Car Wash Owners Network (“CWON” or the “Company”) is a newly formed platform created by Access Holdings, a Baltimore based private equity firm with over $700 million of AUM, to build a purposefully built portfolio of car wash assets in specifically identified MSAs.
Since its inception in 2019, CWON has executed on the acquisition of Cobblestone Auto Spa, the largest car wash operator in the highly attractive Phoenix, AZ market. Cobblestone currently operates a large network of 27 express and full-service car wash locations and has an active pipeline of new sites in development that will increase its network to 42 locations over the next 12 months. This expansion plan will make Cobblestone one of the top 7 car wash operators in the United States.
It is the Company’s objective to continue executing on its growth plan into the future and improve its position as one of the dominant players in the car wash industry, which is a component of the growing service-based economy. Consumer preferences for “Do-It-For-Me” services combined with record levels of owned vehicles and vehicle utilization in the United States are driving higher demand for express car wash services.
To this end, CWON is targeting to make 4-5 additional platform acquisitions and partner with regional owner/operators in purposefully selected geographies to build independent, dominant car wash platforms that will leverage the size, scale, and best practices of the entire Company. CWON has identified and is targeting the most optimal geographies based on its proprietary model and set of criteria to identify the most attractive markets to acquire and expand express car wash networks.
Through acquisitions and de novo developments, CWON is seeking to build a platform with 100+ car wash locations in 5-6 MSAs over the next 3-4 years.
Essential Duties and Responsibilities:
The Head of Corporate Development will be a strategic partner to the Board and a key executive of the Company. Reporting to the Board, the Head of Corporate Development is primarily responsible for designing and executing a purposeful acquisition strategy to identify and execute on 4-5 platform acquisitions as well as support each platform in identifying and executing on synergistic infill acquisitions. The Head of Corporate Development will also be responsible for working with local development partners in identifying and securing attractive de novo development opportunities within the Company’s existing operating markets.
· Demonstrated track record of success in Investment Banking, Private Equity, or other Corporate Development role with broad leadership experience within a multi-unit business which has executed successful de novo and M&A strategies
· Experience driving M&A activity within an acquisitive multi-unit retail operation
· Expertise and knowledge of capital structure with experience working with multiple levels of the capital structure and a leveraged balance sheet
· Strong leadership skills, emotional intelligence, and unimpeachable business ethics
· Excellent verbal and written communication skills, including ability to effectively communicate with internal audiences of all levels (especially business owners) and business partners, and the Board of Directors
· Strategic thinking; conceptual and analytical
· Passionate about developing financial plans and managing resources accordingly in a high growth environment
· Exceptional leader with a verifiable track record of operational rigor based upon extensive quantitative analysis and a bias for measurement
· Leads direct relationship management with potential acquisition targets
· Management of acquisition related analysis, including market analysis, initial assessment of market value, due diligence, financial analysis and evaluating the best targets and markets
· Cultivates, builds, and fosters a constant pipeline of deal targets, contacts, and leads on behalf of CWON
· Actively prospects through cold calls, site visits, and responding to leads, with priorities largely governed by the CWON acquisition criteria
· Nurtures pipeline relationships, including obtaining required information and follow-up answers for the deal diligence process
· Maintains positive contact and relationships with brokers and industry contacts such as suppliers and manufacturers
· Builds an on-going network of relationships with car wash owners, establishing a strong pipeline of viable and desirable business opportunities
· Cluster Building: cultivates and drives larger clustered operations through the acquisition of “in-fill” targets in markets where CWON already has a presence
· Works with the CFO and Board of Directors on financial modeling, deal structure, and valuation analysis to make recommendations on price, deal structure, and other key elements of the deal process
· Leads the due diligence process and assists with the negotiation of terms with sellers/partners
Education, Work Experience Requirements and/or Competencies:
· Bachelor’s Degree in Accounting or Finance
· MBA from top business school preferred
· 3 years minimum experience in an acquisition focused business development role
· Proven track record in developing and growing businesses through acquisitions
· 7+ years total transactional finance experience (Investment Banking, Private Equity, Corporate Development)
· Outstanding knowledge and understanding of GAAP and financial statement reporting
· Significant experience assimilating and integrating multi-site operations driven by avery active expansion and/or M&A strategy
· Outstanding communication and presentation skills
· Demonstrated leadership ability, confidence, and executive presence – ability to convince business owners to commit to a transaction
· Excellent analytical, reasoning, and problem-solving skills
· Comfortable operating in a fast-paced environment where speed to market is a strategic advantage
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