Mint Eco Car Wash announced the completion of a capital raise that provides the locally owned and operated company total equity capital of $50MM. This capital will allow Mint Eco to invest over $150MM in acquiring and developing car washes in Palm Beach County. Initial plans include 20 washes before year end 2024 and a portfolio of 50 washes in Palm Beach County before 2030.
When we started Mint Eco Car Wash in West Palm Beach in 2019, our vision was for a completely different car wash company, or, as we like to say, a fresh approach to washing cars, said Geoffrey Jervis, cofounder and CEO of Mint Eco. It all starts with why we are in business…and people are always surprised to hear that it is not to wash cars. Rather, we exist to make our customers happy…and we love selling happiness. We have always believed that all of Palm Beach County's residents deserve the feeling of optimism that comes from getting into a clean car. Now, with the equity we have raised from our dedicated investor group, our vision is well-capitalized.
Mint Eco's current portfolio is comprised of three car washes that it acquired, extensively renovated and rebranded. Continued growth will come from a combination of additional acquisitions, as well as the ground up development of new sites. To date, Mint Eco has secured six properties for development, and is pursuing an additional 300+ existing washes and development sites in the County. Kevin Probel, Kevin Mccarthy and Katy Ross with CBRE represented Mint Eco in the acquisition of the aforementioned six properties, and continue to represent Mint Eco in pursuing additional opportunities for expansion.
Our team has been advising Mint Eco through their site selection process and negotiations as they pursue acquisitions and locations for new ground-up development around Palm Beach County, said Kevin Probel, a First Vice President with CBRE. With the continued population growth in the area, there is no better time for Mint Eco to expand.
Mint Eco's growth strategy is to provide its customers convenient access to services through a sophisticated network of washes all over the county. A customer who joins Mint Eco's Unlimited Wash Club will have multiple locations to redeem their services in the County at no additional cost. Furthermore, each new location will offer express exterior and free vacuum services, plus a menu of flexible services, including interior cleaning and detail services—a unique product mix for Palm Beach County.
Everybody deserves to have the Mint Eco experience in their day, wherever their day takes them, said Vic Monteleone, cofounder and president of Mint Eco. Palm Beach County currently lacks the number of washes necessary to provide services to its residents. Furthermore, with the influx of new residents and their vehicles, the county will need even more car washes, quickly. We will be there to serve our growing community with not only the number of car washes needed, but, more importantly, with what we adamantly believe to be the highest-level experience in the car wash industry.
Sites that Mint Eco acquires and develops will be consistently designed to be beautiful, with Mint Eco's signature streetscapes that include extensive, locally sourced landscape installations designed to relax customers while improving the look and feel of the surrounding community. Mint Eco sites will also incorporate the latest eco-friendly renewable energy and water saving technologies, in continued pursuit of its environmental promise.
Despite Mint Eco's short, three-year operating history, it has already developed a fierce and loyal following, as evidenced by its being included as a write-in candidate for the Palm Beach Post's annual Best of Palm Beach's competition. Currently, Mint Eco is among the three finalists for the Post's Best Car Wash in Palm Beach County 2022.
