WAYNE,
Pa., Jan. 9, 2025 /PRNewswire/ -- Argosy
Private Equity, a lower middle market private equity firm,
today announced it acquired a controlling interest in Mr. Splash
Car Wash ("Mr. Splash" or the "Company").
Mr. Splash is a 6-site express car wash chain located in the
Greater Madison, WI area with two
additional development sites in Stoughton, WI and Madison, WI set to open by the end of 2025.
Sites span the high-traffic I-90 and I-94 corridors with strong
demographics and growing membership numbers. Co-owners
Jeff Joos and Tony Ruiz
partnered together in 2019 to build Mr. Splash into the largest
express car wash chain in Central
Wisconsin.
Mr. Splash benefits from local ties and strong relationships
with Wisconsin-based
subcontractors. Despite rising development prices, the company's
use of existing contractor relationships keeps expansion costs low,
making new development as attractive as acquisitions. In addition,
Mr. Splash will soon announce a high-profile strategic partnership
that will strengthen its Wisconsin
market position, offering unique opportunities to engage with a
wider audience and drive further expansion across the Badger
State.
"Mr. Splash is led by a seasoned management team with deep
industry experience and strong local connections, coupled with a
proven expansion playbook. The company's unique geographical
presence, competitive moat, and rapid digitalization driving
membership sales further enhance its growth potential. We believe
this scrappy, metrics-driven team is committed to disciplined and
sustainable scaling. We are excited to partner with
Jeff Joos, who will continue to be
the CEO of Mr. Splash and a significant owner, as well as
Tony Ruiz, who will also continue to
be a significant owner," said Jack
Nugent, Partner at Argosy Private Equity.
"At Mr. Splash, we are more than just a car wash—we are a
community united by care, trust, and pride in our brand. Our
success is built on strong relationships with our team and loyal
customers, and we remain committed to our hometown roots. We are
excited to partner with Argosy as we continue to grow and
strengthen our foundation," said Jeff
Joos, CEO/Co-owner.
Argosy has begun execution of its Value Acceleration Methodology
(VAM™) alongside management to help add value to several
key areas of the business. A key element of the plan involves
pursuing and integrating pre-identified acquisition and development
opportunities. In addition, Argosy will work closely with
management to refine the brand strategy, emphasizing stronger
community connections, professionalize the IT infrastructure, and
leverage advanced sales software to automate metrics and optimize
pricing.
"With Argosy's support, Mr. Splash is well-positioned for
long-term success," said Tony Ruiz,
Co-owner. "We are moving swiftly, executing with precision, and
remain on track to maintain our leadership in the Wisconsin car wash market for years to
come."
About Argosy Private Equity
Argosy Private Equity, founded in 1990, is a lower middle market
private equity firm dedicated to growing and professionalizing U.S.
manufacturing and business services companies, often family or
founder owned. For over 30 years, Argosy Private Equity has
partnered with more than 135 investments, focusing on companies
with $3 to 10 million of EBITDA and
substantial potential to grow. Argosy manages a diverse portfolio
across six funds and over $1.1
billion in assets under management as of September 30, 2024.
For further information, please visit: www.argosype.com
Contact:
Argosy Private Equity
Sarah Busch
sbusch@argosycapital.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/argosy-private-equity-acquires-mr-splash-car-wash-302347455.html
SOURCE Argosy Private Equity
