The Car Wash Operators of New Jersey welcomed George Odden with Ardent Advisory Group to share his thoughts on the impact of Private Equity (PE) on the Northeast market at the association’s fall membership meeting at Galloping Hill Golf Course, November 1. “The topic was timely and the comments from George were eye-opening,” said CWONJ president Dino Nicoletta.
The evening commenced with an award presentation: Doug Rieck, who recently completed his second term as CWONJ president, was honored for his service to both the association and the Northeast Regional Carwash Convention.
Next up, Sam Weinstein with the Princeton Public Affairs Group, the association’s lobbying firm, updated attendees on the association’s effort to get car washes across the state classified as “essential” businesses in case of future state shut downs or drought restrictions. There is now a bill in both houses to that end. He is hopeful that the legislation will be signed into law by Governor Murphy in the coming months.
The event’s speaker is a partner with Ardent Advisor Group based in Scottsdale, AZ. “PE is here to stay and will continue to grow,” said Odden, “but not at the rate you’ve seen because financing has changed and there is some uncertainty now.” He said the most attractive washes to a PE group are those with four or more locations, express sites over full serves, those with a robust development pipeline, clean books/records/operating history, consistent earnings over time, and a growing wash club or the potential to create/grow one.
