Partnership to Support Continued Organic Growth and Expansion Through Strategic Acquisitions and New Openings, Enhancing Splash's Position as a Leading Car Wash Operator
Splash Car Wash (“Splash” or the “Company”), a leading car wash operator in the Northeast United States, today announced that it received a strategic majority investment from funds associated with AEA Investors' (“AEA” or the “Firm”) Small Business Private Equity strategy (“AEA SBPE”), which purchased the position from Palladin Consumer Retail Partners, LLC (“Palladin” or “PCRP”). The partnership will support Splash's ability to accelerate growth while continuing to provide the outstanding service customers value. Terms of the transaction were not disclosed.
Splash is a premier car wash operator with over 65 locations across Connecticut, Massachusetts, New York, and Vermont. Founded in 1981, the Company has strategically expanded its sites and services over time, with a range of offerings that currently include full-service, hand-wash, and express options, as well as detailing and other automotive care. With its commitment to best-in-class service and track record of excellence, Splash has been named “Best Car Wash” by a variety of organizations and was recently recognized as one of the top 20 largest car wash operators in the U.S.
As Splash enters this next chapter, Dan Petrelle – who has served as COO of the Company for 22 years – is succeeding Co-Founder Mark Curtis as CEO. Mr. Curtis is transitioning to the role of Chairman of the Board.
“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.”
“As an industry leader with a reputation for excellence, we are continuously looking for opportunities to expand and serve even more customers,” stated 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.”
“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, Partner on the AEA SBPE team. “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.”
“Working alongside Dan Petrelle, Mark Curtis, and the entire Splash team has been a tremendous experience,” said Mark Schwartz, CEO of Palladin. “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.”
ABOUT SPLASH CAR WASHFounded in 1981 by Chris Fisher and Mark Curtis, Splash Car Wash began with a single location in Greenwich, Connecticut. Since that time, Splash has grown into the leading car wash platform in the Northeast United States, with more than 65 locations across Connecticut, Massachusetts, New York, and Vermont offering full-service, hand-wash, express, and self-service options, as well as oil, lube, detailing, and other automotive care services. The Company has a proven track record of excellence and has been listed as the 19th largest car wash operator in the U.S., named “Best Car Wash” by numerous publications over 40 times, recognized as a “Top Workplace in Connecticut” for the past several years by Hearst Publications, awarded the U.S. Chamber of Commerce's prestigious “Blue Chip Enterprise Award,” and inducted into the Connecticut Business Hall of Fame. For more information, visit www.splashcarwashes.com.
ABOUT AEA INVESTORSAEA Investors was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA has an extraordinary global network built over many years which includes leading industrial families, business executives, and leaders, many of whom invest with AEA as active individual investors, join its portfolio company boards, or act in other advisory roles. Today, AEA's over 120 investment professionals operate globally with offices in New York, Stamford, San Francisco, London, Munich, and Shanghai. The Firm manages funds that have approximately $18 billion of invested and committed capital including the leveraged buyouts of middle market and small business companies, growth capital, and private debt investments. For more information, visit www.aeainvestors.com.
ABOUT PALLADINPalladin Consumer Retail Partners is a Boston-based private investment firm, founded in 1998, that focuses primarily on the consumer products sectors in North America and Europe. The Palladin team has a strong investment and operating track record, having invested in, financed, or managed over 100 public and private retail and consumer products companies. Palladin prides itself on working closely with management teams to create value through strategic and operational initiatives. For more information, please visit https://pcrp.com/.
MEDIA CONTACTS
Splash Car Wash:Gina Colley(203) 324-5400 ex. 7024
AEA Investors:Kaitlin Bilby(212) 845-4307Media@aeainvestors.com
Kate Thompson / Erik CarlsonJoele Frank, Wilkinson Brimmer Katcher(212) 355-4449
Palladin:Patricia Donnelly(617) 585-3802pdonnelly@pcrp.com
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SOURCE Splash Car Wash
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