Ascension Advisory Blog

2-Property Dirty Dog's Car Wash Sale Leaseback Portfolio

Written by Doug Carey | Aug 7, 2023 1:38:00 PM

Background:

The Ascension team represents Dirty Dog’s Car Wash, a private-equity backed car wash group rapidly expanding in the Southeast United States. With state-of-the-art wash facilities, full-service detailing capabilities and a monthly unlimited wash program, Dirty Dog’s strives to lead the industry forward while investing purposefully in their communities.

Client Objective:

With their robust pipeline of new locations, Dirty Dog’s sought to identify new avenues to advance their growth initiatives. The sale leaseback was the perfect solution that freed up capital that would otherwise be tied up in their owned real estate and could instead be used to fund this expansion.

Solution:

Ascension’s significant experience in the car wash sector meant the team could quickly begin their competitive marketing process, seeking out experienced car wash investors, real estate private equity firms, and sophisticated private buyers from their extensive buyer network. The team generated multiple bids on the two-property portfolio, ultimately awarding the deal to publicly traded REIT at a purchase price of just under $6 million. The buyer successfully closed within the client’s desired timeline and all parties look forward to a successful partnership.