Access Holdings, a Baltimore-based mid-market investment firm, today announced a capital raise to fund the growth of portfolio company Spotless Brands. The capital raised will directly support the growth and innovation of the business, scaling its operations in new and existing markets, through both de novo expansion as well as accretive M&A. Access partnered on the capital raise with Wafra Inc. (“Wafra”), a global alternative investment firm.
“Our growth up to this point has been the direct outcome of the team’s hard work and dedication to delivering consistent, premium service to our customers. We are proud to be the partner of choice for the best brands and operators across the country,” said Spotless Brands Chief Executive Officer, Russ Reynolds. “This capital will be utilized to further enhance our position as the industry's premier express car wash platform via new market expansion, accelerated densification of our current markets, and investment in transformational infrastructure and technology.”
“This capital raise ensures the institutional knowledge of the entrepreneurs we partner with—our very own car wash hall of famers—continues to take precedent and inform the growth of Spotless Brands,” said Access Holdings Founder & Managing Partner, Kevin McAllister. “Today’s announcement represents a transformational activity for Access Holdings due to the creative execution by our team.”
Wafra has significant experience in the car wash industry, having previously grown El Car Wash into the leading express car wash platform in South Florida.
Established in 2019, Spotless Brands offers unparalleled services to customers across the nation. In only four years, Spotless has expanded its presence from a single market comprised of 24 sites to over 140 sites operating in nine markets. The capital raised will strengthen and scale Spotless Brands’ consistent growth in new markets and densify its operations in existing geographies. Spotless Brands is currently on track to add one to two new geographies to its business each year through both de novo builds as well as M&A activity.