Jose Costa Named CEO of Magnolia Wash Holdings

Automotive Industry Leader Tapped to Accelerate Growth for Express Car Wash Innovator

CHARLOTTE, N.C., May 25, 2022 /PRNewswire/ -- Jose Costa has been appointed CEO of Magnolia Wash Holdings, an express car wash operator with nearly 70 locations across Florida, Georgia, North Carolina, Ohio, South Carolina, Tennessee and Virginia. Costa is the company's first CEO and will oversee Magnolia's continued growth and expansion throughout the Southeast.   

"Jose is the proven leader Magnolia Wash Holdings needs to take the enterprise to the next level," said Sean Epps, partner at A&M Capital Opportunities ("AMCO"). "His track record leading and growing best-in-class multi-unit retail organizations makes him uniquely qualified to capitalize on Magnolia's entrepreneurial spirit and commitment to investing in innovation and quality. Jose has an unmatched talent for identifying and executing on new growth opportunities, and we are excited to see him translate his experience into the high-growth car wash market."

Costa has a proven track record of leading large multi-unit retail organizations across multiple end-markets. He has served previously as group president at a large auto services business and is a board member of Simplicity Car Care, a collision service and car care leader in Canada. Costa has also held c-suite executive roles at leading brands in the quick-service restaurant ("QSR") and optical retail markets, managing thousands of locations across the globe for Bojangles, Burger King, and GrandVision. He has extensive experience leading private equity-backed portfolio companies as both senior executive and board director and has previously partnered with preeminent consumer investment firms across the world.

"The express car wash industry is rapidly growing, and I believe Magnolia Wash Holdings is in a prime position to lead the way with an unwavering focus on customer experience and quality," said Costa. "The company has built a reputation for operational excellence and innovative technology that delivers a premium experience for consumers and teammates. I look forward to driving Magnolia's continued expansion and building upon the pillars of investment, innovation, sustainability and communication that give the company the management structure, training and superior operations that set it apart in the industry."

In 2020 Frank Bennett and Brooks Moye recapitalized Express Wash Holdings with AMCO and subsequently created Magnolia to pursue a multi-pronged growth strategy in the Southeast U.S. Since this partnership, Magnolia has successfully driven best-in-class growth via acquisitions, de novo openings, and the expansion of its Fast Pass Membership Program. Today, Magnolia operates across multiple geographic markets in the Southeast and is actively seeking acquisitions and development opportunities, adding multiple locations to its footprint each month.

About Magnolia Wash Holdings

Magnolia Wash Holdings operates 68 Express Wash locations throughout South Carolina, North Carolina, Florida, Georgia, Virginia, Ohio, and Tennessee. Magnolia prides itself on delivering consumers and teammates a premium on-premise experience, including its Unlimited Fast Pass Membership Program, free towels, free vacuums, and free mat washing stations. The Company was founded by Frank Bennett and Brooks Moye in 2014 and is based in Charlotte, North Carolina. For more information, visit magnoliawashholdings.com.

About A&M Capital

Alvarez & Marsal Capital ("A&M Capital") is a multi-strategy private equity investment firm with over $4.1 billion in total assets under management across four investment strategies, which maintains a strategic association with Alvarez & Marsal, one of the largest operationally-focused advisory firms in the world. A&M Capital Opportunities ("AMCO"), is Alvarez & Marsal Capital's growth-focused strategy which partners with business owners and management teams to recapitalize and scale enterprises, leveraging deep operational capabilities and industry relationships to position these businesses for accelerated long-term growth.

Contact:  
Nicole Hunnicutt  
Fish Consulting  
404-558-4108  
nhunnicutt@fish-consulting.com

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SOURCE Magnolia Wash Holdings