Argosy Private Equity Acquires Mr. Splash Car Wash, Expanding Midwest Presence
- Editor
- Jan 8
- 2 min read
What's Happening: Argosy Private Equity, a lower middle market private equity fund, has acquired a controlling interest in Mr. Splash Car Wash, a 6-site express car wash chain in the Greater Madison, WI area. The acquisition includes two additional development sites set to open by the end of 2025, strengthening Argosy's presence in the Midwest car wash market.
The Key Moves:
Mr. Splash operates along high-traffic I-90 and I-94 corridors with strong demographics and growing membership numbers.
The fund will implement its Value Acceleration Methodology (VAM™) to enhance key areas of the business, including pursuing pre-identified acquisition and development opportunities.
Argosy plans to refine brand strategy, professionalize IT infrastructure, and leverage advanced sales software to optimize pricing and automate metrics.
By The Numbers :
Mr. Splash currently operates 6 car wash sites with 2 more in development.
Argosy Private Equity manages over $1.1 billion in assets across six funds as of September 30, 2024.
Argosy typically invests in companies with $3 to 10 million of EBITDA.
Key Quotes:
Jack Nugent, Partner at Argosy Private Equity: 'We believe this scrappy, metrics-driven team is committed to disciplined and sustainable scaling.'
Jeff Joos, CEO/Co-owner of Mr. Splash: 'We are excited to partner with Argosy as we continue to grow and strengthen our foundation.'
Tony Ruiz, Co-owner of Mr. Splash: 'With Argosy's support, Mr. Splash is well-positioned for long-term success.'
The Bottom Line: Argosy Private Equity's acquisition of Mr. Splash Car Wash represents a strategic move to expand its portfolio in the Midwest car wash market. By leveraging Mr. Splash's strong local presence and Argosy's expertise in scaling businesses, the fund aims to drive growth through operational improvements, strategic acquisitions, and new site developments.
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