The the planned sale of IMO Car Wash Group has been terminated, the Telegraph reported without specifying its sources, and the company’s owners have opted to refinance the business instead.
Exponent and Permira recently did the same, the former scrapping the sale of Trainline and the latter dropping plans to sell Iglo Group. According to sources familiar with those auctions, the two private equity groups decided not to proceed with the divestments due to the unwillingness of potential buyers to meet their pricing expectations.
IMO, which was set up in Germany in 1965, is the biggest car wash company in the world, operating from 900 locations across 14 countries and washing more than 34m vehicles a year. Before investors opted to shelve the sale, it had been engaged in exclusive negotiations with UK-based private equity outfit TDR Capital LLP, the Telegraph said.