Oaktree invests in car wash chain Magnolia

• A&M Capital Opportunities Fund will maintain a material minority ownership stake in Magnolia
• Magnolia currently operates 93 car wash locations in eight states, with 25 additional locations under construction
• Oaktree has $172 billion in assets under management as of March 31, 2023

Oaktree Capital Management has made a growth investment in Magnolia Wash Holdings, a Charlotte, North Carolina-based car wash chain. No financial terms were disclosed.

The investment will be used to support Magnolia’s continued expansion.

As part of the transaction, Oaktree has acquired a majority ownership position in Magnolia. A&M Capital Opportunities Fund will maintain a material minority ownership stake in Magnolia.

Magnolia currently operates 93 car wash locations in eight states, with 25 additional locations under construction.

“Magnolia and its management team have an impressive track record, and with our investment, we believe they are poised to grow into a preeminent operator in the industry,” said David Quick, a managing director and assistant portfolio manager at Oaktree in a statement. “This is a special opportunity to partner with an experienced management team at a company that is well positioned to take advantage of the significant runway ahead.”

J.P. Morgan Securities LLC served as financial advisor to Magnolia in connection with this transaction and Harris Williams served as advisor to Oaktree.

Oaktree has $172 billion in assets under management as of March 31, 2023.