Argosy Private Equity Acquires Mr. Splash Car Wash

WAYNE, Pa., Jan. 9, 2025 /PRNewswire/ -- Argosy Private Equity, a lower middle market private equity firm, today announced it acquired a controlling interest in Mr. Splash Car Wash ("Mr. Splash" or the "Company").

Mr. Splash is a 6-site express car wash chain located in the Greater Madison, WI area with two additional development sites in Stoughton, WI and Madison, WI set to open by the end of 2025. Sites span the high-traffic I-90 and I-94 corridors with strong demographics and growing membership numbers. Co-owners Jeff Joos and Tony Ruiz partnered together in 2019 to build Mr. Splash into the largest express car wash chain in Central Wisconsin.

Mr. Splash benefits from local ties and strong relationships with Wisconsin-based subcontractors. Despite rising development prices, the company's use of existing contractor relationships keeps expansion costs low, making new development as attractive as acquisitions. In addition, Mr. Splash will soon announce a high-profile strategic partnership that will strengthen its Wisconsin market position, offering unique opportunities to engage with a wider audience and drive further expansion across the Badger State.

"Mr. Splash is led by a seasoned management team with deep industry experience and strong local connections, coupled with a proven expansion playbook. The company's unique geographical presence, competitive moat, and rapid digitalization driving membership sales further enhance its growth potential. We believe this scrappy, metrics-driven team is committed to disciplined and sustainable scaling.  We are excited to partner with Jeff Joos, who will continue to be the CEO of Mr. Splash and a significant owner, as well as Tony Ruiz, who will also continue to be a significant owner," said Jack Nugent, Partner at Argosy Private Equity.

"At Mr. Splash, we are more than just a car wash—we are a community united by care, trust, and pride in our brand. Our success is built on strong relationships with our team and loyal customers, and we remain committed to our hometown roots. We are excited to partner with Argosy as we continue to grow and strengthen our foundation," said Jeff Joos, CEO/Co-owner.

Argosy has begun execution of its Value Acceleration Methodology (VAM^™) alongside management to help add value to several key areas of the business. A key element of the plan involves pursuing and integrating pre-identified acquisition and development opportunities. In addition, Argosy will work closely with management to refine the brand strategy, emphasizing stronger community connections, professionalize the IT infrastructure, and leverage advanced sales software to automate metrics and optimize pricing.

"With Argosy's support, Mr. Splash is well-positioned for long-term success," said Tony Ruiz, Co-owner. "We are moving swiftly, executing with precision, and remain on track to maintain our leadership in the Wisconsin car wash market for years to come."

About Argosy Private Equity

Argosy Private Equity, founded in 1990, is a lower middle market private equity firm dedicated to growing and professionalizing U.S. manufacturing and business services companies, often family or founder owned. For over 30 years, Argosy Private Equity has partnered with more than 135 investments, focusing on companies with $3 to 10 million of EBITDA and substantial potential to grow. Argosy manages a diverse portfolio across six funds and over $1.1 billion in assets under management as of September 30, 2024.

For further information, please visit: www.argosype.com

Contact:
Argosy Private Equity
Sarah Busch
[email protected]

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SOURCE Argosy Private Equity