A majority stake in the U.S.’ largest mobile fleet washing and facility service company, Fleetwash, Inc., was acquired by ACON Investments, L.L.C. from affiliates of DFW Capital Partners. The existing founders and long-tenured management team remain substantial equity holders in Fairfield-based Fleetwash, and exact financial terms remain undisclosed.
“ACON is the ideal partner and our business will benefit from their extensive financial, operational and strategic resources,” said Vito DiGiovanni, Fleetwash’s chairman and co-founder. “The firm shares our commitment to innovation, customer service, and acquisition-oriented growth and it has valuable experience working with entrepreneurial businesses like ours.”
DiGiovanni founded the company along with JamesDiCarlo back in 1973. Both were students from the Stillman School of Business at Seton Hall University as well as fraternity brothers. DiCarlo remains involved in Seton Hall’s entrepreneurship program as a classroom lecturer and a judge for the Pirates Pitch New Venture Competition. Both of them were jointly recognized for their efforts as recipients of the Ernst & Young Entrepreneur of the Year award in 1996.
Fleetwash begain as a simple truck-washing business in 1973 to pay for their education, and since grew to serve about 6,000 customers in 56 facilities all over America. Their clients range from small businesses to Fortune 100 companies, and value Fleetwash’s national scale, broad service offerings, consistent service, and eco-friendly processes.
