Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised WhiteWater Express Carwash (WhiteWater), a portfolio company of SkyKnight Capital L.P. (SkyKnight), on its recapitalization led by Freeman Spogli & Co. (Freeman Spogli). WhiteWater is an express car wash platform with over 60 locations headquartered in Houston. The transaction was led by Jershon Jones, Jason Bass, Joe Conner, Jonathan Meredith, Nick Petrick and Matt Williamson of the Harris Williams Transportation & Logistics (T&L) Group.
“We are grateful for the opportunity to work with SkyKnight and the founders of WhiteWater to identify the company’s next equity partner. Since its founding in 2016, WhiteWater has become an industry-leading platform with an incredibly attractive growth profile, strong entrepreneurial spirit and best-in-class operations. We look forward to watching the company’s continued success in their partnership with the team at Freeman Spogli,” said Jershon Jones, a managing director at Harris Williams.
“The WhiteWater transaction represents the latest deal of scale in the highly attractive car wash sector. Industry tailwinds remain strong, and we expect to see sustained investor interest in the category over the long term,” said Joe Conner, a managing director at Harris Williams.
“We had a great experience working with Harris Williams. Their thoughtful strategy, targeted approach and the exceptional team they brought to the engagement provided us with the support and strategic partnership we needed to achieve a very successful outcome,” said Steve Mathis, CEO of WhiteWater.
Founded in 2016 and headquartered in Houston, WhiteWater has grown from a single location operator into a multi-regional express car wash platform which goes to market under a unified brand. WhiteWater has quickly expanded its geographic presence by executing on a “land and expand” strategy, entering new markets via acquisition, then building greenfield locations while continuing to acquire to strengthen its market share. The company currently operates 60 locations across Texas, Oklahoma, Ohio, Kentucky and Michigan.
Founded in 2015, SkyKnight manages over $2 billion in private equity capital on behalf of leading institutional family offices, foundations, endowments and pensions. SkyKnight makes long-term investments into high-quality businesses in acyclical growth sectors alongside exceptional management teams. SkyKnight aims to build industry defining businesses in healthcare, financial services and tech-enabled services.
Freeman Spogli is a private equity firm dedicated exclusively to investing in and partnering with management in consumer and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested over $5.1 billion in 66 portfolio companies with an aggregate transaction value of over $25 billion, and is currently making investments from FS Equity Partners VIII, L.P. Freeman Spogli has offices in Los Angeles and New York.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams Transportation & Logistics Group serves companies in a broad range of attractive niches, including third-party logistics (3PL), automotive and heavy-duty vehicle, transportation equipment, and truck, rail, marine and air transportation. For more information on the firm’s T&L Group and other recent transactions, visit the T&L Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.
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