PE-backed WhiteWater merges with Legends

WhiteWater Express Car Wash, which is backed by SkyKnight Capital, has merged with Legends Express Car Wash. No financial terms were disclosed.

PRESS RELEASE

HOUSTON–(BUSINESS WIRE)–WhiteWater Express Car Wash (“WhiteWater”), a multi-location car wash operator headquartered in Houston and backed by SkyKnight Capital (“SkyKnight”), today announced its merger with Legends Express Car Wash (“Legends”). The strategic combination creates a top tier car wash platform with 15 locations in Houston, Dallas, Austin and Tulsa. The terms of the transaction were not disclosed.

WhiteWater and Legends operate express exterior car washes, a highly automated car wash model, and generate a significant portion of revenue from recurring monthly memberships. The combined entity will operate under the WhiteWater banner and be led by CEO Steve Mathis, President & COO Clayton Clark and President of Development Ronnie Corbin. Mr. Clark helped build Bubbles Car Wash before it sold to Mister Car Wash as a 13 wash platform, while Mr. Corbin helped build Boomerang Car Wash before it sold to Zips Car Wash as a 29 wash platform.

President & COO Clayton Clark said, “WhiteWater is building a first-rate car wash platform, one in which top operators can be a part of the company’s strategic growth. As a part of that plan, we are thrilled to partner with Ronnie and the Legends team. Ronnie has done a terrific job of building a team of exceptional employees and beautiful stores in prime locations. We look forward to working together and building on their current success.”

“WhiteWater and Legends have forged parallel paths, and we are excited to join forces to create a unified culture of excellence,” said President of Development Ronnie Corbin. “After evaluating alternatives, we determined that WhiteWater offered a unique and differentiated value proposition to jointly build a best-in-class car wash platform and accelerate store growth. We are excited to work side-by-side with Steve, Clayton and the SkyKnight team to deliver a first class product to our customers, bring more stores to our markets and expand our footprint into new geographies.”

CEO Steve Mathis remarked, “This transaction is a key step towards our objective of strategic growth. Legends brings three additional markets to our portfolio and is essential to our buy and build strategy. In addition to our greenfield expansion in Houston, Dallas, Austin and Tulsa, we plan to expand into new geographies through partnerships and acquisitions. SkyKnight has proven to be a valuable partner through collaborating on strategic initiatives, acquisition sourcing and deal execution as we pursue our ambitious growth plan.” Jordan Milich from SkyKnight added, “At WhiteWater, we want to be known as a platform of choice for owners that care about their people and processes. With a focus on culture and profitable growth, we are committed to building an enduring business over the long-term.”

About SkyKnight Capital
Founded in 2015, SkyKnight Capital brings together an experienced investment team and a flexible, long duration approach to private equity investing. SkyKnight focuses on partnering with high quality businesses in acyclical growth sectors alongside exceptional management teams. SkyKnight manages capital on behalf of institutional family offices and leading endowments. The firm seeks investments in the Healthcare, TMT, Transportation & Logistics, and Business Services industries. SkyKnight platform investments to date have consisted of equity commitments ranging from $10 million to over $200 million.