Holland & Knight Advises SkyKnight Capital on WhiteWater Express Car Wash Partnership with Freeman Spogli & Co.
SAN FRANCISCO (December 23, 2021) – Holland & Knight represented SkyKnight Capital, a San Francisco-based private equity firm, and the founders of WhiteWater Express Car Wash on their investment agreement with Freeman Spogli & Co. SkyKnight, which invested in WhiteWater in 2018, will retain significant ownership in the company as part of this transaction. The deal was completed on Dec. 23.
Headquartered in Houston, Texas, WhiteWater owns and operates express exterior car washes, a highly automated car wash model, and generates a significant portion of its revenue from recurring monthly memberships. WhiteWater has grown by 10x across multiple geographies in the past three years and currently operates over 60 locations in five states, with plans to have more than 100 locations by the end of 2022.
Founded in 2015, SkyKnight Capital manages over $2 billion in private equity capital on behalf of leading institutional family offices, foundations, endowments and pensions. SkyKnight makes long-term investments into high quality businesses in acyclical growth sectors alongside exceptional management teams. SkyKnight aims to build industry defining businesses in healthcare, financial services and tech-enabled services.
Holland & Knight Partners Aaron Slavens and Jordan Schneider led the firm's representation of SkyKnight Capital.
More information about the transaction can be found here.