Mammoth Holdings LLC, America's premier express car wash platform, announced that it had completed an equity capital raise with CCMP Growth Advisors, a New York-based private equity firm.
"We're focused on growth at Mammoth Holdings and this equity raise will ensure that we can accelerate new store openings, invest in cutting-edge technology, and remain the partner-of-choice for car wash operators seeking to sell their business," said Dave Hoffmann, Chairman and CEO of Mammoth Holdings. "We're also excited to add another high-quality investor with extensive multi-unit company experience to our board of directors."
"We've evaluated several potential car wash investments, and Mammoth stood out to us as the best platform we've seen in the industry." said Joe Scharfenberger, managing director at CCMP. "Their management team is outstanding; they have a compelling consumer value proposition and a strong geographic footprint with a deep pipeline of new stores; and we know and trust the other investors on the board. Mammoth has a lot to like."
Mammoth has significant growth capital and is actively seeking acquisitions and development opportunities.
JP Morgan advised Mammoth on the transaction.
Mammoth Holdings is the first car wash platform formed by industry insiders and has 112 operating locations. Mammoth is customer-focused operationally, operator-focused in its approach to acquisitions, and seeks to be the partner-of-choice for car wash operators who desire liquidity, growth capital, and a tax-deferred equity investment opportunity. Mammoth Holdings' multi-brand portfolio includes Coastal Carwash, SUDS, Silverstar, Busy Bee, PureMagic, Marc-1, Ultra, Wash Me Fast, Wiggy Wash, Pals, Finish Line, LuLu's, PitStop, and Swifty, among others.
In October 2018, Mammoth partnered with Red Dog Equity LLC, an Atlanta-based private equity firm, which, through its partnership with Tom Pritzker's family business interests (advised by The Pritzker Organization), provides the equity for Mammoth Holdings' corporate development initiatives. Monroe Capital and Morgan Stanley provide Mammoth Holdings' debt financing.
