A Westport-based private equity firm has made an undisclosed investment in a Long Island-based car wash chain that has 24 locations across the Northeast.
Balance Point Capital Advisors said it has “provided capital” to Washville Car Wash to help it refinance its credit facilities and fund future growth.
Washville, which was founded in 2019, has seven locations each on Long Island and in Massachusetts, five in Maine, three in Rhode Island and two in New Hampshire, according to its website.
It plans on owning 75 locations by 2030, Washville co-CEO James Canning said.
Balance Point’s investment focus is on lower middle market companies, which earn between $10 million and $100 million in annual revenue and earn between $2 million and $10 million before interest, taxes, depreciation, and amortization.
The firm has about $2.1 billion in assets under management that include 29 companies across a variety of sectors, according to its website. It has bought and sold 48 portfolio companies since being founded in 2007.
Private equity investment has been significant in the car wash industry as investors see value in the sector’s high-cash-flow operations that come with real estate and repeat customers.