19 Jan, 2022, 14:05 ET
NEW YORK, Jan. 19, 2022 /PRNewswire/ -- Car Wash Advisory, a leading M&A advisor to privately owned car wash businesses, is pleased to announce 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.
Mr. Magic has been owned and operated by the Tiano family as an institution in the Pittsburgh car wash community. 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."
To learn more about car wash industry M&A trends, or for a free no-obligation expert valuation of your car washes – inquire at www.carwashadvisory.com"
"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."
About Mr. Magic
Known as Pittsburgh's premier car wash, Mr. Magic has been in business for over 50 years. With owners who have cared for, maintained and dedicated years to progress - they have been able to achieve exponential growth due to their commitment and resilience. Mr. Magic operates in five locations across the Pittsburgh area offering unlimited membership wash clubs, digital fast pass prepaid washes, and notable detailing services. For more about Mr. Magic Car Washes visit www.mrmagiccarwash.com
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 sellside M&A advisory and debt and equity capital raising services to car wash owners and operators across the United States. To learn more or reach out to the CWA team, visit www.carwashadvisory.com
About Incline Equity Partners
Incline Equity Partners, headquartered in Pittsburgh, Pennsylvania, is a private equity firm investing in manufacturing, distribution and business services companies. Incline is generally seeking growing companies with enterprise values of $25 – $750 million. Incline's typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada.
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.
SOURCE Car Wash Advisory
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