Express Wash Operations LLC, dba Magnolia Wash Holdings, successfully completed the acquisition of 16 locations across four separate transactions according to a press release.
These included the acquisition of locations from RipTide Car Wash, Pirates Cove Car Wash, Whatta Wash and Splash-N-Dash in the North Carolina, South Carolina and Virginia markets.
These acquisitions bring Magnolia to 35 operating express carwash locations in Florida, Georgia, North Carolina, South Carolina and Virginia. Magnolia continues to execute against its strategy of creating regional density in the rapidly growing South Eastern U.S. and operates multiple local brands across its markets.
The company has eight additional locations under construction, with an extensive multi-year greenfield pipeline in development. Magnolia was founded by Frank Bennett and Brooks Moye in 2014 and remains entrepreneurially oriented despite its experienced, professional leadership team.
“We are proud to have met the objectives of these sellers and are excited to welcome our new teammates to the Magnolia family,” stated Kyle Poyer, chief financial officer of Magnolia. “The addition of these locations adds density to our North Carolina operations and provides scale ahead of in-process greenfield developments in Upstate South Carolina and Eastern Virginia.”
“We continue to seek growth and acquisition opportunities, prioritizing best-in-class sites as well as greenfield developments within our region,” commented Forrest Peters, vice president of development and integration at Magnolia.
“We believe our commitment to customer service, a premium consumer experience and our employees will continue to make Magnolia an attractive acquisition partner for other operators in the market,” added Andy Agostini, Magnolia’s vice president of operations.