Automotive Acquisitions in 2020

Golden Gate Capital has recapitalized Tidal Wave Auto Spa, partnering with founder and CEO Scott Blackstock, who will remain CEO and a significant shareholder. The transaction will provide development resources to support aggressive new-unit expansion, acquisitions and continued growth of the company's Unlimited Wash Club membership program; terms were not disclosed.

Express Wash Concepts (EWC) acquired Ultimate Wash, a single-location car wash at 9475 State Route 14 in Streetsboro, Ohio, with the transaction effective December 24, 2020. EWC plans roughly $1 million in upgrades, will temporarily close the site for conversion to its CLEan Express Auto Wash brand, and expand its Ohio footprint to 33 locations.

WhiteWater Express Car Wash, a Houston-based express car wash platform, acquired Jerry's Express Car Wash’s seven Dallas–Fort Worth locations, expanding WhiteWater’s DFW footprint to 16 sites and increasing its total locations to 29. In connection with the deal, private equity firm SkyKnight Capital invested incremental capital into WhiteWater to support accelerated growth.

Wheel Pros, the Clearlake Capital-backed designer, manufacturer and distributor of aftermarket wheels and accessories, acquired Just Wheels & Tires Co., Inc. d/b/a TSW to broaden its luxury and off‑road product offerings. Financial terms were not disclosed; TSW (founded 1991) serves over 5,800 dealers through eight distribution centers.

THOR Industries, Inc. acquired Tiffin Motor Homes, Inc. and related companies (the Tiffin Group) for $300 million, effective December 18, 2020. The Tiffin family and existing senior management will continue to run the business, which will operate as a stand-alone company within THOR's portfolio.

Vehicle Accessories, Inc. (a portfolio company of Kinderhook Industries) acquired HV Industries (Hope Valley), a manufacturer of precision all-weather floor mats for automotive OEMs. The deal is VAI's fifth add-on under Kinderhook and expands VAI's product portfolio and OEM relationships in the pickup truck and SUV markets; financial terms were not disclosed.

Original One Parts, a portfolio company of Kinderhook Industries, acquired PartCycle Technologies, an e-commerce marketplace for recycled OEM automotive parts. The deal — Original One Parts' first add-on — will expand Original One's online presence, technology capabilities, and parts procurement relationships; PartCycle's leadership team will join Original One.

Spectrum Automotive Holdings Corp., a Cornell Capital-backed automotive F&I platform, acquired CalTex Protective Coatings, the largest U.S. manufacturer and provider of automotive appearance protection products. The acquisition will allow Spectrum to invest behind CalTex's brand, products and management to accelerate growth and expand its dealer distribution and F&I product suite. Terms were not disclosed; Colonnade Advisors served as financial advisor to CalTex and Houlihan Lokey advised Spectrum.

CarGurus agreed to acquire a 51% majority interest in CarOffer, an instant vehicle trade platform, at an enterprise valuation of $275 million. The strategic acquisition adds wholesale trading and logistics capabilities to CarGurus' dealer platform, enabling a seamless retail and wholesale solution for dealers.

AAA Northern California, Nevada & Utah (AAA NCNU) has acquired McLea's Tire & Automotive Centers, a family-owned five-store automotive and tire service operator based in Santa Rosa, California. The McLea family sold the business as founders Les and Rick McLea prepare for retirement; their sons will remain in leadership roles and FOCUS Investment Banking represented the seller.

Driven Brands Car Wash North America, part of Driven Brands, acquired two Cheetah Clean Auto Wash locations in Radcliff and Franklin, Kentucky from owner Jeff Fields. The deal expands Driven Brands' Kentucky footprint to five car wash locations as it grows its Car Wash network in the Mid‑South.

Mister Car Wash, the nation's largest car wash operator headquartered in Tucson, Arizona, acquired Soapbox Car Wash located at 2000 Round Rock Avenue in Round Rock, Texas, effective November 11, 2020. The acquisition expands Mister Car Wash's footprint in the Austin market to eight locations and allows Soapbox members access to Mister's membership network across its locations.

Pritzker Private Capital (PPC) has completed acquisitions of Highline Aftermarket Holdings and Warren Distribution, combining a national distributor and a private-label lubricant manufacturer into a leading automotive aftermarket supplier. The combined business will operate 27 facilities across North America, offer over 22,000 SKUs, and be led by Highline CEO Darcy Curran with Warren founder Bob Schlott serving as a board advisor.

Lithia Motors has purchased nine high-volume dealerships from Los Angeles-based Keyes Automotive Group in a multi-location transaction that expands Lithia's footprint in the Los Angeles and Phoenix markets. Kerrigan Advisors represented Keyes, which sold the nine dealerships while retaining several others; Lithia will operate the acquired franchises as part of its national dealership network.

Signal Automotive, a technology-enabled wholesale automotive platform, raised $20 million in growth financing led by Kayne Partners Fund (the growth private equity group of Kayne Anderson Capital Advisors). The capital will be used to expand Signal's dealer network across North America and further develop its technology platform and data analytics capabilities.

Clearlake Capital-backed Wheel Pros has acquired the assets of Performance Replicas, Inc., a distributor of factory reproduction wheels. The add-on acquisition expands Wheel Pros' product offering and leverages its global distribution network to grow Performance Replicas' reach; financial terms were not disclosed.

TRATON SE agreed to acquire all outstanding shares of Navistar International Corporation not already owned by TRATON for USD 44.50 per share in cash, building on a prior strategic alliance. The transaction, financed in part by Volkswagen Group, is intended to create a global commercial-vehicle leader by combining TRATON's strength in Europe and South America with Navistar's North American footprint.

Mid-market private equity firm LDC has invested in Rhino Products, a UK-headquartered designer and manufacturer of light commercial vehicle accessories, to support the business's international growth and buy-and-build strategy. The investment will back Rhino’s management team to expand market share in the UK and overseas; banking facilities were provided by HSBC and advisors on the deal included Grant Thornton, Hill Dickinson and GCA Altium.

Atlanta-based Mammoth Holdings has acquired Papa's Express Tunnel Car Wash, an express conveyor car wash in Saratoga Springs, Utah. The deal expands Mammoth's presence in Utah County to five stores and is consistent with its strategy of acquiring operator-run car washes; Mammoth is PE-backed via a partnership with Red Dog Equity.

MidOcean Partners has acquired FullSpeed Automotive from CenterOak Partners. The transaction gives MidOcean a national auto-aftermarket platform with nearly 600 locations and over 1,350 employees; MidOcean plans to drive growth through organic initiatives, franchise development and strategic M&A.

CenterOak Partners-backed FullSpeed Automotive has acquired Uncle Ed's Oil Shoppe, a Michigan-based operator of 29 quick-lube centers and 5 AutoBath America car wash locations. The add-on expands FullSpeed's Midwest footprint and marks the company's 15th acquisition since CenterOak's majority investment in 2017, bringing FullSpeed's network to nearly 600 locations.

RV Retailer, LLC announced an agreement to acquire Lifestyle RVs in Grain Valley, Missouri, marking RV Retailer's first location in Missouri and its 35th store overall. The acquisition expands RV Retailer's presence in the Kansas City market and adds sales, service and parts capability; the deal was expected to close on October 30, 2020.

Acamar Partners Acquisition Corp. entered into a definitive business combination agreement to take CarLotz, Inc. public, supported by a $125 million PIPE led by Fidelity and strategic investors including KAR Global, McLarty Diversified Holdings, Rick Wagoner and TRP Capital Partners. The transaction will provide CarLotz with capital to fund nationwide hub expansion, technology investments and continued growth; closing was expected in Q4 2020.

International Car Wash Group (ICWG) has completed the acquisition of In & Out Car Wash in Carrollton, Texas. The deal expands ICWG's presence in the Dallas–Fort Worth metroplex and brings its DFW location count to 12 and its Texas footprint to 25 sites.

EMPI, a Dubin Clark portfolio company, has acquired RacingLine Group, a Milton Keynes–based provider of premium performance parts, vehicle software and motorsport services for Volkswagen and Audi vehicles. The add-on strengthens the Euro Motorparts (EMP) platform—bringing RacingLine's product innovation, events and motorsport capabilities together with EMPI and 034Motorsport to accelerate growth and enhance logistics and fulfilment.

CID Capital portfolio company Extra Mile Brands has acquired the assets of Mustangs Unlimited, a Mustang parts distributor founded in 1976 by Chris Hoverman. Mustangs Unlimited's operations have been relocated to Reedsville, Pennsylvania, and Extra Mile Brands said it will continue the company's product quality and service while integrating the business into its aftermarket parts platform.

Foretellix, a Tel Aviv–based developer of verification and validation tools for autonomous driving, has acquired Metamoto, a cloud-based provider of simulator-agnostic testing and validation solutions for automotive software. The acquisition will incorporate Metamoto's technology into Foretellix's platform to accelerate roadmap delivery, improve simulator integration, and expand the combined team's global R&D footprint.

Susquehanna Private Capital (SPC) has acquired Brandywine Coach Works, a multi-site OEM-certified collision repair operator headquartered in Chadds Ford, Pennsylvania, and established Quality Collision Group (QCG) as a holding platform for further roll-up activity. Brandywine operates four Pennsylvania locations with approximately 90 employees; SPC intends to expand QCG through add-on acquisitions of OEM-certified repair shops nationwide.

ZT Motors, the automotive platform of Houston-based private equity firm ZT Corporate, has acquired Ron Carter Autoland in Alvin, Texas. The deal adds three adjacent dealerships to ZT Motors' rooftop count (increasing it from five to eight) and represents the platform's first location in Texas as part of its Southeast growth strategy.

Houston-based WhiteWater Express Car Wash acquired Dallas–Fort Worth-based LandShark Express Car Wash, expanding WhiteWater's presence in the DFW market. The acquisition brings WhiteWater to eight car washes in the Dallas–Fort Worth area and supports the platform's ongoing growth via acquisitions and greenfield development.

KPS Capital Partners, through a newly formed affiliate, agreed to acquire substantially all of the assets of Garrett Motion Inc. for approximately $2.1 billion and was designated as the stalking-horse bidder as Garrett filed for Chapter 11. KPS will participate in Garrett's DIP financing to support operations, and a syndicate of banks has committed exit financing; the sale remains subject to court approval and customary closing conditions.

Gill's Point S Tire & Auto Service has acquired the ten company-owned Vianor stores in New England from Nokian Tyres. The transaction is a divestiture by Nokian so it can focus on operating Vianor service centers in the Nordic countries while the U.S. stores will be operated by Gill's Point S to grow the Nokian brand in the U.S.

Highline Aftermarket, a portfolio company of The Sterling Group, has agreed to acquire the assets of Plews & Edelmann's Retail segment ("Plews Retail"). The acquisition adds the Amflo, Lubrimatic, and Tru‑Flate brands and Plews Retail employees to Highline's national distribution and private‑label capabilities, expanding its product portfolio and supporting continued organic and acquisition growth.

Wrench, the Seattle-based mobile vehicle maintenance and repair marketplace, has acquired Lemon Squad, a U.S.-based automotive inspection company with a large network of ASE-certified inspectors. The acquisition brings Lemon Squad's network into Wrench's platform and enables customers and fleet operators to schedule on-site pre-purchase inspections through the Wrench app, expanding Wrench's end-to-end vehicle ownership services.

KAR Global (KAR) has signed a definitive agreement to acquire BacklotCars, a Kansas City–based dealer-to-dealer online wholesale vehicle marketplace, for $425 million. The acquisition expands KAR’s digital remarketing capabilities by adding BacklotCars’ 24/7 bid-ask marketplace, vehicle inspection services and AI-driven recommendations to KAR’s existing TradeRev and broader remarketing platform.

Pro-Vision Solutions, a portfolio company of JMC Capital Partners, has completed the acquisition of Zone Defense, LLC, a St. Petersburg, Florida-based developer, engineer and manufacturer of advanced vision systems for the automotive and fleet industries. The add-on expands Pro-Vision's hardware and software offering for commercial vehicles, extends sales reach (including deeper penetration into Canada) and accelerates product development for commercial and OEM markets.

Allegro MicroSystems has acquired Voxtel, Inc., a Beaverton, Oregon-based developer and manufacturer of eye-safe LiDAR and photonic imaging technologies. The acquisition adds Voxtel's lasers, ROICs, and NIR/SWIR photodetectors (and related IP and engineering team) to Allegro's automotive semiconductor portfolio to accelerate ADAS and automotive LiDAR solutions.

Mammoth Holdings, an Atlanta-based conveyor car wash operator backed by Red Dog Equity, has acquired Mr. K Car Wash, an express conveyor car wash with locations in Montgomery, Alabama and Buford, Georgia. The deal expands Mammoth’s footprint in its core Montgomery market—bringing an additional store under Mammoth’s multi-brand portfolio; the seller was not named and broker Christina Son advised the seller.

Vehicle Accessories, Inc. (VAI), a portfolio company of Kinderhook Industries, acquired SOCKS, LLC, a web-based application that facilitates the sale of OEM accessories through automotive dealerships. The acquisition is VAI's fourth add-on (Kinderhook's 91st automotive-related transaction); financial terms were not disclosed and VAI plans to leverage OEM relationships to grow SOCKS' dealer customer base.

Driven Brands announced the acquisition of International Car Wash Group (ICWG), adding ICWG’s international car wash operations and expanding Driven’s footprint to more than 4,000 locations across 15 countries. The deal strengthens Driven Brands’ position as the largest automotive aftermarket services company by location count and advances its international geographic growth strategy.

Clean Streak Ventures, an express car wash platform headquartered in Orlando, acquired seven Bay Breeze Car Wash and Lube sites in the Tampa Bay area. The deal expands Clean Streak's Florida platform to 17 locations across Tampa Bay, Orlando and Naples; the seller was former owner Keith Feltner and Clean Streak said it intends to retain employees and invest in the locations.

Amynta Group has acquired Pivotal Solutions Inc., a Fishers, Indiana-based provider of F&I (finance & insurance) solutions, training and development for automotive dealer groups. The acquisition establishes Amynta Dealer Services' presence in the U.S. Midwest and will keep Pivotal operating under its current leadership to continue serving dealer clients.

Continental Batteries, a portfolio company of Incline Equity Partners, acquired Battery Joe and Battery Solutions, adding regional branch locations in West Texas. The add-on deals expand Continental's footprint and enhance its ability to service automotive, commercial, EV, marine and industrial customers through a high-touch branch model.

GB Auto Service, a portfolio company of Greenbriar Equity Group, has acquired Sun Devil Auto (doing business as Sun Auto Service outside Phoenix), adding 32 locations and expanding GB Auto's footprint to more than 160 tire and automotive service facilities. The acquisition is an add-on to GB Auto's platform to deepen its presence in the Western U.S.; Capstone Headwaters served as exclusive financial advisor to Sun Devil Auto.

Amazon has signed an agreement to acquire Zoox, a California-based developer of purpose-built autonomous ride-hailing vehicles and end-to-end autonomy software. Zoox will remain a standalone business led by CEO Aicha Evans and CTO Jesse Levinson as Amazon aims to accelerate the development and commercialization of safe, zero-emissions autonomous mobility.

RepairSmith has acquired More Automotive Group to add location-based and fleet repair capabilities across the San Francisco Bay Area and Sacramento. The deal brings More Automotive's on-site fleet services and technicians into RepairSmith's mobile service network, expanding RepairSmith's fleet and location-based offerings.

Atlanta-based Mammoth Holdings acquired PitStop Carwash, a five-site express conveyor car wash operator in Alabama, Mississippi and Louisiana. PitStop founders Steve Schmidt and Brian Hill rolled equity into Mammoth and will take ongoing development roles as Mammoth expands its footprint along the I‑10 corridor; the platform is backed by Red Dog Equity with debt financing from Monroe Capital.

Kinderhook Industries acquired The Original One Auto Parts LLC, a Dallas-based provider of recycled and refinished certified OEM auto parts, on June 4, 2020. The acquisition expands Kinderhook's presence in the automotive aftermarket and provides Original One with capital and resources to broaden its parts offering and geographic reach; financial terms were not disclosed.

KAR Auction Services (d/b/a KAR Global) placed $550 million of newly issued perpetual convertible preferred stock in a strategic financing led by funds advised by Apax Partners with participation from Periphas Capital. The capital will support KAR’s operational recovery from COVID-19, accelerate its digital transformation and sustain its technology platforms and development pipeline.

Foundation Automotive (Foundation Auto Corp.) has acquired Freestone Auto Group, a collection of franchised dealerships and a custom commercial truck business in Fairfield, Texas. The deal expands Foundation's Central Texas footprint along the I-45 corridor and retains Stacy Dodd in a leadership role; Freestone's operations include franchised Ford, Chevrolet and Chrysler/Dodge/Jeep/RAM dealerships and The Service Truck Depot.