HOUSTON — WhiteWater Express Car Wash announced that it has partnered with Freeman Spogli & Co., according to a press release.
WhiteWater’s founders, Steve Mathis, Clayton Clark and Shane Wilson, and SkyKnight Capital, L.P. will remain significant investors alongside Freeman Spogli.
Mathis, Clark and Chief Financial Officer Henry Shine will continue to lead the company as WhiteWater embarks on the next phase of its growth.
Specific terms of the transaction were not disclosed.
Founded in 2016 and headquartered in Houston, Texas, WhiteWater has grown from a single location operator into a multi-regional express carwash platform which goes to market under a unified brand.
WhiteWater has quickly expanded its geographic presence by executing on a “land and expand” strategy, entering new markets via acquisition, then building greenfield locations while continuing to acquire to strengthen its market share.
The company currently operates over 60 locations across Texas, Oklahoma, Ohio, Kentucky and Michigan.
“We are excited to partner with Freeman Spogli as WhiteWater continues to execute on its multi-pronged, multi-regional growth strategy,” said Steve Mathis, co-founder and CEO of WhiteWater Express. “Freeman Spogli’s extensive experience in successfully building consumer brands and scaling multi-unit businesses will bolster our strategy to densify existing markets while pursuing thoughtful new market expansion. Most importantly, our commitment to prioritize our customers, employees and communities is stronger than ever with Freeman Spogli on our team. SkyKnight Capital has been instrumental in establishing WhiteWater’s foundation and growth playbook, and we are pleased to continue our partnership for WhiteWater’s next phase of growth.”
“WhiteWater is a best-in-class platform with incredible potential to expand through a combination of buy and build strategies across the highly fragmented and growing express carwash market,” said Chris Johnson, partner at Freeman Spogli. “We are thrilled to be partnering with such an exceptional, passionate and experienced management team as they execute on an exciting long-term vision for WhiteWater.”
Jordan Hathaway, partner at Freeman Spogli, added, “The WhiteWater team’s dedication to excellence combined with their genuine passion for the carwash sector has created a strong brand identity that resonates with customers and employees. The result is evident in the company’s industry-leading unit economics and operating metrics.”
SkyKnight Capital, which invested in WhiteWater in 2018, will retain significant ownership in the company as part of this transaction.
“Steve, Clayton and the rest of the WhiteWater team have built a truly unique company. Differentiated by its leadership culture and exceptional customer service, WhiteWater has grown by 10 times to over 60 locations across multiple geographies over the past three years and established itself as the leading, pure-play express carwash platform. WhiteWater is poised to sustain its dynamic growth, and we look forward to our continued partnership with the company,” added Jordan Milich, partner at SkyKnight Capital.
WhiteWater and SkyKnight Capital were advised by Harris Williams and its legal counsel was Holland and Knight.
Freeman Spogli was advised by J.P. Morgan Securities LLC and its legal counsel was Gibson, Dunn & Crutcher.
Crescent Capital led the debt financing to support the acquisition with participation from Goldman Sachs Asset Management and New Mountain Finance Corporation.
We followed up with WhiteWater Express Car Wash on this partnership with Freeman Spogli & Co. Check out our video interview with WhiteWater’s Clayton Clark and Henry Shine below.
