The owner of a car wash chain in Jonesboro, Arkansas says a recent transition his company made will mark one of the largest acquisitions in the history of car wash businesses. Arkansas Business reports that Zips Car Wash has made a deal to acquire Boomerang Car Wash, a chain in Little Rock, Arkansas. The move will give Zips a total of 57 locations nationwide.
The franchise currently operates in the south central and southeast United States. Together, the two companies now span nine states. Brett Overman is the founder and chairman of Zips Car Wash. Arkansas Business reports he declined to comment on the financial details of the transaction.
The purchase came at a time when Zips comprised of just 21 locations compared to Boomerang, which owned 31 businesses. Now, the two companies combined are located throughout Arkansas, Florida, Kansas, Louisiana, Mississippi, North Carolina, Oklahoma, Tennessee and Texas.
If Overman has his way, this will be merely the first in a series of impactful business decisions that will eventually build a car wash empire. Overman bought his first car wash back in 2004 and has continued to grow.
“With the other deals we have in our acquisition pipeline, we fully expect to be the second largest car wash company in the U.S. by the end of 2016,” Overman said. “It’s really taken off the last five years from surrounding ourselves with great team members. It was going to be a passive investment income thing but it has grown and expanded.”
Overman’s goal is the become the second largest in the country by year’s end. Arkansas Business writes that the second largest car wash company in the country is Autobell Car Wash with 71 businesses.