The successful sale of its client Mr. Magic Car Wash ("Mr. Magic"), a Pennsylvania-based car wash brand with five locations in the Pittsburgh market, to Incline Equity Partners has been announced by Car Wash Advisory, a leading M&A advisor to privately owned car wash businesses. In this video, previous owners Justin and Alan Tiano speak about their experience owning and selling their car wash business.
“The timing was right,” Justin commented, “The market is at its peak with car washing based on the subscription model as well, and it’s bringing a lot of major players into the business and they can give you a good premium and take your car wash to the next level.”
Mr. Magic Car Wash
The Tiano family has owned and operated Mr. Magic as a fixture in the Pittsburgh area's car wash industry. Justin and Alan Tiano commented "We are proud of the deal that was made and excited to begin this new chapter of our lives. We are thankful to have had Harry and the CWA team on our side through this process. Their involvement as our advisor resulted in achieving significantly more value for us and our families and their experience was priceless."
"This transaction exemplifies the efficiency and execution that can be accomplished when all parties stay in sync and work in tandem towards the common goal at hand" said Harry Caruso, Founder and CEO of Car Wash Advisory. "I am so proud of CWA for the level of performance and results we were able to achieve for Justin and Alan. And to be able to provide such for a truly industry renowned and long-standing multi-site operation such as Mr. Magic, it was both an honor and pleasure."
Colin May, Managing Director at Car Wash Advisory added: "Mr. Magic and the Tiano family are another entrepreneurial success story in the car wash industry. They built a great family business over multiple decades and generations and capitalized on an opportunistic market. Car Wash Advisory is lucky to have worked with Justin and Alan and play a small part in that outcome. It was also a pleasure to work with Incline Equity Partners and would welcome the opportunity to work with them again."
“The main challenge was really getting the right number for the business,” Alan explains, “and Car Wash Advisory really helped us nail down that exact figure.” Justin adds, “I pretty much knew what I wanted to sell for, and Car Wash Advisory backed up that number and actually hit that number right on the head.”
About Mr. Magic
Mr. Magic has operated as Pittsburgh's premier car wash for more than 50 years. Due to their resiliency and years of dedication to improvement, Mr. Magic has been able to see exponential growth. Mr. Magic operates five sites around the Pittsburgh region and provides notable detailing services, unlimited membership wash clubs, and digital fast pass prepaid washes. For more about Mr. Magic Car Washes visit www.mrmagiccarwash.com
“I have a high level of confidence that the greatest outcome was achieved,” said Alan Tiano.
About Car Wash Advisory
Car Wash Advisory is a leading nationwide investment banking and brokerage firm based in New York City specializing in and focused solely on the car wash industry. Founded by CEO Harry Caruso, Car Wash Advisory's team of financial professionals provides sell-side M&A advisory and debt and equity capital raising services to car wash owners and operators across the United States.
About Incline Equity Partners
Private equity firm Incline Equity Partners, headquartered in Pittsburgh, Pennsylvania, invests in manufacturing, distribution and business services companies. Incline is commonly interested in growing businesses with enterprise values between $25 and $750 million. Privately owned business ownership changes, buyouts, and corporate divestitures in the United States and Canada are Incline's usual investment categories.
The principal Harry H. Caruso of Car Wash Advisory is a registered representative offering securities and investment banking services through Britehorn Securities, a registered broker- dealer (member FINRA/SIPC). Britehorn Securities and Car Wash Advisory are not affiliated entities.