Matrix Capital Markets Group, an independent investment bank, served as lead advisor on the recapitalization of Watershed Car Wash’s portfolio comprised of 30 express tunnel car wash sites.
“The Matrix team offered unparalleled support and deep insights during the entire process, from the initial valuation project to the execution of the recapitalization mandate,” Trevor McDowell, president and CEO of Watershed Car Wash, said. “Their unwavering dedication and adaptability, along with their efficient execution, resulted in a positive outcome for all stakeholders. Their comprehensive expertise and experience, in both valuation assignments and capital advisory mandates, played a crucial role in us selecting Matrix and ensuring success in a complex recapitalization.”
In its role as sole intermediary, Matrix provided valuation and capital advisory services to Watershed including ASA valuations, financial modeling and sensitivity analysis, capital structure assessment, negotiation with counterparties and placement of debt capital. The capital advisory assignment was managed by John Whalen, head of Matrix’s Capital Advisory investment banking group; Ryan Weir, director and Garrett Novotny, senior analyst. The valuation assignment was managed by Sean Dooley, managing director of Matrix’s downstream energy and convenience retail investment banking group, Stephen Lynch, managing director and Nate Wah, senior associate.
“We very much appreciate the trust that Watershed placed in us to advise them on the valuation process and recapitalization,” Weir and Dooley said.Watershed is a great operator and the recapitalization represents a transformational moment for the company as it further scales its platform. Matrix was privileged to work with the Watershed team.”
