Summit Wash Holdings, a Palm Beach Gardens, FL- and Norwalk, CT-based membership-focused car wash group currently operating 54 sites, received $200M+ in debt financing.
The company intends to use the funds to continue expansion in Central Florida, Connecticut, and New Jersey with plans to surpass 100 locations by mid-2025.
Established in 2022 and led by CEO Dan Pittman, Summit Wash 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 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.
FinSMEs
13/05/2024