Generation Growth Capital Fund III, LP (“GGC”), a Milwaukee-based private equity firm that invests in lower middle market companies, has announced the acquisition of Harrell’s Car Wash Systems Inc. from its founder, Mark Harrell. Terms of the deal were not disclosed.
Based in Indianapolis, IN, Harrell’s is a distributor of car wash systems and supplies. Founded over 38 years ago as a car wash, the company has grown into a full-service distributor that provides site evaluation, design and development assistance, equipment solutions, and a full line of chemical and parts supply to customers located across Indiana, Illinois, Kentucky, and Ohio.
We are investing in a business with a solid management team and a great market reputation that is positioned for growth in this industry,” said John Reinke, managing director of GGC. Chad Tearman, the general manager of Harrell’s, will be taking over as the company CEO.