-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.
Media Contacts:
Bert Kelly
BKelly@SummitWashHoldings.com
208-573-8020
Jamie Levin
Jamie@JLevinCommunications.com
443-604-4547
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SOURCE Summit Wash Holdings