By Jim Utter
Director of Journalism
Argosy Private Equity, a lower middle market private equity firm, announced on Thursday it had acquired a controlling interest in Mr. Splash Car Wash.
Mr. Splash is a six-site express car wash chain based in the greater Madison, Wisconsin, area with two additional sites set to open by the end of the year (in Stoughton and Madison).
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 is led by a seasoned management team with deep industry experience and strong local connections, coupled with a proven expansion playbook,” said Jack Nugent, partner at Argosy. “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.”
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 state.
“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,” said Joos, CEO and co-owner.
“We are excited to partner with Argosy as we continue to grow and strengthen our foundation.”
Argosy plans to pursue and integrate pre-identified acquisition and development opportunities. In addition, it will work closely with management to refine brand strategy, emphasize 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 Ruiz. “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.”
Argosy Private Equity, founded in 1990, is dedicated to growing and professionalizing U.S. manufacturing and business services companies, often family or founder owned.
For over 30 years, Argosy has partnered with more than 135 investments and manages a diverse portfolio across six funds and over $1.1 billion in assets under management as of Sept. 30, 2024.
