IMO Car Wash sold for pounds 138m
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.IMO CAR Wash Group, one of the fastest growing in Europe with operations in seven countries, has been the subject of a pounds 138m buyout organised by NatWest Equity Partners, writes John Willcock.
The group, founded in the late 1960s in Germany, uses "conveyor chain" technology that it claims is faster than the "rollover" car-wash equipment that dominates the UK.
Christopher McCann of NatWest Equity Partners said the family that owned IMO had been guaranteed "complete anonymity" by NatWest concerning the deal. It is understood the family received less than pounds 100m of the proceeds.
IMO has over 430 sites in Europe, including 225 in the UK by the end of this month. The company had only 100 full-time employees around Europe: the car washes are operated by self-employed associates.
Existing management will hold 20 per cent of the new business, to be owned via a fund set up by NatWest. The bank and institutions will own the rest.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments