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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.
Omnicom’s PR units suffered a 8.6 percent decline in Q2 revenues to $372.9M.
Former AIG global head of corporate communications Emily Garbaccio is joining PGIM, the global investment management business of Prudential Financial, as chief communications officer.
Joele Frank handles Core Scientific as the data center infrastructure company, gets acquired by CoreWeave in a stock deal valued in the $9B range.
Edelman Smithfield handles Del Monte Foods Corp. as the nearly 140-year-old company files for Chapter 11 to revamp its balance sheet and put itself on the auction block.
Prosek Partners represents Brightstar Capital as the private equity firm completes the $1.1B deal to acquire PlayAGS, supplier of slot table and interactive products to the gaming industry.
