Warburg Pincus acquires South Florida’s El Car Wash
The private equity firm negotiated the transaction with the brand’s affiliates and will support its expansion across the region.
El Car Wash, one of the largest express car wash operators in South Florida, announced it has been acquired by Warburg Pincus. The private equity firm purchased the company from affiliates of Wafra Inc., Audrose Partners and Fireside Investments and will support El’s expansion and its commitment to customers.
The brand 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. El is currently a recognized brand known for its prime locations, distinctive aesthetics and its membership program, while also being 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.
Warburg Pincus is a leading global growth investor with 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. Founded in 1966, the company 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.
“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.
William Blair & Company, LLC served as exclusive financial advisor to El Car Wash in connection with the transaction, the terms of which were not disclosed.
