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BlackArch Partners Advises Golden Gate Capital on its New Partnership with Tidal Wave Auto Spa

CHARLOTTE, NC (January 5, 2021) – BlackArch Partners LLC (“BlackArch”) is pleased to announce Golden Gate Capital’s (“Golden Gate”) partnership with and recapitalization of Tidal Wave Auto Spa (“Tidal Wave” or the “Company”). 

Headquartered in Thomaston, GA, Tidal Wave is one of the largest and fastest growing premium conveyor car wash systems in the U.S. and has a current footprint of over 60 locations across eleven states in the Southeast and the Midwest.  The Company’s unit count has grown 50% annually since 2017.  Tidal Wave’s exceptional team and proprietary technology, cleaning products and systems deliver the highest quality car washes, complemented by unmatched customer service and state-of-the-art facilities.  The Company is differentiated by its unique Unlimited Wash Club, which offers customers unbeatable value across an array of options, including exterior and interior cleaning, as well as a family plan.

BlackArch was retained as Golden Gate’s financial advisor.  This transaction marks the fifth car wash deal closed by BlackArch in 2020 and further builds BlackArch’s unrivaled proficiency in the car wash industry that spans through all segments of the sector value chain. 

Mike Montgomery, Managing Director at Golden Gate Capital, stated, “BlackArch was a strategic partner and advisor for Golden Gate and demonstrated their extensive industry knowledge throughout the transaction.  Their expertise was critical in navigating the deal and delivering a fantastic outcome for all parties involved.”

Transaction Highlights

  • Golden Gate Capital partnered with Tidal Wave, a founder-owned business, to accelerate the Company’s trajectory through organic growth at existing sites, aggressive new unit expansion and an enhanced acquisition program
  • Tidal Wave founder and CEO, Scott Blackstock, will continue to lead the Company as CEO and will remain a significant shareholder
  • BlackArch utilized its established industry knowledge to achieve an optimal outcome for Golden Gate

About Tidal Wave Auto Spa

Tidal Wave Auto Spa’s wave of success began in 1999 at its headquarters in Thomaston, GA.  Tidal Wave is one of the fastest growing car wash chains in the country and is a recognized leader in the industry with over 60 locations across eleven states, plus, an additional 18 units currently under construction.  Locations span the southeast including Alabama, Georgia, Florida, South Carolina, North Carolina, Mississippi, Virginia and Texas.  In the Midwest, Tidal Wave has locations in Missouri, Nebraska and Kansas.  For more information, visit www.tidalwaveautospa.com

About Golden Gate Capital

Golden Gate Capital is a San Francisco-based private equity investment firm with over $17 billion of committed capital.  The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures and recapitalizations, as well as debt and public equity investments.  Notable recent multi-unit consumer investments sponsored by Golden Gate Capital include The Learning Experience, Invo Healthcare, and Mavis Express Tire Services.  For more information, visit www.goldengatecap.com

About BlackArch Partners

BlackArch Partners is a leading middle-market investment bank offering a full spectrum of advisory services to financial sponsors, private companies and diversified corporations.  BlackArch addresses the needs of owner-operators, founders and shareholders of private companies with specialized services that include M&A advisory, strategic advisory and private capital solutions.  Headquartered in Charlotte, NC, BlackArch features a total of 12 industry-focused practices that cover all sectors of interest to middle-market investors; BlackArch professionals have closed more than 350 transactions in 16 countries on four continents.  Please visit our website, www.blackarchpartners.com, for more details.

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