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Ambina Partners Announces Sale of Washify

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GREENWICH, Conn., March 31, 2021 /PRNewswire/ — Ambina Partners LLC (“Ambina”), a private investment firm supporting growth-oriented middle market businesses, sold Washify, a leading provider of point of sale (“POS”) and marketing software for car washes to DRB Systems (“DRB”), a portfolio company of New Mountain Capital.

During Ambina's five-year investment period, Washify's revenue increased by 22x on a purely organic basis, driven by the release of innovative products and the expansion of its subscription-based solutions.  Ambina in partnership with Washify's management, led several strategic initiatives including the recruitment of key management team executives.   

“Ambina supported us from a very early stage, both as an advisor and through additional rounds of financing,” said Adam Korngold, CEO and Founder of Washify.  “Ambina helped us maximize our potential by focusing on recurring revenue and team building. This enabled us to grow at over 80% annually during their ownership period and to become a leader in the car wash POS industry.”

“It's been a privilege to support Washify in its exceptional growth journey and work hand in hand with a driven, innovative and industrious team to build an outstanding company with a leading product suite and market position,” said Christine Blehle, a Partner at Ambina.

About Washify

Built by car wash owners, for car wash owners, Washify is a leading provider of POS and marketing solutions. Washify's cutting edge software and hardware products empower car wash owners to better attract and service customers while growing their businesses and increasing profits.  Based in West Roxbury, MA, Washify was founded in 2010 by Adam Korngold, a car wash operator who saw firsthand the need for technological innovation in the industry.

About Ambina Partners

Ambina Partners is a private equity firm investing in growth-oriented middle market companies. Ambina partners with forward-thinking management teams in sectors including enterprise software, financial services/insurance, and other technology-enabled businesses. Ambina provides companies with the strategic and operational support that delivers long-lasting results. For more information on Ambina Partners, please visit www.ambina.com.

About DRB

For over a third of a century, DRB® supported – and often drove – an era of unprecedented growth in the car wash industry with point-of-sale and wash optimization software, hardware and services. Now as a masterbrand that includes DRB® Tunnel Solutions (formerly DRB Systems®), DRB® In-Bay Solutions (formerly Unitec®), Suds Creative™, eGenuity®, Washify® and Sage Microsystems™, that tradition continues. The DRB team works together toward a singular goal: To help all car wash operators squeeze every ounce of profitability out of their investments. They do this with data and industry insights, a best-in-class team and reliable, intuitive innovations that delight consumers and are secure, simple to service and easy to use. DRB is owned by New Mountain Capital, a New York-based investment firm.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit, net lease real estate and public equity funds with over $30 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.com.

Media Contact: Andrew Perlmutter, andrew.perlmutter@ambina.com

 

Cision View original content:http://www.prnewswire.com/news-releases/ambina-partners-announces-sale-of-washify-301259912.html

SOURCE Ambina Partners

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