Summit Wash Holdings
Established in 2022, Summit Wash Holdings (“Summit”) was initially formed through a partnership with Russell Speeder’s Car Wash, a family-owned car wash platform with 21 locations across the Northeast, Nebraska, and Florida markets. Russell Speeder’s, which was founded in 1963 by the Shullman family, is known throughout the industry for its unparalleled quality, service, and customer experience. Following its initial formation, Summit has continued to focus on growth in its core Northeast market while also growing its presence in the Florida market through the acquisitions of Waters Wash in 2022 and Squeeky’s Car Wash in 2023.
New Mountain formed Summit as a result of the Firm’s long-standing “deep dive” initiative in automotive aftermarket services. New Mountain had been tracking the car wash space for a number of years, including during the firm’s ownership of DRB Systems, and initiated proprietary discussions with Russell Speeder’s in 2022. New Mountain utilized a number of expert advisors to assist in due diligence and acquire the business outside of a formal auction process.