National Express Wash has acquired El Car Wash. Financial terms weren’t announced. El Car Wash owns and develops car wash locations in Miami and the broader South Florida market. National Express is backed by Wafra Inc, Audrose Partners and Fireside Investments.
INVESTOR GROUP FORMS EXPRESS CAR WASH ACQUISITION PLATFORM
NATIONAL EXPRESS WASH COMPLETES ACQUISITION OF EL CAR WASH
MIAMI, FL – February 19, 2019 – Wafra Inc. (“Wafra”), Audrose Partners and Fireside Investments today announced the formation of National Express Wash, LLC (“National Express Wash”), an express car wash investment platform. National Express Wash will use an acquisition and development model to build a dynamic portfolio of express car washes with attractive underlying real estate in strategic geographies throughout North America.
In conjunction with the formation of this platform, National Express Wash announced its first acquisition with the purchase of El Car Wash, the leading owner and developer of express car wash locations in Miami and the broader South Florida market.
“This acquisition represents an exciting stepping stone for National Express Wash,” said Justin Landau and Geoffrey Karas, who respectively serve as the Chief Executive Officer and President of the company. “We look forward to working in partnership with Wafra and Fireside to accelerate store growth in Miami and to expand the National Express Wash portfolio into new markets.”
“We are thrilled to launch the National Express Wash platform,” said Russell Valdez, Chief Investment Officer of Wafra. “We believe the express car wash market is an attractive sector with strong alternative real estate characteristics, and we look forward to working with this talented team to assemble a robust portfolio throughout North America.”
Jonathan Langer, Founder and Managing Member of Fireside Investments, added “we are pleased to partner with Wafra and Audrose in this exciting launch and first acquisition. The El Car Wash acquisition lays a strong foundation to add to the platform in South Florida as well as in markets with similar characteristics.”
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National Express Wash
National Express Wash is a newly launched platform that is building a portfolio of market-leading express car wash businesses located in major North American markets. National Express Wash focuses on acquiring and developing express car washes with attractive underlying real estate. Justin Landau and Geoffrey Karas are Co-Founders of National Express Wash and serve respectively as the Chief Executive Officer and President of the company.
About Wafra Inc.
Wafra has more than $23 billion of assets under management and invests across a wide range of asset classes. In its pursuit of investments, Wafra seeks to connect its investors, partners and stakeholders to foster an exchange of ideas and innovations. Wafra’s investment strategies are supported by professionals headquartered in New York and located in other financial centers who express the long-term vision of Wafra’s stakeholders to alternative investments and private equity. For more information please visit www.wafra.com.
About Audrose Partners
Audrose Partners is a private investment company co-founded by Justin Landau and Geoffrey Karas focused on identifying long-term value creation opportunities in operationally-intensive, thematic businesses.
About Fireside Investments
Fireside Investments is a private investment firm focused on making investments in durational real estate operating businesses alongside leading management teams and investment partners. For more information please visit www.firesideinvestments.com.