Freeman Spogli & Co. acquires White Water Car Wash

WhiteWater Express Car Wash was acquired by Freeman Spogli on Dec 23, 2021.

Deal Overview
Purchase Date
December 23, 2021
Primary State
Sites Bought
Deal Value
Transaction Synopsis
  • WhiteWater is a leading express car wash platform that has grown from a single location operator in 2016 to over 60 locations currently across Texas, Oklahoma, Ohio, Kentucky and Michigan
  • WhiteWater's founders, Steve Mathis, Clayton Clark and Shane Wilson, and SkyKnight Capital, L.P. ("SkyKnight") will remain significant investors alongside Freeman Spogli
  • Steve, Clayton, and Chief Financial Officer Henry Shine will continue to lead the Company as WhiteWater embarks on the next phase of its growth
Market Significance
  • Demonstrates the strong partnership between the Regional Investment Banking, Diversified Industrials and Financial Sponsors coverage groups
  • Highlights J.P. Morgan's market leadership in automotive aftermarket services
  • Reinforces J.P. Morgan's leading middle market M&A and financial sponsors practice
Client Impact
  • Provides Freeman Spogli with exposure to the expansive, highly-fragmented car wash market in the United States
  • Enables accelerated expansion through WhiteWater's multi-pronged, multi-regional growth strategy bolstered by Freeman Spogli's extensive experience in scaling multi-unit businesses
Management Commentary

Freeman Spogli's extensive experience in successfully building consumer brands and scaling multi-unit business will bolster our strategy to densify existing markets while pursuing thoughtful new market expansion.

Steve Mathis (Co-Founder and CEO, Whitewater)Steve Mathis (Co-Founder and CEO, Whitewater)
Steve Mathis (Co-Founder and CEO, Whitewater)