CHICAGO — Monroe Capital LLC announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the formation of Magnolia Wash Holdings (“Magnolia”) via the acquisitions of Oasis Express (“Oasis”) and Wash Factory by Express Car Wash LLC (“Express”), according to a press release.
The creation of Magnolia establishes a new platform in the express carwash industry with meaningful size and scale, regional density and a defensible market position in the Southeast U.S.
At closing, Magnolia will operate 19 express carwash locations, with seven locations in Florida, seven in Georgia and five in North Carolina.
Magnolia utilizes multiple consumer-facing brands across its local markets, including Camel Premium Express, Wave Wash, Oasis Express, Extreme Express and Wash Factory.
Magnolia prides itself on delivering consumers and teammates a premium on-premise experience, including its Unlimited Fast Pass membership program, free towels, free vacuums and free mat washing stations.