case study

February, 2014

Deal type

M&A

Industry

Technology Business Services

Pericap was essential in putting this deal together. They were involved in all stages of the transaction and worked tirelessly to help make it happen. We would not have achieved this result without your dedication.

Jan Seute | Founder, meine-waschstrasse GmbH

Acquisitions of Eichkamp and Karl Kemper by investor group

We advised on the sale of German start-up company meine-waschstrasse GmbH, an innovative and specialized payment solution provider for professional car washes, to Tyre24 Group, the leading B2B online portal for the European tyre trading business.


This transaction exemplifies our strong track record in advising young growth companies in the technology and business service sectors. Our profound market analysis coupled with our excellent network enabled us to help meine-waschstrasse (MWS) find the right strategic partner for defining and implementing the best go-to-market-strategy. Moreover, the transaction enabled the founder Jan Seute to realize a quick exit and pursue new opportunities.

Background

  • Founded by Jan Seute in Hamburg in 2009, MWS provides a fully automated payment solution for professional car washes and offers access to the largest, cross-vendor network of modern carwash stations in Germany. While corporate fleets or private car users benefit from lower cost per wash, simplified billing and flexible controlling, carwash operators generate higher revenues and profits due to higher and more balanced capacity utilization.
  • In 2011, MWS received growth financing from Loyalty Systems, an investment company specialized in payment collection services.
  • This financing allowed MWS to develop its B2B product offering and build up a comprehensive partner network of carwash stations.
  • Today, counting around 1,000 connected carwash stations, MWS has reached critical mass in network coverage in Germany’s key regions and is fully operational with its sophisticated technology platform as foundation for automated processing of carwash payment.

Transaction

  • In autumn 2013, the shareholders of MWS retained Pericap to initiate an auction process focused on investors with a strategic added value, such as a strong sales organization and/ or access to corporate fleets.
  • In the course of the process, Tyre24 emerged as the ideal partner for MWS: Tyre24 has a technological background itself and offers a strong distribution platform and longstanding track record in the B2B market; thus, it can make an immediate contribution to see MWS’ business model through to successful realization.
  • The Tyre24 Group runs with its online trade platform www.tyre24.de the interface between tyre wholesale and retail in Europe and is the clear market leader in this space in Germany, with a market share of around 80%. In addition to its tyre and wheel trading business, Tyre24 offers its clients various other related products and services. The company was founded in Kaiserslautern in 2002 and employs more than 180 people.
  • Pericap acted as exclusive M&A adviser to the shareholders of MWS throughout the sale process. We advised on all aspects of the transaction, including preparation of marketing materials, the introduction of potential buyers and project management of the deal to completion.
  • The transaction was signed and closed on February 17, 2014. Terms of the transaction were not disclosed.