Carlyle Global Credit Serves as Administrative Agent and Joint Lead Arranger on Financing for Spotless Brands
Financing Helped Transform Spotless’ Four Brands into a Top-Five Car Wash Platform
NEW YORK – Global investment firm Carlyle (NASDAQ: CG) announced today that its Global Credit platform served as Administrative Agent and Joint Lead Arranger on a financing for Spotless Brands.
A portfolio company of Baltimore-based private equity firm Access Holdings, Spotless Brands owns 125 car wash sites across the United States operating under four brands: Cobblestone Auto Spa, Flagship Carwash, Okie Express Auto Wash and Ultimate Shine Car Wash. This financing helped transform those four brands into a top-five car wash platform.
In addition to this transaction, Carlyle led an earlier financing for affiliated car washes now part of Spotless Brands that closed in June 2022, supporting the continued expansion of Spotless Brands’ base of locations.
David Richman, Managing Director with Carlyle Global Credit, said, “We are pleased to continue our partnership with Access Holdings and Spotless Brands, a demonstrated leader in the fast-growing car wash sector. By leading this new investment, in a challenging market environment, we are helping provide the additional capital Spotless needs to accelerate their successful growth trajectory.”
Andy Colmone, CFO of Spotless Brands, said, “We are delighted to partner with Carlyle on this significant transaction, which represents a major step in our continued evolution. Carlyle’s deep understanding of the car wash sector allowed the team to structure a solution that supports our long-term strategic growth plans.”
Carlyle Global Credit manages $141 billion in assets on a pro forma basis as of April 1, 2022. It is an active provider of private credit solutions across the capital structure, including senior secured loans, unitranche loans and junior debt.
* * *
About The Carlyle Group
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $325 billion of Assets Under Management as of March 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs nearly 1,900 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
About Spotless Brands
Access Holdings formed Spotless Brands in 2019 with a singular goal: to build market-leading car wash platforms in partnership with world-class operators. Through its partnerships with Flagship Car Wash, Cobblestone Auto Spa, Okie Express Auto Wash, and Ultimate Shine Car Wash, Spotless Brands currently operates 125 locations in Arizona, Colorado, Oklahoma, Washington D.C., Maryland, West Virginia, Virginia, and Tennessee. With a robust pipeline of acquisitions and new development opportunities, Spotless Brands is on track to significantly expand in each of its markets in 2022. For more information, please visit www.spotlessbrands.com.
About Access Holdings
Access Holdings Management Company LLC is a Baltimore-based middle-market investment firm with over $2.1 billion in assets under management. Founded in 2013, Access provides high-quality, direct investments opportunities to create concentrated portfolios of essential service-based businesses in North America. We undertake active build-and-buy strategies, pursuing what we want to own, great markets and distinct business models. In doing so, Access partners, scales, and innovates to build enduring businesses. For more information, please visit www.accessholdings.com.