Turtle Wax secures multimillion-dollar funding agreement

Turtle Wax secures multimillion-dollar funding agreement

LIVERPOOL, England — The agreement is to help assist growth plans for Turtle Wax’s Europe, Middle East and Africa (EMEA) operations.

LIVERPOOL, England — Turtle Wax secured an approximately $9.3 million (£6 million) funding agreement with Bibby Financial Services (BFS), according to the International Carwash Association (ICA).

The agreement is to help assist growth plans for Turtle Wax’s Europe, Middle East and Africa (EMEA) operations, the article stated.

“We have ambitious plans to grow throughout the EMEA region and required a finance partner that not only understood the history and seasonality of our business, but [could] also support our expansion plans for the future,” said Mark Brickhill, EMEA president for Turtle Wax, in the article. “We considered a number of options but Bibby Financial Services [was] able to demonstrate both experience and acumen in structuring a finance package that was competitive and flexible.”

Turtle Wax relocated its EMEA headquarters to Bootle, Liverpool, last October, the article continued.

Following the launch of two new product lines, Perfect Finish and Essentials, the company is now planning to grow its market share throughout the region, the article reported.

“Turtle Wax is a market leading, global brand with significant expansion plans,” said Chris Farnsworth, corporate manager for BFS, in the article. “This was a complex deal, where we had to get to know the business, understand their future plans and structure a finance facility that would support domestic growth here in the U.K. but also help them to achieve their ambitious export targets throughout Europe, the Middle East and Africa.”

Turtle Wax, founded in 1945, is a family-owned and operated car care business with sales in over 90 countries, noted the article.

You can find the article here.

You May Also Like

Transforming carwash technology

SmartOperators are created when “artificial intelligence” and “industrial internet of things” technologies are applied to the carwash world.

Smart warehouse management system with innovative internet of things technology to identify package picking and delivery . Future concept of supply chain and logistic network business .

Over the last decade, many advances have occurred in the equipment and control space; however, site management technology hasn’t kept pace with innovation. As the sophistication levels have risen, developing a fully integrated solution for monitoring, maintaining and managing the critical components of a carwash operation has become increasingly challenging. The most sophisticated and fastest growing model is “express exterior,” which is essentially a motorized assembly line of robotic wash machinery, executing specific applications throughout the cleaning, shining and drying process. 

El Car Wash opens 24th, 25th locations

MIAMI — El Car Wash continues its expansion with the opening of its 24th and 25th locations in South Florida.

B+E helps buyer quickly close on $22M worth of carwash assets

NEW YORK — B+E helped to find and secure four new washing properties, closing on them before the end of 2022.

Autobell debuts in Greenville, S.C., market with three locations

CHARLOTTE, N.C. — Autobell Car Wash introduces three new washing locations to Greenville, Greer and Simpsonville.

Automotive Lift Institute unveils new Lifting Points Guide

CORTLAND, N.Y. — Electronic guide makes it easy to find OEM lifting point information.

Other Posts

Deltic Wash Force announces opening of ‘one-of-a-kind’ wash

BARRIE, Ontario, Canada — Klassic Car Wash offers both soft-touch and touch-free wash experiences.

When is the right time to sell your carwash?

What to consider if you are thinking about selling.

Garnett Station Partners recapitalizes Flagstop Car Wash

NEW YORK — The partnership is providing growth capital for continued regional expansion.

Magnolia Wash Holdings acquires Blue Water Express Wash

TALLAHASSEE, Fla. — The express carwash operator commemorates the three new locations in Tallahassee with a ribbon-cutting event and special promos.