Milwaukee-based private equity firm Generation Growth Capital Inc.
announced today it has acquired Harrell’s Car Wash Systems
Inc. through its new fund, Generation Growth Capital Fund III LP.
[caption id="attachment_152744" align="alignright" width="319"]
Nettles and Reinke at their downtown Milwaukee office.[/caption]
Harrell’s Car Wash Systems was sold by Mark Harrell. Milwaukee’s CGK M&A Advisors
was the exclusive financial advisor to Harrell’s in the transaction. Terms of the deal were not disclosed.
One of the country’s largest car wash systems and supplies distributors, Harrell offers site evaluation, design and development help, equipment solutions and chemical and parts supplies for customers in Indiana, Illinois, Kentucky and Ohio.
"Harrell's represents a great investment opportunity for GGC. From our first meeting with Mark and his team, it was evident that this was a great cultural fit. We are investing in a business with a solid management team and a great market reputation that is positioned for growth in this industry," said John Reinke, managing director of Generation Growth Capital Inc.
This is the first investment GGC has made from its third fund, which is expected to reach $50 million
. It has two more acquisitions in the works, and in late October exited portfolio company
Atlantic Precision to make room in its portfolio for acquisitions from the new fund.