El Car Wash Announces Acquisition by Warburg Pincus
18 Jul, 2022, 08:00 ET
MIAMI, July 18, 2022 /PRNewswire/ -- El Car Wash ("El"), the largest and fastest growing express car wash operator in South Florida, today announced that Warburg Pincus has acquired the company from affiliates of Wafra Inc. ("Wafra"), Audrose Partners, and Fireside Investments. The investment will support El's continued expansion and its commitment to offering best-in-class services to its customers. Terms of the transaction were not disclosed.
El Car Wash is the leading car wash operator in South Florida across Miami-Dade, Broward and Palm Beach counties. The company currently operates 17 car wash locations with over 30 additional sites in development across Florida and plans to significantly expand its footprint through greenfield openings and future acquisitions. Today, El is a widely recognized brand known for its prime locations, high quality operations, distinctive aesthetics, and industry leading membership program. It is also the Official Car Wash of the Miami HEAT and a partner of Baptist Health.
"We have built El Car Wash into a market-leading platform by relentlessly focusing on delivering friendly customer service and a best-in-class wash experience via a dense network of clean and recognizable modern facilities. This strategy has generated a loyal, growing membership base that we hope to service more conveniently by rapidly expanding El's store footprint in partnership with Warburg Pincus," said Geoff Karas, Co-CEO of El Car Wash and Co-Founder of Audrose Partners. "El has experienced rapid growth over the past several years, and partnering with Warburg Pincus, who has a long-standing track record of cultivating world-class businesses, will allow us to accelerate our expansion efforts and help further define the industry perception of car washes as the innovative and prime retail experience that we deliver," added Justin Landau, Co-CEO of El Car Wash and Co-Founder of Audrose Partners.
"We are thrilled to partner with Justin, Geoff and the El team. They have built a company that is truly unique in its space. El has established itself as a pre-eminent car wash platform with highly skilled operators, state-of-the-art facilities and dedicated focus on customer service, all of which is highlighted by the strength of its membership program," said Jeff Goldfaden, Managing Director, Warburg Pincus. "We believe El has a unique offering and significant growth potential. El has an outstanding record of new store openings and successful acquisitions, and we are tremendously excited to support the team in their continued expansion, both in South Florida and in other attractive markets," added Zach Lazar, Managing Director, Warburg Pincus.
Adel Alderbas, Chief Investment Officer at Wafra, added, "We have enjoyed a fantastic partnership with Justin, Geoff and Fireside building El Car Wash from just 4 locations in 2019 to nearly 50 locations operating and under development as of today. Through our collective commitment to high quality real estate and best-in-class customer service, El has become one of the premier express car wash platforms in the country. We wish Warburg Pincus and the El Car Wash team great success as they continue to develop the El platform."
Jonathan Langer, Founder and CEO of Fireside Investment added, "We are proud of the world class platform we have been able to create with Justin, Geoff and Wafra and wish the entire El Car Wash team all the best going forward."
William Blair & Company, LLC served as exclusive financial advisor to El Car Wash in connection with the transaction.
About El Car Wash
El Car Wash is the leading express car wash operator in Florida with 17 operating sites and a development pipeline throughout the state. The company is the Official Car Wash of the Miami HEAT, a partner of the Miami Zoo and a partner of Baptist Health. El Car Wash strives to bring a high level of customer service with a dose of fun to Florida residents by efficiently providing a clean, dry, and shiny car, every time. Rain Doesn't Clean Cars. For more information, please visit www.elcarwash.com. Follow us on Instagram @elcarwash.
About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $85 billion in assets under management. The firm's active portfolio of more than 250 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 21 private equity and 2 real estate funds, which have invested more than $106 billion in over 1,000 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.
Wafra is a global alternative investment manager with approximately $33 billion of assets under management. Wafra invests across a range of alternative assets, including alternative and traditional real estate, strategic partnerships, real assets and infrastructure. By providing flexible and accretive capital solutions and focusing on long-term partnerships, Wafra aligns and partners with best-in-class asset owners, companies and management teams. Headquartered in New York, Wafra has additional offices in London, Kuwait and Bermuda. 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 that backs experienced management teams to build leading real estate operating companies and platforms. The firm has invested in and helped build businesses in a variety of industries with attractive fundamentals including permanent exhibition space, private country clubs, marinas, and experiential hospitality. Since the firm's founding five years ago, it has led investments in businesses with an aggregate enterprise value in excess of $5 billion. For more information, please visit www.firesideinvestments.com.
El Car Wash
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SOURCE El Car Wash
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