Car Wash Owners Network (CWON), a portfolio company of Baltimore-based Access Holdings, has closed its investment in Okie Express Auto Wash, a car wash operator in the Oklahoma City market. Financial terms were have been disclosed.
Founded in 2008, Okie owns and operates 11 premier express car wash locations known across Oklahoma City. Okie washes more than one million cars annually and supports multiple local charities.
CWON is partnering with Okie CEO Mike North and COO Steve Holcomb to support the company’s next stage of accelerated growth.
Kevin McAllister, Managing Partner and Founder of Access Holdings, says: “We are excited to partner with Mike and Steve, who’ve built Okie into the No1 car wash operation in the Oklahoma City market. During our investment process, we developed a shared view of future growth opportunities and a compelling vision for the business we want to build together.”
North says: “We had several options to consider when looking for a growth partner, but Access Holdings and CWON clearly distinguished themselves by their knowledge of the industry and relationship-oriented approach to crafting the right deal. Their team focused on finding solutions that were right for us and our business.”
Okie is CWON’s second investment in a car wash operator. In January 2020, CWON partnered with the ownership team of Cobblestone Auto Spa, the premier car wash operator in Phoenix and Denver. CWON’s affiliated network now includes 42 locations with additional locations planned to open by the end of 2021. “We want to partner with operators in attractive markets and accelerate their expansion. Okie is another great example of this and we’re excited about our new partnership,” says Jason Cellura, CWON’s Chief Development Officer.
Source: Private Equity Wire
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