Technology, Internet & Digital
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.
Jan Seute | Founder, meine-waschstrasse GmbH
meine-waschstrasse sold to Tyre24
Pericap advised on the sale of German start-up company meine-waschstrasse GmbH (“MWS”), 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.
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, counting around 1,000 connected carwash stations throughout Germany.
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.
Tyre24 has acquired 1oo% of the shares in MWS. It is the ideal partner for MWS to take the business to the next stage: Tyre24 has a technological background itself and offers a strong sales platform and longstanding track record in the B2B market. According to Tyre24’s plan, 20 field-based sales people and a large support team will manage the roll-out of the carwash payment solution in the German car fleet space.
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.