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JPMorgan Partners announces Acquisition of IMO Car Wash Group from BridgepointJan. 5, 2004 -- JPMorgan Partners (JPMP), the private equity arm of JPMorgan Chase & Co. (NYSE: JPM), announced today that they have signed a definitive agreement under which JPMP will acquire IMO Car Wash Group Ltd from a group of financial investors led by Bridgepoint including Phoenix Equity Partners. The acquisition is valued at £350m ($610m), with JPMP acquiring the entire company. Bret Holden, Chief Executive Officer of IMO, will continue to lead the company following the acquisition. Based in London, and founded in 1965, IMO Car Wash Group Ltd is the world’s largest conveyor car wash business and is marketed under the IMO and ARC brand names. The UK business was bought by a group of financial investors led by Bridgepoint in 1998 who provided further funding for it to acquire its former sister company in Germany in 2002. This acquisition helped IMO regain a strong position in the highly fragmented German market. Through acquisitions and continued organic growth, IMO has consistently grown revenues and EBITDA. In the last four years, under the leadership of the current management team, IMO has doubled its number of sites and tripled its EBITDA to over £40 million this year. Today, the company operates over 800 car washes throughout 12 countries in Europe, including France, Germany, Spain, and the United Kingdom, and washes over 30 million cars a year. "We look forward to helping the IMO management team under the leadership of Bret Holden take the business to its next stage of development, which will see an increased roll out of new sites across Europe. The business has outstanding potential reflecting its dominant position in a growing market," said Stephen Welton, Partner at JPMorgan Partners.> *This information is not intended as an offer or solicitation for the purpose or sale of any financial instrument. JPMorgan Partners, LLC is a Registered Investment Adviser with Securities and Exchange Commission ("SEC"). Back to Press Releases |
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The historical information presented may reflect the activities of the professionals of CCMP Capital Advisors, LLC (together with its affiliates, “CCMP Capital”) while they were members of J.P. Morgan Partners, LLC ("JPMP"), a private equity division of JPMorgan Chase & Co. prior to CCMP Capital's commencing operations. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to purchase any investments or securities of any investment vehicles. © 2008 CCMP CAPITAL ADVISORS, LLC. All rights reserved. |
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