The private equity real estate investment firm PPR Capital Management has teamed with retail business developer and operator Olympus Pines to launch the PPR Opportunity Fund, which will focus on creating new car wash enterprises in strategic, high-growth U.S. markets.
In a joint press release, PPR and Olympus Pines identified the car wash industry as “ripe for disruption, being highly fragmented and growing rapidly, with annual revenue totaling over $10 billion and a 5-year compounded annual growth rate of 4.5%.” The new fund will develop and operate businesses under the Tommy’s Express Car Wash franchise brand, with Olympus Pines developing an operating platform of more than 100 car washes.
“Consistent with our strategy of investing in both real estate-backed opportunities, and unique investment opportunities to provide our investors with higher upside performance, we are excited to partner with Olympus Pines on our first of several Opportunity Funds,” said Steve Meyer, CEO at PPR Capital Management. “We believe this unique venture investment will allow our investors to diversify and expand their portfolios and reap upside performance in an investment opportunity not normally available to individual investors, while continuing to experience world class customer experience through a trusted, long-term partner.”
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