Largest Carwash Investors
The first half of 2024 has brought a major and significant slowdown in carwash M&A, along with a stark decrease in the dispersion of acquiring parties. Transaction count is down ~46% and the number of sites sold and acquired is down nearly 40%, both compared to the first half of 2023. By way of most active acquirers, 2024 posted a large increase in deal concentration. Most notably, during the first half of 2023, the most active acquiror by transaction count was El Car Wash, having been the acquiring group in just 11% of the announced transactions. The first half of 2024 had Whistle Express representing a commanding 43% of deals as the acquiring group. In this industry report, we cover all announced M&A transactions in Q2 and provide a candid overview of market trends.
The car wash industry continues to see an influx of private equity funding as more institutional investors recognize the sector’s growth potential. As of 2025, private equity has cemented its presence across various car wash chains, driving consolidation, innovation, and expansion.
Top industry players like Mister Car Wash, Whistle Express Car Wash, and Tidal Wave Auto Spa are leading the charge, each backed by prominent private equity firms such as Oaktree Capital, Leonard Green & Partners, and KKR. These industry giants command significant market share, with car wash locations growing into the hundreds.
Private equity continues to support the mid-market as well, with firms like Freeman Spogli, Wildcat Capital Management, and CCMP Growth Advisors gaining traction. These companies, while smaller than the top players, show potential for future growth and acquisition, with backing from both established and emerging equity firms.
Smaller players are rapidly carving out their space in the car wash market. Backed by firms like TRP Capital Partners and ClearSky Capital, chains such as Jax Car Wash and Raceway Express Car Wash are contributing to the expansion of the industry at the regional level, showing strong growth and innovation.
To see the landscape in 2022, see our private equity in the car wash industry in 2022.
Presented by Car Wash Advisory: M&A & Capital Markets in and of the Carwash Industry
Private equity doesn’t always “work.” Hopefully, this comes as no surprise. Private equity’s involvement in the car wash sector is no exception. The formula that combines outside money, tenured industry experts, and a fitting and applicable industry is far from infallible.
What They Mean for Valuations: Featured in AutoLaundry News
