AUSTIN, Texas — Rapid Express Car Wash announced a significant investment from Wildcat Capital Management to continue its expansion across Austin, San Antonio and surrounding markets, according to a press release.
Rapid Express currently operates 17 carwash sites in Central and South Texas and is developing an additional 25 sites in its regions.
With the investment, Rapid Express joins Club Car Wash and Express Wash Concepts (EWC) as Wildcat-backed carwash companies.
“Wildcat represents a unique partner for Rapid in the next stage of growth, having already partnered with and helped scale two of the top companies in the industry,” said Ahmed Jafferally, CEO of Rapid Express. “We are confident this partnership will lead to significantly faster growth while maintaining the high standard of quality we provide to our customers.”
“We are very pleased for Rapid Express to join the Wildcat family,” said Drew Tarlow, managing director at Wildcat Capital Management. “We have been fortunate to partner with Rollie Bartels, CEO of Club Car Wash, and John Roush, CEO of EWC. They have delivered incredible financial results but equally importantly have created happy customers, developed substantial internal operating infrastructure, and built lasting brands. We believe big things lie ahead for Club and EWC, and Rapid Express’s high-quality units and development-first philosophy make for a perfect fit.”
“We are excited to welcome Rapid Express to our group,” said John Roush, CEO of EWC. “EWC has grown by nearly 400% over the past three years all while maintaining our promise of quality to our customers — we are confident Rapid Express will have a similar story.”
“Ahmed and Rapid Express understand the importance of high-quality locations and we hope to impart of some of what we’ve learned in building out best in class infrastructure as they grow,” noted Rollie Bartels, CEO of Club Car Wash.
In the aggregate, the three companies operate over 130 sites today with plans to add an additional 150 sites over the next two years.
“Wildcat continues to pursue its strategy of partnering with the highest quality, development driven operators in different regions of the country,” explained Tarlow. “Our partners, including Mr. Jafferally, own meaningful equity in their businesses and comprise a network of some of the best operators in the industry.”
MidCap Financial provided financing as part of the transaction.
Amplify Car Wash Advisors advised Rapid Express on the transaction.
Winston & Strawn LLP served as counsel to Wildcat Capital Management.
Check out our recent follow up video interview with Wildcat Capital Management’s Drew Tarlow below.
