By Jim Utter
Director of Journalism
AEA Investors, a private investment firm based in New York, announced on Thursday that it has acquired a majority interest in Splash Car Wash.
Founded in 1981 by Chris Fisher and Mark Curtis, Splash Car Wash began with a single location in Greenwich, Connecticut. Since then, Splash has grown into a leading car wash platform in the Northeast, with more than 65 locations across Connecticut, Massachusetts, New York, and Vermont.
The AEA Small Business Private Equity team purchased the majority interest in Splash from Palladin Consumer Retail Partners LLC, which originally acquired the car wash brand in 2018.
Financial terms were not disclosed.
In addition to the investment by AEA, Dan Petrelle – who has served as COO of Splash for 22 years – will succeed Curtis as CEO. Curtis is transitioning to the role of Chairman of the Board.
“This partnership marks the beginning of an exciting new era,” said Curtis. “Palladin has been a great partner, helping us strategically expand into new markets, integrate multiple acquisitions and develop new sites.
“Now, with Dan at the helm and AEA as a strategic partner, Splash is even further equipped to grow and maintain its long-standing commitment to best-in-class service. As we embark on this next chapter, I look forward to supporting the company’s ongoing success as Chairman, with Dan and the team building upon the strong foundation we have in place.”
Petrelle said Splash would continue to look for opportunities to expand.
“AEA has an impressive track record of helping strong companies scale for the long run, making them the ideal new partner as we seek to take Splash to the next level,” he said.
“Looking ahead, we are well positioned and excited to accelerate our growth, both organically and through strategic acquisitions and new greenfield developments, spanning our current markets and new geographic areas.”
“Splash is a premier player in a fragmented market and space we know well, and we are excited by the company’s robust prospects for growth,” said Dan Schorr, Partner on the AEA SBPE team.
“We are thrilled to join forces with Dan, Mark, and the entire Splash team, and we look forward to working in partnership with them as they execute on their mission to strategically expand and set new industry standards for quality service.”
AEA Investors was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets.
Today, AEA’s over 120 investment professionals operate globally with offices in New York, Stamford, San Francisco, London, Munich, and Shanghai. The firm manages funds that have approximately $18 billion of invested and committed capital.
“Working alongside Dan Petrelle, Mark Curtis, and the entire Splash team has been a tremendous experience,” said Mark Schwartz, CEO of Palladin.
“We are pleased to have supported the team as they built a leading car wash operator in the Northeast, and we are excited to see what the future holds for Splash.”
