Golden Gate Said to Take Majority Stake in Car Wash Chain

Golden Gate Capital has acquired a majority stake in Tidal Wave Auto Spa in a deal valuing the regional car wash chain at $940 million, according to people familiar with the matter.

The San Francisco-based private equity firm and Tidal Wave announced the deal Wednesday without disclosing terms. In a joint statement, the two companies said Tidal Wave founder and Chief Executive Officer Scott Blackstock will continue as CEO and remain a significant shareholder.

Founded in 1999, Tidal Wave, which is based in Thomaston, Georgia, said it has more than 60 locations in 11 states in the Southeast and ...