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JPMorgan Partners sells IMO Car Wash Group to The Carlyle GroupFeb. 9, 2006 -– Global private equity firm The Carlyle Group announces it has agreed to acquire IMO Car Wash Group from JPMorgan Partners, a leading private equity firm. Financial terms were not disclosed. IMO Car Wash Group, which was acquired by JPMorgan Partners in January 2004, is the world’s largest car wash company. IMO manages 857 car wash sites in Europe and washes over 34 million cars each year. It is both the European and global market leader of car washing companies. The company operates conveyor system car washes which can clean 90 cars an hour. IMO has a strong presence in thirteen countries across Europe, including the UK and Germany, as well as France, Spain, Netherlands, Belgium, Austria, Switzerland, Portugal, and Eastern Europe. Andrew Burgess, Managing Director, The Carlyle Group said, “We are delighted to be acquiring IMO Car Wash. The company has consistently demonstrated strong growth over the past 15 years and we believe there are significant further growth opportunities across Europe.” Stephen Welton, Partner at JPMorgan Partners said, “IMO is a highly successful pan European service operation which we have actively grown under our ownership in terms of sites opened or under development, making IMO a very successful investment for JPMorgan Partners.” Bret Holden, CEO of IMO Car Wash said, “We have enjoyed working with JPMorgan Partners over the past two years and are looking forward to being able to further develop the business with our new partners. We believe Carlyle will be well positioned to help IMO ramp up growth and further expand the business geographically.” The Carlyle Group is investing in IMO Car Wash through its European buyout fund, Carlyle Europe Partners II, a €1.8 billion fund. This is the ninth investment for the fund. Carlyle was advised by Latham & Watkins, KPMG and BNP Paribas. Debt financing was provided by Bank of Scotland. The existing shareholders of IMO Car Wash were advised by Linklaters. For further information, please contact: JPMorgan Partners Alexandra Buxton, Media Relations, tel: +44 20 7325 0881 The Carlyle Group Katherine Elmore-Jones, tel: +44 207 894 1560 *Notes to Editors The Carlyle Group The Carlyle Group is a global private equity firm with $35 billion under management. Carlyle invests in buyouts, growth and venture capital, real estate and leveraged finance in Asia, Europe and North America, focusing on telecommunications & media, industrial, consumer & retail, aerospace, automotive & transportation, energy & power, healthcare, technology & business services and. Since 1987, the firm has invested $14.9 billion of equity in 439 transactions for a total purchase price of $51.9 billion. The Carlyle Group employs more than 630 people in 14 countries. Carlyle Europe Partners II is a €1.8 billion fund launched in March 2005. In January Carlyle announced the planned acquisition of WaterPik Technologies in joint partnership with Zodiac SA and closed the acquisition of Swedish cable operator Com Hem. Other investments currently in the portfolio include AZ Electronic Materials, Avio SpA, HT Troplast and Britax Childcare. JPMorgan Partners JPMorgan Partners, LLC (JPMP) is a leading private equity firm with approximately $10 billion in capital under management as of December 31, 2005. Since its inception in 1984, JPMP has invested over $15 billion worldwide in consumer, media, energy, industrial, financial services, healthcare, hardware and software companies. With more than 75 investment professionals in five principal offices throughout the world, JPMP is an experienced investor in companies with worldwide operations. Underpinning this platform is a global integrated network, which enables JPMP to draw on expert resources residing within JPMorgan Chase, its extensive portfolio and worldwide contact network. Selected investments include: AMC Entertainment, Berry Plastics, Cabela’s, Hanley Wood, Harbor Point Re, PQ Corporation, SafetyKleen Europe, Vetco International and Warner Chilcott. JPMP is a private equity division of JPMorgan Chase & Co. (NYSE: JPM), one of the largest financial institutions in the United States, and is a registered investment adviser with the Securities and Exchange Commission. 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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