J.P. Morgan Partners has tapped Bank of Scotland for financing to back its £350 million acquisition of IMO Car Wash Group from a group of financial investors led by Bridgepoint , a European private equity firm.
The debt structure has yet to be determined, but approximately two-thirds will be euro-denominated. The remaining amount will be in sterling, a source familiar with the deal said. The deal is likely to launch at the end of the month and is expected to close during the first quarter. J.P. Morgan acted as financial advisor to J.P. Morgan Partners on the transaction. IMO has more than 800 car wash sites in 12 European countries.