Genstar Capital teams with management to invest in Sonny’s Enterprises
Genstar Capital, a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrial, and software industries, has teamed with existing management to invest in Sonny’s Enterprises (Sonny’s), a specialist in conveyorised car wash equipment, chemicals, controls, service and parts.
Based in Tamarac, Florida, Sonny’s is the one of the largest global manufacturers of conveyorised car wash systems and provides a complete, integrated suite of products and services that meets all the needs of car wash owners and operators. The Company serves both small independents and large national car wash chains throughout the US and internationally. Established in 1949, Sonny’s has been led by the Fazio family since inception.
Rob Rutledge, Managing Director of Genstar Capital, says: “Sonny’s draws on over 40 years of industry leadership to drive deep relationships with over 6,000 active customers nationwide. They operate as true partners with their customers and invest in their growth, from expert guidance during site planning through construction and operations, forging a long-term relationship as they grow together. We are very excited to work with Paul Fazio and his team to grow the business both organically and through strategic acquisitions.”
Paul Fazio, CEO at Sonny’s who has worked at the company for nearly 30 years, says: “When I look back over the years, Sonny’s has worked with so many entrepreneurs to help them get their start in the car wash business and then grow from one site to multiple locations. Our partnership with Genstar will help attract and retain the best talent in the industry and develop innovative new products that will simplify the operations of our customers’ car wash business. My team and I remain committed to being the single source solution for car wash equipment, vacuums, chemicals, software, education and local support. We work every day to make car washing easy for investors to go from breaking ground to ground-breaking success.”
Fully committed debt financing was provided by Owl Rock Capital in its capacity as Administrative Agent and Lead Arranger for the transaction.