Confidential Family Office Acquired Peppy’s Car Wash

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Chesapeake Corporate Advisors Serves as Exclusive Financial Advisor

Chesapeake Corporate Advisors (“CCA”) is pleased to announce it has served as the exclusive financial advisor to a confidential family office in its acquisition of Peppy’s Car Wash.Baltimore, MD – June 27, 2024Chesapeake Corporate Advisors (“CCA”) is pleased to announce it has served as the exclusive financial advisor to a confidential family office in its acquisition of Peppy’s Car Wash (“Peppy’s”), a Tennessee-based car wash business known for using modern, high-quality technology to deliver an excellent service experience. The family office purchased both the business and the associated real estate.

Peppy’s excels in its market by offering a fleet program and budget-friendly membership plans that bring down the cost for customers while generating repeat business. The company boasts that it offers a “clean and green” service, employing a water reclamation system to reduce water usage.

CCA had a long-standing relationship with the buyer, including advising on the debt refinancing of their family-owned business. Though the buyer has deep industry and operational experience, they lacked the internal capabilities and expertise to execute the transaction from a financial perspective. The family office especially appreciated CCA’s ability to assist in evaluating targets, construct cash flow models, and negotiate with lenders to successfully obtain debt financing.

“This family office relied on CCA for our deep expertise in developing sophisticated bank models, business valuations, and other tools to model the overall transaction and associated debt service,” said Stuart Knott, Managing Director. “We also took a strategic approach to obtaining the optimal bank package amidst the challenges of a tight lending environment for commercial real estate and high interest rates.”

“CCA served as a key member of our deal team, providing invaluable advice on assessing numerous targets, obtaining bank financing, and closing a successful transaction,” the client said. “Our team is blessed with tremendous operating experience in this industry, and we were thrilled to add CCA’s financial acumen to truly round out our capabilities. The CCA team made a huge difference in getting our deal over the finish line.”

The CCA investment banking team on this transaction included Knott, who lead the deal negotiations and provided strategic advice to the buyer, and Senior Analyst Frank Ihle, who provided transaction support.

 

About Peppy’s Car Wash

Peppy’s Car Wash is a Tennessee-based business with a mission to create a workplace powered by excellence to provide the cleanest cars and the best customer service in the industry. Peppy’s focuses on keeping cars shiny and the community even brighter, with a deep commitment to giving back to the local area through an active Community Support Program. The company uses modern technology to deliver exceptional service while protecting customer vehicles.

 

About Chesapeake Corporate Advisors

Chesapeake Corporate Advisors is a boutique investment banking and corporate advisory firm providing strategic advisory services (value creation) and investment banking services (value realization) to companies in the lower middle market. For more information, visit www.ccabalt.com or call 410.537.5988.

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