Steve's Detailing Management Corp. said it signed an agreement with a group of investors to franchise 40 Steve's Detailing shops in Maryland, Washington and Virginia.
The Costa Mesa-based company, which began franchising its car-cleaning shops in 1983, said the agreement with the Washington-based investor group, Steve's Detailing of the Mid-Atlantic Inc., is the largest such agreement to date.
Value of the transaction was placed at about $1 million.
The privately held company, which has four company-owned shops and seven franchises, said it expects to open about 140 franchised shops within the next four years.
For its fiscal year ended Aug. 30, the company had revenue of $750,000 and that figure is expected to climb to $4.5 million for the current fiscal year, said Steve Marchese, chairman and founder.