06:02 AM EDT, 06/12/2024 (MT Newswires) -- (Updates with information regarding the deal value as reported by Reuters in the second paragraph.)

KKR (KKR) and Quick Quack Car Wash said Tuesday that funds managed by KKR have made a "significant" minority investment in Quick Quack Car Wash, an express format car wash operator in the US with over 230 locations.

Financial terms were not disclosed. However, a Reuters report said KKR would pay $850 million for the minority stake, citing unnamed sources familiar with the matter.

Quick Quack's founders and its longtime equity partner, Seidler Equity Partners, will continue to hold meaningful stakes in the company alongside KKR, according to the joint statement.