Palladin Consumer Retail Partners LLC has acquired Greenwich, Connecticut-based Splash Car Wash, a regional operator of car washes. No financial terms were disclosed.
BOSTON, MA and GREENWICH, CT – November 5, 2018 – Palladin Consumer Retail Partners, LLC (“Palladin” or “PCRP”) (pcrp.com) announced today the acquisition of SPLASH CAR WASH (“Splash” or the “Company”) (Splashcarwashes.com) in partnership with Mark Curtis, Chris Fisher, Dan Petrelle and the strong Splash management team.
SPLASH CAR WASH, based in Greenwich, CT, was founded in 1981 and is a leading regional operator of car washes with 18 locations in New York and Connecticut. The Company offers Full Service, Hand Wash, Express and Self-Service alternatives, as well as Oil and Lube services at premier locations. Driven by industry-leading customer service and environmentally-focused technology, Splash provides its customers with multiple options under various programs including monthly subscriptions and a la carte pricing.
Palladin, founded in 1998, has helped build numerous consumer and retail platforms. The portfolio team led by Anders Petersen, Managing Director and Mark Schwartz, CEO, will work closely with their operating partners providing marketing, financial, real estate, systems and other expertise to help management expand the Splash platform. Splash and Palladin are eager to partner with other car wash owners interested in either liquidity and/or a partnership with a strong professional operation with significant upside potential.
Mark Curtis, CEO of Splash, said, “The Palladin team brings a wealth of experience growing consumer brands. Being able to work with them marks a critical next step in our growth strategy. Their expertise, support and leadership will provide creative insights and operational improvements that will be instrumental in becoming a major regional and national platform.”
Mark Schwartz, CEO of Palladin, added, “We are excited to partner with Mark and the entire Splash team. They have built an excellent Company and are well-respected in the industry. We are confident that, with additional capital and resources, we can work together to significantly expand the Splash organization.
Anders Petersen, Managing Director of Palladin commented, “We have spent over a year researching the car wash industry and identified Splash as a leading regional car wash operator and the perfect anchor acquisition. The experience of the management team, familiarity managing different car wash models, and commitment to employees and customer service provide an excellent partnership for growth and development. We look forward to working with Mark and his team growing Splash both organically and through acquisitions.”
Goldman Sachs Specialty Lending Group provided debt financing for the transaction, as well as an unfunded acquisition line and revolving credit facility to support future growth.
Advisors to Palladin included Latham & Watkins for legal services, Crowe for accounting, Krauter & Company for insurance, Environmental Resources Management (ERM) for environmental and Retail Technology Group for systems. Diserio Martin provided legal advisory services to the Company.
ABOUT PALLADIN CONSUMER RETAIL PARTNERS (PCRP)
Palladin Consumer Retail Partners is a private equity firm with extensive experience investing in and building leading retail and consumer brands. Founded in 1998, the firm prides itself on working closely with management teams to create value through strategic and operational initiatives. Its principals have previously held CEO and other senior executive roles at several wholesale, retail, and related companies, and have invested in, financed or managed over 100 public and private companies. Current and former investments include InMotion Entertainment, KT Tape, Nic+Zoe, J. McLaughlin, Things Remembered, Restoration Hardware, Spencer Gifts, Jamba Juice, Worldlynx, Multi-Flow, Kwik-Tek, and Party America. The firm targets middle market consumer product companies with $5 to $20 million in EBITDA.