Flex-serve wash, 2,100 members, mixed retail and membership
§ 01 · Observed
What was documented in diligence.
Membership cohort data available for 18 months — monthly churn 5.6%, above the top-of-band threshold. Retail revenue 62% of total — weather-sensitive and non-recurring by definition. Chemical cost $0.95 per car, above the efficient range, driven by equipment calibration drift on the older conveyor. Utility share 13.1%, elevated. Equipment 7-year average with deferred maintenance on one tunnel conveyor. Lease 10 years with one 5-year option (15y total, clearing the SBA cliff by a margin).
§ 02 · Outcome
What happened.
Initial ask 6.4× EBITDA. Buyer repriced to 5.1× after normalizing for churn rate, equipment capex reserve, and chemical cost at run-rate rather than trailing trough. Closed at 5.1×.
§ 03 · Structural Pattern
How this deal fits the four-pillar framework.
Mid-band placement reflects retail-revenue dominance, elevated churn, and near-term capex exposure on aging conveyor equipment. Multiple repriced from top-of-band ask to mid-band close after structural normalization — the most common Q1 2026 repricing pattern in car-wash deals.
This is an anonymized composite drawn from observable structural patterns in the sample window. It is not a specific deal. The structural pattern, band placement, and outcome reflect commonly observed combinations; a future consented case study will replace this entry.
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