Splash Car Wash, a car wash operator in the Northeast US and a portfolio company of Palladin Consumer Retail Partners, has been acquired by AEA Investors.
Splash Car Wash provides a range of automotive cleaning services including full-service car washes, hand-wash options, express car washes, and self-service facilities. The company also offers oil change and lube services, vehicle detailing, and other automotive care options.
Customers of Splash include individual car owners, fleet vehicle managers, and businesses seeking regular vehicle maintenance services. The company operates from more than 65 locations across Connecticut, Massachusetts, New York, and Vermont.
The Milford, Connecticut-headquartered company was founded in 1981 by Chris Fisher and Mark Curtis. With the close of the sale to AEA Investors, COO Dan Petrelle has succeeded co-founder Mark Curtis as CEO, with Mr. Curtis becoming chairman of the board of directors. Palladin acquired Splash Car Wash in partnership with Mr. Curtis, Mr. Fisher, and Mr. Petrelle in October 2018.
During Palladin’s ownership term, Splash closed six add-on acquisitions as follows: Gold’s Car Wash & Detail in White Plains, New York (2019); a car wash in Cromwell, Connecticut that operated under the Splash brand but was owned separately (2019); Eco Car Wash in Plattsburgh, New York, and Williston, Vermont (2020); Westport Wash & Wax in Westport, Connecticut (2020); Buckmans Car Wash, a chain of four express sites in the Greater Rochester, New York area (2021); and Classy Chassy Car Wash with 17 locations in the Buffalo and Rochester, New York areas (2021).
Today, Splash washes more than one million cars per year and was recently ranked by Professional Carwashing & Detailing magazine as the 19th largest chain in the US.
“Splash is a premier player in a fragmented market and space we know well, and we are excited by the Company’s robust prospects for growth,” said Dan Schorr, a partner at AEA Investors. “We are thrilled to join forces with Dan, Mark, and the entire Splash team, and we look forward to working in partnership with them as they execute on their mission to strategically expand and set new industry standards for quality service.”
“As an industry leader with a reputation for excellence, we are continuously looking for opportunities to expand and serve even more customers,” said Mr. Petrelle. “AEA has an impressive track record of helping strong companies scale for the long run, making them the ideal new partner as we seek to take Splash to the next level. Looking ahead, we are well positioned and excited to accelerate our growth, both organically and through strategic acquisitions and new greenfield developments, spanning our current markets and new geographic areas.”
“Working alongside Dan Petrelle, Mark Curtis, and the entire Splash team has been a tremendous experience,” said Mark Schwartz, the CEO of Palladin Consumer Retail Partners. “We are pleased to have supported the team as they built a leading car wash operator in the Northeast, and we are excited to see what the future holds for Splash.”
The car wash industry has seen increased consolidation as private equity firms look to capitalize on recurring revenue streams and opportunities for operational efficiencies. According to industry reports, fragmented ownership across the United States offers opportunity for acquisitions, with growth increasingly driven by subscription models and express service offerings.
AEA Investors invests across value-added industrials, consumer, and services sectors. Founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co., AEA operates with a team of over 120 investment professionals with offices in New York City, Connecticut, San Francisco, London, Munich, and Shanghai.
“This partnership marks the beginning of an exciting new era,” said Mr. Curtis. “Palladin has been a great partner, helping us strategically expand into new markets, integrate multiple acquisitions, and develop new sites. Now, with Dan at the helm and AEA as a strategic partner, Splash is even further equipped to grow and maintain its long-standing commitment to best-in-class service. As we embark on this next chapter, I look forward to supporting the Company’s ongoing success as Chairman, with Dan and the team building upon the strong foundation we have in place.”
Palladin 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.
© 2025 Private Equity Professional | April 30, 2025
