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Monroe Capital Supports Formation of Magnolia Wash Holdings

May 13, 2021, 07:47 AM
Filed Under: Specialty Industries

Monroe Capital acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the formation of Magnolia Wash Holdings (“Magnolia”) via the acquisitions of Oasis Express (“Oasis”) and Wash Factory by Express Car Wash, LLC (“Express”).
The creation of Magnolia establishes a new platform in the express car wash industry with meaningful size and scale, regional density, and a defensible market position in the Southeast U.S. At closing, Magnolia will operate 19 express car wash locations, with seven locations in Florida, seven in Georgia, and five in North Carolina. Magnolia utilizes multiple consumer-facing brands across its local markets, including Camel Premium Express, Wave Wash, Oasis Express, Extreme Express, and Wash Factory. 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.

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