NORWALK, Conn. and WEST PALM BEACH, Fla. — Summit Wash Holdings, a new private equity-backed entrant into the carwash industry, announced in a press release its express carwash platform and partnership with New Mountain Capital.
The initial platform was formed with the acquisitions of Russell Speeder’s Car Wash, Waters Car Wash and Squeeky’s Car Wash and consists of 37 carwash sites across the Northeast, Florida and Nebraska markets.
Dan Pittman, the former CEO of DRB Systems, will be appointed CEO.
More details from Summit Wash Holdings can be found here.
Car Wash Advisory, a leading investment banking firm and transaction advisor focused exclusively on the carwash industry, advised Florida-based Waters Car Wash.
Waters Car Wash currently has five operating express carwashes with another four in development throughout Central and South Florida.
The Waters Car Wash team will be staying on in a development role to identify and build new carwash sites throughout Florida.
“We are really proud of the outcome of this transaction for Waters, which allows these entrepreneurs to be rewarded for their many years of hard work but also allows them to leverage their development expertise to grow the Waters brand with their new partner,” remarked Colin May, managing director at Car Wash Advisory.
Doug Long of Waters commented, “We came into this process unsure of whether we wanted to sell 100% or find a partner that we could work with long-term. CWA’s sale process generated significant interest in our washes and provided us with multiple offers and several high-quality buyer options, including Summit Wash Holdings, who is a great fit for us.”
To learn more or to reach out to the CWA team, visit www.carwashadvisory.com.