services," said Fleetwash CEO Anthony DiGiovanni. "This partnership with ACON will allow us to take the next step in the growth and evolution of our business."
"ACON is the ideal partner and our business will benefit from their extensive financial, operational and strategic resources," said Fleetwash Co-founder and Chairman Vito DiGiovanni. "The firm shares our commitment to innovation, customer service, and acquisition-oriented growth and it has valuable experience working with entrepreneurial businesses like ours."
About Fleetwash Fleetwash is the largest platform of scale providing professional cleaning services to truck fleets and facilities such as gas stations and grocery stores. Founded in 1973 by the current management team, Fleetwash has 56 branches to serve its 6,000 customers and 14,000 accounts across the U.S.
About ACON Investments ACON Investments, L.L.C. is a Washington, DC-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States and Latin America. Founded in 1996, ACON has responsibility for managing approximately $5.3 billion of capital. ACON has professionals in Washington, DC, Los Angeles, Mexico City, São Paulo and Bogotá. For more information, visit www.aconinvestments.com.
