SkyKnight funds car wash operator WhiteWater

SkyKnight Capital has made an investment in Houston, Texas-based WhiteWater, a car wash operator. No financial terms were disclosed.


SkyKnight Capital (“SkyKnight”), a San Francisco based private equity firm, announced that it has made an investment into WhiteWater Express Car Wash (“WhiteWater”), a multi-location car wash operator headquartered in Houston, TX.

The terms of the transaction were not disclosed.

WhiteWater owns and operates express exterior car washes, a highly automated car wash model, and generates a significant portion of its revenue from recurring monthly memberships. WhiteWater is a skilled, rapidly growing operator supported by industry-leading operating and financial metrics. WhiteWater President Clayton Clark was part of the management team that helped build Bubbles Car Wash and successfully sold the platform to Mister Car Wash. WhiteWater will continue to be led by Clayton Clark and CEO Steve Mathis.

Mr. Clark said, “WhiteWater’s focus is on customers and employees first. The team at SkyKnight shares this focus, and I’m confident they will provide tremendous strategic value to our franchise.” Mr. Mathis added, “We are excited to raise growth capital from SkyKnight to execute on WhiteWater’s long-term vision. We chose to work with SkyKnight based upon their partnership approach to investing and our extensive review of references.”

The WhiteWater investment will be the second investment from SkyKnight Capital Fund II.

“WhiteWater is a strong, growing business with incredible potential to expand through a combination of new site development and acquisitions across a highly fragmented market. We believe the WhiteWater team is exceptional, and we are thrilled to bring SkyKnight’s financial and operational resources to the partnership to help build an industry leading platform,” said Matthew Ebbel, Managing Partner of 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.