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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.
FGS Global represents Copart as the online vehicle auction company acquires auto marketplace and data services business ACV, a Joele Frank client, in a deal valued at $1.9B.
BGR Group represents Noble Supply and Logistics as it files for Chapter 11 due to a change in its weapons support contract with the Defense Logistics Agency.
C Street Advisory Group is handling the Chapter 11 filing of LIV Golf following the move by Saudi Arabia’s Public Investment Fund to pull the financial plug on the League. (Updated)
Teneo handles Bamboo Insurance Services as the Midvale, UT-based marketer of homeowner policies files a Form S-1 statement with the SEC for an initial public offering.
FTI Consulting handles West Marine as the nation’s leading retailer of marine parts and accessories for boating, fishing and sailing enthusiasts emerges from Chapter 11 bankruptcy.
