Palladin Consumer Retail Partners has acquired Splash Car Wash in partnership with CEO Mark Curtis, co-founder Chris Fisher, and partner Dan Petrelle.
Splash Car Wash is a regional operator of car washes with 18 locations in New York and Connecticut. The company’s facilities offer full service, hand wash, express, and self-service alternatives, as well as oil and lube services at certain locations.
Splash, founded in 1981 by Mark Curtis and Chris Fisher, has more than 500 employees and is based in Greenwich, CT (www.splashcarwashes.com).
“The Palladin team brings a wealth of experience growing consumer brands,” said Mr. Curtis. “Being able to work with them marks a critical next step in our growth strategy. Their expertise, support and leadership will provide creative insights and operational improvements that will be instrumental in becoming a major regional and national platform.”
“We are excited to partner with Mark and the entire Splash team,” said Mark Schwartz, CEO of Palladin. “They have built an excellent company and are well-respected in the industry. We are confident that, with additional capital and resources, we can work together to significantly expand the Splash organization.
Palladin Consumer Retail Partners invests from $10 million to $50 million of equity in retail and consumer products companies that have revenues of $50 million to $500 million and EBITDA of $5 million to $20 million. The firm was founded in 1998 and is based in Boston (www.pcrp.com).
Splash washes more than one million cars per year and was recently ranked by Professional Carwashing & Detailing magazine as the 17th largest chain in the US (click HERE for the list).
“We have spent over a year researching the car wash industry and identified Splash as a leading regional carwash operator and the perfect anchor acquisition,” said Anders Petersen, Managing Director of Palladin. “The experience of the management team, familiarity managing different car wash models, and commitment to employees and customer service provide an excellent partnership for growth and development. We look forward to working with Mark and his team growing Splash both organically and through acquisitions.”
Goldman Sachs Specialty Lending Group provided debt financing for this transaction, as well as an unfunded acquisition line and revolving credit facility to support acquisitions and working capital needs.
© 2018 Private Equity Professional | November 7, 2018