SCOTTSDALE, Ariz. – Amplify Car Wash Advisors, a national mergers and acquisitions and capital advisory firm founded by Bill Martin and Jeff Pavone, closed on 30 car wash locations in December 2021, setting a firm record.
“We ended 2021 with the largest number of locations sold in one month and saw record-breaking multiples paid on car wash chains,” said Pavone, partner at Amplify Car Wash Advisors. “In 2022 we hit the ground running and already have more than 100 car wash locations out to market. We foresee the car wash industry continuing on this path of hyper-growth and consolidation, producing favorable conditions for car wash owners considering selling their businesses or taking on a partner to accelerate growth.”
Among the transactions, Amplify Car Wash Advisors announced the successful partnership of Rapid Express Car Wash, an express exterior car wash chain with locations in central and south Texas, and Wildcat Capital Management. Amplify Car Wash Advisors represented Rapid Express in the transaction.
“We are excited to partner with Wildcat to really scale the Rapid Express brand,” said Ahmed Jafferally, chief executive officer of Rapid Express Car Wash. “While we have 17 locations operating and 25 sites currently in development, we needed a financial partner to fuel our growth at a faster pace, enabling us to serve more communities. The team at Amplify helped identify the right fit for us and negotiated a deal that was a win-win for both parties.”
Also in December 2021, growing national chain LUV Car Wash acquired five California Speedwash sites. Amplify Car Wash Advisors represented the seller in the transaction.
“Deciding to sell my business after 40 years was not one I made lightly,” said Lenny Elbaum, founder of California Speedwash. “Having Bill [Martin], Jeff [Pavone] and the Amplify team by my side to guide me through the process was key. I am confident I made the right decision at the right time.”
Additionally, Amplify Car Wash Advisors completed the successful sale of Jon’s Auto Wash with four locations in Michigan to WhiteWater Express Car Wash in late December 2021. Amplify Car Wash Advisors represented the seller.
“My life changed forever on Dec. 22, 2021,” said John Harkins, founder of Jon’s Auto Wash. “That day I received an email titled ‘CLOSED & FUNDED / Jon’s Auto Wash.’ After nearly 35 years in business that was the best and most life altering subject line I ever read! I couldn’t be more pleased working with the Amplify team, and I am confident I received the number I did due to their efforts.”
“Working with the team at Amplify Car Wash Advisors was an easy and smooth process,” said Henry Shine, chief financial officer at WhiteWater Express Car Wash. “With the addition of Jon’s Auto Wash, WhiteWater now has eight locations in the state of Michigan and will continue to grow in 2022.”
On Dec. 28, 2021, All American Car Wash and Lube, founded by Larry Ayres, was acquired by Racer Classic Investments, LLC (“RCI”) based in Lubbock, Texas. All American currently operates four car wash locations and two lube centers in Wichita Falls, Texas, and Lawton, Oklahoma. Amplify Car Wash Advisors represented the seller in the transaction.
“After building Racer Car Wash to 10 locations in west Texas, we knew All American Car Wash would be a perfect fit to expand into north Texas and south Oklahoma,” said Andrew Zamora, chief operating officer of RCI and founder of Racer Car Wash, based in Lubbock, Texas. “Larry has built a great brand over the last 25 years, and we are pleased to have him join RCI with an equity stake and be part of our continued growth.”
RCI is expanding under the All American Car Wash brand with four greenfield sites slated to break ground in early 2022 in Wichita Falls, Texas, and Lawton, Oklahoma. RCI currently has one location open in San Antonio with three locations set to open by spring 2022, and six additional sites under construction in San Antonio, Boerne, Texas, and Big Spring, Texas.
