A Birmingham-based private equity firm is taking an ownership stake in Southfield-based Jax Kar Wash to fuel the company’s expansion, Crain’s has learned.
Jason Milen, CEO and third-generation owner of the 69-year-old company, said TRP Capital Partners closes on its equity stake on Monday, but declined to specify the ownership percentages of the two firms after the deal finalizes.
“The Milens continue to look forward to serving our community,” he said.
But a source familiar with the matter said TRP Capital is taking an unspecified majority ownership position, and that the deal includes $40 million to $45 million for the car wash real estate, which would be sold to an unspecified real estate investment trust. The total deal value is not known.