Splash Acquires Select Classy Chassy Washes To Continue Its Dominance In The Northeast Region

News provided by

Palladin Consumer Retail Partners, LLC

Nov 02, 2021, 09:13 ET

MILFORD, Conn., Nov. 2, 2021 /PRNewswire/ -- Splash Car Wash, headquartered in Milford, Connecticut, today announced the acquisition of 17 Classy Chassy car washes in the greater Buffalo and Rochester areas. This Splash acquisition immediately follows last week's purchase of four Buckmans express washes also located in Rochester. Splash now operates 44 washes located across Connecticut, New York, and Vermont with over 10 new express sites under development.

The acquisition is further evidence of Splash's interest in the upstate New York market as the Company continues its expansion throughout the Northeast. Splash plans to improve the express sites by adding pay gates, increasing the number of free vacuums for customers, reinvigorating the monthly unlimited program, and converting select in-bay sites to best-in-class express tunnels.

"We couldn't be happier to have Classy Chassy join the Splash family. Not only have we acquired great locations, but we are also excited about adding Jeff Arnold and Dave Clements, the two founders, and the rest of their associates to our team. Jeff and Dave are experienced developers who know the region well and will assist Splash in dramatically expanding our footprint in the region," stated Mark Curtis, CEO of Splash. "Furthermore, Jeff and Dave were driving factors in last week's Buckmans transaction, and we are confident that there are a lot more expansion opportunities for Splash with them on our team."

"Splash already has started to welcome our team into their organization, and we are excited to partner with Mark, Dan Petrelle, Jay Ford and the rest of the Splash group. The Splash culture and their attention to operations and customer service were driving factors in our decision to partner with the Company," added Clements. "Their expertise will only enhance our results. We know this partnership will be beneficial to all Classy Chassy team members and customers."

With the acquisition, Splash will add 10 express tunnels and 7 in-bay sites in both its existing Rochester market, as well as Buffalo, a new region for Splash.

Goldman Sachs, Splash's existing lender, provided debt financing for the acquisition.

Latham & Watkins, LLP and Harter, Secrest & Emery, LLP represented Splash in the transaction. Crowe LLP provided accounting advice and Krauter & Company, LLC provided insurance expertise. Classy Chassy was represented by Boylan Code LLP and Kenyon & Kenyon LLP. Goldman Sachs was represented by Vinson & Elkins, LLP.

ABOUT SPLASH CAR WASH, INC

Splash Car Wash was started in 1981 by Mark Curtis and Chris Fisher with a single location in Greenwich, Connecticut. Since that time, Curtis & Fisher, along with their experienced team and partners, have developed over 35 locations, and currently operate carwash tunnels in Connecticut, Vermont, and New York. Many sites include detailing operations, six locations provide oil change services, and one location has a laundromat.

Splash has been named "Best Carwash" by numerous publications over 35 times and has been recognized as a "Top Workplace" six times by Hearst Publications. Four General Managers employed by Splash have been recognized as "Most Valuable Carwasher" by Professional Carwash & Detailing Magazine. Splash has been awarded the US Chambers of Commerce prestigious "Blue Chip Enterprise Award" and has been inducted into the Connecticut Business Hall of Fame.

ABOUT PALLADIN CONSUMER RETAIL PARTNERS (PCRP)

Palladin Consumer Retail Partners is a private equity firm with extensive experience investing in and building leading 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. Palladin partnered with Splash in 2018. Other current and former investments include Leapfrog Brands, Decowraps, PB Metro, KT Tape, Nic+Zoe, InMotion Entertainment, J. McLaughlin, Things Remembered, Restoration Hardware, Spencer Gifts, Jamba Juice, Worldlynx, Multi-Flow, and Kwik-Tek.

CONTACT:

Mark Curtis
[email protected]
203-324-5400 ext. 7011

Patricia Donnelly
[email protected]
617-585-3800

SOURCE Palladin Consumer Retail Partners, LLC