Summit Wash Holdings Announces $200M+ Growth Investment

-Car wash company committed to strategic growth opportunities in existing markets-

PALM BEACH GARDENS, Fla., May 13, 2024 /PRNewswire/ -- Summit Wash Holdings, a membership-focused car wash group established in 2022, has received more than $200 million in debt financing to continue expansion in Central Florida, Connecticut, and New Jersey.  Summit, who currently operates 54 sites, will use the funding to nearly double location count with plans to surpass 100 locations by mid-2025.

"This significant investment in Summit Wash Holdings marks a milestone in our journey," said Dan Pittman, CEO of Summit Wash Holdings. "The funding supports brand expansion as well as our commitment to our customers and the communities we serve."

Established in 2022 and headquartered in Norwalk, Connecticut and Palm Beach Gardens, Florida, Summit was initially formed through a partnership with Russell Speeder's Car Wash, a 21-site family-owned car wash platform with locations primarily in the Northeast and Omaha, Nebraska. In 2023, New Mountain Capital, a New York-based investment firm, and Summit Wash Holdings announced a partnership reinforcing the team's commitment to growth.

About Summit Wash Holdings

Summit Wash Holdings ("Summit") was initially formed through a partnership with Russell Speeder's Car Wash, a family-owned car wash platform with 21 locations across the Northeast, Nebraska, and Florida markets. Russell Speeder's, which was founded in 1963 by the Shullman family, is known throughout the industry for its unparalleled quality, service, and customer experience. Following its initial formation, Summit has continued to focus on growth in its core Northeast and Midwest markets while also growing its presence in the Florida market through the acquisitions of Waters Carwash in 2022, and Car Wash Palace in 2023. For more information visit www.summitwashholdings.com.

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SOURCE Summit Wash Holdings