Who bought White Water Express Car Wash?

Freeman Spogli acquired White Water Express Car Wash Dec 23, 2021.

M&A History
Acquisition Date
December 23, 2021
Primary State
Site Quantity
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
Client Testimonial
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)