No doubt that today's lousy market is a significant factor. GLTA
Alimentation Couche-Tard Inc. dipped in response to news it has signed a deal to buy all of the membership interests of U.S. company True Blue Car Wash LLC.
Financial terms of the agreement for the operator of car wash sites under the Clean Freak and Rainstorm banners were not immediately available.
Couche-Tard CEO Brian Hannasch says True Blue is an opportunity to extend the company’s brands into a very attractive industry subcategory.
Founded in 2016, True Blue has 65 car washes in Arizona, Texas, Illinois and Indiana.
True Blue’s management, office and operations teams are expected to join Couche-Tard once the deal is complete, while True Blue CEO Stuart Crum will continue to lead its operations.
The deal is expected to close in the first half of 2023, subject to regulatory approvals and closing conditions.