SAN FRANCISCO — According to a press release, SkyKnight Capital, a San Francisco-based private equity firm, has made an investment in WhiteWater Express Car Wash, which is a multi-location carwash operator headquartered in Houston.
WhiteWater owns and operates express exterior carwashes and generates a significant portion of its revenue from recurring monthly memberships, stated the release.
According to the press release, WhiteWater is a skilled, rapidly growing operator supported by industry-leading operating and financial metrics.
WhiteWater President Clayton Clark was part of the management team helping build Bubbles Car Wash and successfully sold the platform to Mister Car Wash, continued the release; WhiteWater will continue to be led by Clayton Clark and CEO Steve Mathis.
“WhiteWater’s focus is on customers and employees first. The team at SkyKnight shares this focus, and I’m confident they will provide tremendous strategic value to our franchise,” Clark said.
“We are excited to raise growth capital from SkyKnight to execute on WhiteWater’s long-term vision. We chose to work with SkyKnight based upon their partnership approach to investing and our extensive review of references,” Mathis added.
And, noted Matthew Ebbel, managing partner of SkyKnight Capital, “WhiteWater is a strong, growing business with incredible potential to expand through a combination of new site development and acquisitions across a highly fragmented market. We believe the WhiteWater team is exceptional, and we are thrilled to bring SkyKnight’s financial and operational resources to the partnership to help build an industry leading platform.”
Founded in 2015, stated the release, SkyKnight Capital brings together an experienced investment team and a flexible, long duration approach to private equity investing, seeking investments in the Healthcare, TMT, Transportation & Logistics and Business Services industries.
The terms of this transaction were not disclosed.
