Carlyle’s credit platform provides financing to Access Holdings-backed Spotless Brands

Carlyle was administrative agent and joint lead arranger on the financing.

  • Spotless Brands is a portfolio company of Access Holdings
  • Access Holdings formed Spotless Brands in 2019
  • Carlyle Global Credit manages $141 billion in assets on a pro forma basis as of April 1, 2022

Carlyle’s credit platform has provided financing for Spotless Brands, a portfolio company of Access Holdings. No financial terms were disclosed.

Spotless Brands owns 125 car wash sites across the U.S. operating under four brands: Cobblestone Auto Spa, Flagship Carwash, Okie Express Auto Wash and Ultimate Shine Car Wash. This financing helped transform those four brands into a top-five car wash platform.

In addition to this transaction, Carlyle led an earlier financing for affiliated car washes now part of Spotless Brands that closed in June 2022, supporting the continued expansion of Spotless Brands’ base of locations.

David Richman, managing director at Carlyle Global Credit, said in a statement: “We are pleased to continue our partnership with Access Holdings and Spotless Brands, a demonstrated leader in the fast-growing car wash sector. By leading this new investment, in a challenging market environment, we are helping provide the additional capital Spotless needs to accelerate their successful growth trajectory.”

Carlyle Global Credit manages $141 billion in assets on a pro forma basis as of April 1, 2022. It is an active provider of private credit solutions across the capital structure, including senior secured loans, unitranche loans and junior debt.

As of March 31, 2022, Carlyle has $325 billion of assets under management. Carlyle employs nearly 1,900 people in 26 offices across five continents.

Access Holdings formed Spotless Brands in 2019.

Based in Baltimore, Access Holdings has over $2.1 billion in assets under management. Access was founded in 2013.