Wafra Inc. (“Wafra”), Audrose Partners and Fireside Investments today announced the formation of National Express Wash, LLC (“National Express Wash”), an express car wash investment platform. National Express Wash will use an acquisition and development model to build a dynamic portfolio of express car washes with attractive underlying real estate in strategic geographies throughout North America.
In conjunction with the formation of this platform, National Express Wash announced its first acquisition with the purchase of El Car Wash, the leading owner and developer of express car wash locations in Miami and the broader South Florida market.
“This acquisition represents an exciting stepping stone for National Express Wash,” said Justin Landau and Geoffrey Karas, who respectively serve as the Chief Executive Officer and President of the company. “We look forward to working in partnership with Wafra and Fireside to accelerate store growth in Miami and to expand the National Express Wash portfolio into new markets.”
“We are thrilled to launch the National Express Wash platform,” said Russell Valdez, Chief Investment Officer of Wafra. “We believe the express car wash market is an attractive sector with strong alternative real estate characteristics, and we look forward to working with this talented team to assemble a robust portfolio throughout North America.”
Jonathan Langer, Founder and Managing Member of Fireside Investments, added, “We are pleased to partner with Wafra and Audrose in this exciting launch and first acquisition. The El Car Wash acquisition lays a strong foundation to add to the platform in South Florida as well as in markets with similar characteristics.”
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