Etna, Ohio-based Express Wash Concepts has secured a $150 million incremental credit facility led by MidCap Financial to further propel its core market greenfield development. This new facility empowers EWC to maintain its responsible, multi-brand expansion strategy, currently encompassing 91 operational sites, 10 sites under construction, and an additional 35 in various stages of development.
"Our 15-year journey has been marked by a strategic focus on operational excellence and greenfield development," Express Wash Concepts CEO John Roush said in a statement. "Securing an upsized credit facility under these terms and scale in the current credit environment underscore the strength of our business. EWC has been shaped by our proven in-house real estate development capabilities, top-notch operations, and a robust Unlimited Wash Club membership base."
Express Wash Concepts has primarily grown through internal greenfield development with a few strategic acquisitions. EWC presently operates in Columbus, Dayton, Cleveland, and Toledo, Ohio; Pittsburgh, Pennsylvania; Hampton Roads and Richmond, Virginia; and Detroit, Michigan.
