WhiteWater Express Car Wash obtains unitranche for recapitalization

WhiteWater Express Car Wash obtained unitranche credit facilities backing a recapitalization of the company by Freeman Spogli & Co.

Crescent Capital was lead arranger and administrative agent. Goldman Sachs Asset Management and New Mountain Finance Corporation also participated in the debt financing.

WhiteWater's founders, Steve Mathis, Clayton Clark and Shane Wilson, and SkyKnight Capital will remain "significant investors" via the transaction, according to a Dec. 23, 2021, statement from the companies. SkyKnight Capital invested in WhiteWater in 2018.

Houston-based WhiteWater operates over 60 car wash locations in Texas, Oklahoma, Ohio, Kentucky and Michigan.