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KKR & Co. Inc. (NYSE:KKR) made a significant minority investment in Quick Quack Car Wash.
Founded in 2004, Quick Quack is one of the fastest-growing express format car wash operators in the U.S., with over 230 locations across California, Texas, Arizona, Utah, and Colorado.
The deal value stood at $850 million, reported Reuters, citing sources familiar with the deal.
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Quick Quack’s founders and its longtime equity partner, Seidler Equity Partners, will retain significant ownership stakes in the company alongside KKR.
This new investment is projected to fuel Quick Quack’s growth through innovation, marketing, and expansion into new and existing markets.
Sam Plotner, Director at KKR, said, “With its differentiated operating model, strong track record of organic growth and world-class team, we believe Quick Quack is well-positioned to continue its growth trajectory.”
KKR primarily invested in Quick Quack through funds and accounts managed by its Strategic Investments Group.
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Jason Johnson, CEO of Quick Quack, stated, “We are pleased to welcome KKR as a new strategic partner. Their support is a testament to the impressive business that our team has built and the culture underlying it.”
KKR, Seidler, and Quick Quack’s founders will implement a team member ownership program to engage employees in building stronger companies.
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Investors can gain exposure to KKR stock via Northern Lights Fund Trust IV FMC Excelsior Focus Equity ETF (NYSE:FMCX) and EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO).
Price Action: KKR shares are up 2.17% at $112.60 premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
