Express Wash Concepts Secures Incremental $150M Credit Facility from MidCap Financial to Fuel Core Market Greenfield Expansion

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Oct 10, 2023, 16:15 ET

Incremental financing accelerates expansion, reinforcing EWC's position as a dominant leader in the express car wash industry

COLUMBUS, Ohio, Oct. 10, 2023 /PRNewswire/ -- Express Wash Concepts (EWC) announced today that it has 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."

About Express Wash Concepts:

Express Wash Concepts (EWC) operates 91 award-winning express car wash locations across six states under various brands, including Moo Moo Express Car Wash, Flying Ace Express Car Wash, Clean Express Auto Wash, Green Clean Express Auto Wash, and Bee Clean Express Car Wash. EWC's brands offer fast, high-quality, and environmentally friendly express tunnel wash experiences, along with complimentary vacuum services. The company's popular Unlimited Wash Club packages provide members with the convenience of contactless payments and unlimited access to any EWC location. For more information, please visit www.expresswashconcepts.com.

SOURCE Express Wash Concepts