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C Street Advisory Group handles Zips Car Wash as the nation’s largest privately held car wash operator declares Chapter 11.
The Plano, TX-based company has 260 locations and owns the Zips, Rocket Express Car Wash and Jet Brite Wash brands.
It blamed the need to file for bankruptcy on high interest rates, rising labor costs and cutthroat competition from the 900 car washes that open each year.
Restructuring will provide “the necessary financial and operational foundation to drive long-term success,” according to Kevin Nystrom, Zips chief transformation officer.
The reorganization is expected to slash Zip’s debt load by $279M and raise $15M to support strategic initiatives.
Zips expects to emerge from Chapter 11 in two to three months.
Caterpillar’s Rob Rengel will join ATI Inc. on June 22 as VP-investor relations, succeeding the retiring David Weston.
Hut 8, energy infrastructure platform, has named NextEra Energy's Mark Eidelman head of IR and SVP of strategic finance.
Teneo handles easyJet as Minneapolis investment firm Castlelake mulls a possible takeover of the British budget airline.
Brunswick Group represents Universal Music Group as it rejects the unsolicited $65B takeover offer by billionaire Ed Ackman's Pershing Square Capital Management because it “fundamentally and materially undervalues” the world’s largest music company.
Prosek Partners brings on Danielle O’Brien as a managing director in its investor relations practice, based in the firm’s New York office.
