Locally Owned Car Wash Announces $150 Million Expansion Plan for Palm Beach County
WEST PALM BEACH, Fla., March 3, 2022 /PRNewswire/ -- Mint Eco Car Wash announced today 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.
Geoffrey Jervis, Co-Founder and CEO of Mint Eco, shared, "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. 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. With the continued population growth in the area, there is no better time for Mint Eco to expand," added Kevin Probel, a First Vice President with CBRE.
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," commented Vic Monteleone, Co-Founder 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.
Geoffrey Jervis elaborated further, "We are not just another car wash. We are a cultural movement in our County and in our Industry. This movement is founded on the principles that car washes can do better…much better. We believe that car washes can be beautiful, car washes can be environmental leaders, car washes can support their local communities, car washes can develop trust and loyalty with customers, and the list goes on. We have a lot of work to do in order to deliver our vision across the County, and we look forward to the challenge. We believe that this is the first of many big and exciting moments for Mint Eco."
About Mint Eco:
Mint Eco Car Wash is bringing A Fresh Approach to Washing Cars across Palm Beach County, with its unique mission statement: "We exist to make people happy. We believe a clean car makes you feel good and makes you optimistic about the rest of your day. And we LOVE being in the business of selling happiness." Founded in 2019 in West Palm Beach, Mint Eco has grown to over 100 employees and has washed hundreds of thousands of cars in Palm Beach County to date.
Mint Eco currently operates three car washes in Palm Beach County: Mint Eco Car Wash Downtown, located at 316 Southern Boulevard in West Palm Beach, Mint Eco Car Wash Jupiter, located at 220 Maplewood Drive in Jupiter, and Mint Eco Car Wash Okeechobee/Turnpike, located at 1950 Golden Lakes Boulevard in West Palm Beach, with plans to develop 50 more locations over the next several years. To learn more visit, www.mintecocarwash.com.
About CBRE:
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Contact:
Shannon Hunihan
Chief Marketing Officer
ShannonH@mintecocarwash.com
941-587-4965
SOURCE Mint Eco Car Wash