VR Equitypartner divests CleanCar

Founder and former CEO Peter Henssen has also divested his entire stake in the company, leaving CleanCar with a majority shareholding via its holding company ACH Wertschutz.

According to VR, it aims to divest its portfolio companies after a five- to eight-year holding period. All parties decided to exit at this point as the succession planning issues had been resolved, with the former CFO and CTO of the company splitting Henssen's role between them.

Holler-Stiftung supports various charities with the returns from its investments, including SOS Children's Villages, VW's art foundation and the Hildegard Hospice Foundation.

SüdBG is a subsidiary of Landesbank Baden-Württemberg. It has 40 portfolio companies worth more than €400m.

Private equity and carwashes have had a chequered history, as illustrated by IMO Car Wash. In June this year, TDR Capital acquired the company from insolvency after it defaulted on its interest repayments in 2009 when under Carlyle's ownership. Carlyle had bought IMO in a secondary buyout from JP Morgan Partners in 2006.

Previous funding
DZ Equitypartner acquired a majority shareholding in CleanCar from Henssen in October 2007. According to unquote" data, the growth capital funding amounted to between €50-100m. VR was formed following the merger of DZ Equitypartner and WGZ Initiativkapital in August 2012.

The fresh funding was used to open three new carwashes and grow it from 21 branches in Germany and three in Vienna, Austria, while existing carwashes were refurbished. Business control processes were also improved. The last few months saw the company acquire new premises for the opening of new branches.

Three months after DZ became involved with CleanCar, venture capital firm CFH backed the company.

Company
Founded in 1986 and headquartered in Meerbusch, CleanCar operates 27 full service carwashes at petrol station locations. With 400 staff, CleanCar also offers valet services and oil changes. CleanCar had a turnover of €130m in the financial year 2012/2013.

Apart from the Holler-Stiftung, both Holger Dömer and Thomas Heinz – as CleanCar's management team – have minority stakes in the company.

People
Christian Futterlieb led the deal for VR.

Advisers
Vendor – Lincoln International (Corporate finance).

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