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MidCap Financial Provides $150MM Credit Facility to Express Wash Concepts

October 11, 2023, 07:51 AM
Filed Under: Specialty Industries

Express Wash Concepts (EWC) successfully secured a $150 million incremental credit facility led by MidCap Financial to further propel its core market greenfield development. This new facility empowers EWC to maintain its responsible, multi-brand expansion strategy, currently encompassing 91 operational sites, 10 sites under construction, and an additional 35 in various stages of development.

"Our 15-year journey has been marked by a strategic focus on operational excellence and greenfield development," said John Roush, Express Wash Concepts Chief Executive Officer. "Securing an upsized credit facility under these terms and scale in the current credit environment underscore the strength of our business. EWC has been shaped by our proven in-house real estate development capabilities, top-notch operations, and a robust Unlimited Wash Club membership base."

Express Wash Concepts stands out in the express wash industry, having primarily grown through internal greenfield development with a few strategic acquisitions. EWC presently operates in Columbus, Dayton, Cleveland, and Toledo, Ohio; Pittsburgh, Pennsylvania; Hampton Roads and Richmond, Virginia; and Detroit, Michigan.

"Our growth hinges on two core competencies: operational excellence and greenfield development. We intend to leverage these strengths to strengthen our market presence, better serve our customers, and expand our Unlimited Wash Club membership in our core markets," said Craig Van Bremen, Express Wash Concepts Chief Development Officer. "In a rapidly evolving competitive landscape, we are confident that substantial investments in our core markets through greenfield development and strategic acquisitions will continue to yield significant dividends."

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