29 Oct 3 Recent Exits
By way of a quick update, we recently refreshed our competitive analysis to understand how the industry is evolving. The industry remains highly fragmented with just a handful of key players, most of which are focused on mass-market (single-family residential), none of which are present in more than 5 geographies. However, there has been a lot of exit activity. In just the last 12 months, there have been 3 on-demand carwash acquisitions: RideKleen, NuWash, and Waterless Works. Spiffy (who acquired NuWash), the largest on-demand carwash company has a history of acquiring smaller operations and Cox Automotive has recently entered the game with the acquisitions of RideKleen and Waterless Works.
Needless to say, it is very encouraging to see multiple, recent exits in the industry. It further reinforces our belief that with increased volume and scale through our real estate partners, we will be a desirable target for funding and/or acquisition in the next couple of years.