Investment Summary

SkyKnight Capital, Freeman Spogli and Crescent Capital Group Invest In WhiteWater

On August 5, 2019, private equity firm SkyKnight Capital, private equity firm Freeman Spogli and mezzanine finance firm Crescent Capital Group invested in consumer services company WhiteWater

Investment Highlights
  • This is SkyKnight Capital’s 1st, Freeman Spogli’s 3rd and Crescent Capital Group’s 2nd transaction in the Consumer Services sector.
  • This is SkyKnight Capital’s 4th, Freeman Spogli’s 40th and Crescent Capital Group’s 50th transaction in the United States.
  • This is SkyKnight Capital’s 1st, Freeman Spogli’s 5th and Crescent Capital Group’s 4th transaction in Texas.

Investment Summary

Date 2019-08-05
Target WhiteWater
Sector Consumer Services
Investor(s) SkyKnight Capital
Freeman Spogli
Crescent Capital Group
Deal Type Growth Capital
Advisor(s) Harris Williams & Co. (Financial)
Holland & Knight LLP (Legal)

Target

WhiteWater

Tomball, Texas, United States
website
WhiteWater owns and operates express exterior car washes, a highly automated car wash model, and generates a significant portion of its revenue from recurring monthly memberships. WhiteWater was founded in 2016 and is based in Tomball, Texas.

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Investor(S) 3

DESCRIPTION

SkyKnight Capital is a private equity firm focused on long-term investments in businesses requiring value-add strategies to achieve growth. SkyKnight will consider majority or minority investment situations and generally looks to commit $25 to $250 million per transaction. Sectors of interest include healthcare, financial services, and tech-enabled services. SkyKnight is headquartered in San Francisco, California.


DEAL STATS #
Overall 4 of 12
Sector (Consumer Services) 1 of 1
Type (Growth Capital) 3 of 8
State (Texas) 1 of 2
Country (United States) 4 of 12
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-22 Heffernan Insurance Brokers

Walnut Creek, California, United States

Heffernan Insurance Brokers provides comprehensive business insurance, personal insurance, employee benefits, and financial services. Heffernan was formed in 1988 and is based in Walnut Creek, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-21 Aerocare

Orlando, Florida, United States

Aerocare is a provider of oxygen, respiratory, sleep, and other chronic therapy services to patients in the home. AeroCare's patients typically suffer from the chronic obstructive pulmonary disease (COPD), obstructive sleep apnea (OSA), or congestive heart failure (CHF) and require in-home therapy services. Aerocare Holdings, Inc. was founded in 2000 and is based in Orlando, Florida.

Buy -
Investor

Freeman Spogli

Los Angeles, California, United States

website


Category Private Equity Firm
Founded 1983
PE ASSETS 7.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Freeman Spogli & Co. is a private equity firm focused on acquiring middle-market retail, direct marketing, and distribution companies. The Firm will consider opportunities throughout North America and prefers partnering with management when pursuing acquisitions. Freeman Spogli looks to invest $75 to $300 million in transactions valued up to $750 million. Freeman Spogli was formed in 1983 and is based in Los Angeles, California with an additional office in New York City.


DEAL STATS #
Overall 40 of 48
Sector (Consumer Services) 3 of 4
Type (Growth Capital) 6 of 9
State (Texas) 5 of 6
Country (United States) 40 of 48
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-28 Five Star Food Service

Chattanooga, Tennessee, United States

Five Star Food Service is a provider of micro-markets, office coffee and water services, vending solutions, and corporate dining services in the Southeast. Five Star services over 8,500 diverse customers through a network of 17 branch locations and 300 routes. Five Star Food Service was founded in 1993 and is based in Chattanooga, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-08 Easy Ice

Marquette, Michigan, United States

Easy Ice engages in full-service ice machine subscription industry. Easy Ice’s commercial ice machine subscription programs include installation, cleaning, preventive maintenance, repairs, backup ice, and peak demand ice. Easy Ice was established in 2009 and is based in Marquette, Michigan.

Buy -
Investor

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $35 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.


DEAL STATS #
Overall 56 of 64
Sector (Consumer Services) 2 of 3
Type (Growth Capital) 3 of 6
State (Texas) 4 of 5
Country (United States) 50 of 52
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-27 Avalign Technologies

Rosemont, Illinois, United States

Avalign Technologies is a manufacturer of implants and instruments, specialty instrumentation, cutting tools, and cases and trays to the orthopedic medical device and specialty surgical markets. Avalign Technologies, Inc. is comprised of two divisions, avalign orthopedics, and avalign Surgical. Avalign Orthopedics manufactures premium implants and instruments for orthopedic, spine, and trauma applications. Avalign Technologies was founded in 2005 and is based in Rosemont, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-16 SRL Traffic Systems

Cheshire, United Kingdom

SRL Traffic Systems is a manufacturer and provider of portable and temporary traffic equipment. The company boasts a nationwide network of 26 depots. It has the industry’s widest range of temporary pedestrian and traffic light systems and is the UK market leader in the sale and hire to the traffic management sector. SRL Traffic Systems was founded in 1997 and is based in Cheshire, United Kingdom.

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