Charlotte, NC – A&M Capital Opportunities (“AMCO”) has formed Magnolia Wash Holdings (“Magnolia” or the “Company”), a 17-location premium conveyor car wash operator in the Southeast U.S., via the combination of Express Wash (“Express”) and Oasis Express (“Oasis”). AMCO completed an investment in Express on November 25th, 2020 in partnership with Express Wash co-founders, Frank Bennett and Brooks Moye. Express subsequently acquired Oasis on December 28th, 2020. The Company will be headquartered in Charlotte, NC.
The creation of Magnolia establishes a new leading platform in the express car wash industry in the Southeast U.S. Magnolia currently operates seven locations in Florida, seven in Georgia, and three in North Carolina. Magnolia leverages multiple consumer-facing brands across its local markets, including Camel Premium Express, Wave Wash, Oasis Express, and Extreme Express. The Company prides itself on delivering consumers and teammates a premium on-premise experience, including its Unlimited Fast Pass Membership Program, free towels, free vacuums, and free mat washing stations. We believe that Magnolia is well positioned to capitalize on rapid growth within the express car wash industry via a multi-pronged acquisition and greenfield expansion strategy, and is actively developing multiple greenfield sites.
“We believe the formation of Magnolia will create a leading regional player in the Southeast within the express car wash market, which we are excited to build upon through greenfield developments and future acquisition opportunities” said Sean Epps, a Partner of AMCO. “We are proud to partner with Frank and Brooks to continue their track record of successful greenfield development, high quality operations, and best-in-class customer service.”
“We are excited to be partnering with AMCO to continue to execute our growth strategy and expand within the Southeast,” said Frank Bennett, Co-Founder of Express. “AMCO shares a similar culture, values and strategic vision that Brooks and I have, and brings additional operational and financial resources to accelerate our growth. We believe the express wash market presents a tremendous opportunity and Oasis represents a transformational opportunity to accelerate our objectives. We believe we have the right team and partner with AMCO to capitalize on the opportunities ahead of us.”
“After several decades in the car wash industry, I have recently reached a transition point in my career. My partners and I sought out an acquisition partner for Oasis that would honor the legacy we have built,” said Zeev Josman, an Oasis shareholder. “As I have gotten to know Frank and Brooks over the past several years, their high personal character, operational excellence, and commitment to their employees made them an easy choice to be the next stewards of Oasis.”
About Magnolia Wash Holdings:
Magnolia Wash Holdings operates 17 express car washes in the Southeast U.S. under a family of four brands: Camel Premium Express, Wave Wash, Oasis Express, and Extreme Express. With locations in Florida, Georgia, and North Carolina, Magnolia is focused on building upon its established market position in the Southeast. Magnolia prides itself on delivering consumers and teammates a premium on-premise experience, including its Unlimited Fast Pass Membership Program, free towels, free vacuums, and free mat washing stations. The Company was founded by Frank Bennett and Brooks Moye in 2014 and is based in Charlotte, North Carolina.
About A&M Capital Opportunities:
A&M Capital Opportunities (“AMCO”), with assets under management of approximately $500 million, is Alvarez & Marsal Capital’s lower middle-market growth strategy, focused on shared control and structured minority equity investments in North America. AMCO partners with business owners and management teams to help recapitalize and grow businesses, leveraging deep operational capabilities and industry relationships to position them for accelerated long-term growth. AMCO has significant experience with all types of transactions, including growth equity, growth buyouts, recapitalizations, and consolidations of fragmented sectors.
About Alvarez & Marsal Capital:
Alvarez & Marsal Capital is a multi-strategy private equity investment firm with over $3 billion in total assets under management across four funds and three investment strategies. The privately-owned firm is led by a highly experienced investment team, which is augmented by its strategic association with Alvarez & Marsal (“A&M”), one of the largest operationally-focused advisory firms in the world. AMC’s business model combines a focus on middle-market private equity investing with the deep operational expertise, industry knowledge and global corporate relationships of A&M, making it a uniquely attractive partner to management teams, corporates and business owners.
