Mammoth Holdings, LLC, an Atlanta-based express conveyor car wash operator, has acquired FLCW, LLC d/b/a Finish Line Car Wash, an eight unit express conveyor car wash operator with locations in Kentucky, Tennessee, and Illinois. Finish Line’s founders invested a significant portion of their proceeds from the sale of Finish Line into Mammoth and will have important ongoing roles with the company.
“We couldn’t be more excited to bring another industry-leading car wash company onto our platform,” said Gary Dennis, Mammoth’s co-founder and CEO. “Finish Line is a perfect fit with our strategy of partnering with industry-insiders who are leaders in their markets. Finish Line’s founders, Nancy Bergfield and Chris Presswood, are innovators, outstanding customer-focused operators, and high-quality people.”
“Nancy and I think Mammoth is an ideal strategic partner. There is so much opportunity here we couldn’t pass this up,” said Chris Presswood, Finish Line’s co-founder, who is now Mammoth’s senior vice president of operations and special projects. “We now have access to growth capital and great partners like Gary Dennis, Marcus Kittrell, and Chip Hackett. Our employees and customers aren’t just in good hands, they will remain in our hands. We are as excited about the opportunity this creates for our employees as we are for ourselves. It’s going to be fun to see what a great company this team builds.”
“Chris and I were amazed it took only 30 days from signing a letter of intent to closing this deal. Mammoth made the whole process quick and painless,” said Nancy Bergfield, Finish Line’s co-founder, who will assist Mammoth with corporate development projects going forward. They delivered on all their commitments to us and were transparent from start to finish. Mammoth showed us they really care about our employees which was very important to us.”
Mammoth is the first car wash acquisition platform formed by industry-insiders and is now the 10th largest conveyor car wash operator in the United States according to Commercial Plus’ Top 100 list. Mammoth is customer-focused operationally and operator-focused in its approach to acquisitions and seeks to be the partner-of-choice for car wash operators who desire liquidity, growth capital, and a tax- deferred equity investment opportunity. Mammoth’s multi-brand portfolio includes Marc-1, Wash Me Fast, Swifty, and Ultra, among others.
In October 2018, Mammoth partnered with Red Dog Equity LLC, an Atlanta-based private equity firm, which, through its partnership with Tom Pritzker’s family business interests (advised by The Pritzker Organization), provided the equity for the Finish Line acquisition. Monroe Capital provided the debt financing.
King & Spalding LLP and Alvarez & Marsal Transaction Advisory Group provided Mammoth with legal and accounting services, respectively.