Information on the target
WhiteHorse Capital is pleased to announce the provision of a new senior secured credit facility for Texas Express Wash, LLC, also known as ClearWater, to facilitate its acquisition of BlueWave Express Car Wash. The proceeds from this financing will be utilized to refinance existing debt, acquire BlueWave, and cover related transaction fees and expenses. Additionally, the facility includes capital earmarked for future site development and acquisitions. Founded in 2007, BlueWave operates a robust car wash platform with locations across Texas and California, and has been fully managed by ClearWater since 2023.
ClearWater, established in 2020, has rapidly expanded its footprint with 28 express car wash locations in Texas. The company has focused on consistent operations and enhancing customer experience, supported by an in-house real estate and development team. The strategic combination of ClearWater and BlueWave is expected to create significant synergies and enhance market presence in the car wash industry.
Industry overview in the target’s specific country
The car wash industry in the United States has experienced steady growth, driven by increasing vehicle ownership and a growing consumer preference for convenience and quality service. The market is characterized by a mix of independent operators and larger chains, with a notable trend towards express and automated car wash services. This shift is largely attributed to the demand for faster service and environmentally-friendly practices, such as water conservation and filtration systems.
In Texas, the car wash sector is particularly vibrant, fueled by a robust economy and a high density of vehicles. The state’s warm climate further contributes to the frequency of car washes, as consumers seek to maintain their vehicles in optimal condition. Additionally, the expansion of urban areas and population growth in cities like Houston and San Antonio presents significant opportunities for car wash operators to capture new customers.
California also represents a key market for the car wash industry, with a strong emphasis on environmental sustainability. Operators in this region are increasingly adopting eco-friendly technologies and practices to meet regulatory requirements and consumer expectations. The combination of these two states positions ClearWater and BlueWave favorably to capitalize on the growing demand for car wash services across diverse demographics.
Overall, the car wash industry is poised for continued expansion, with increasing consumer awareness of the benefits of regular vehicle maintenance and the convenience offere…