Car Wash Chain to Spend $150M on Palm Beach County Expansion
By Jeff Ostrowski March 3, 2022 2:21 pm
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Mint Eco Car Wash has raised $50 million in equity as it launches a $150 million expansion spree in Palm Beach County, the firm announced Thursday.
The privately held company, based in West Palm Beach, has three locations now, with six more under development. Mint Eco aims to expand its roster to 20 car washes in Palm Beach County by the end of 2024, and to 50 locations by 2030.
As it scouts for new locations, Mint Eco is being represented by Kevin Probel, Kevin McCarthy and Katy Ross of CBRE (CBRE).
The company is targeting 1.5-acre parcels at busy intersections. Vic Monteleone, Mint Eco’s president and co-founder, acknowledged that those parcels are in demand.
“The biggest challenge is going to be finding good sites and developing them,” Monteleone told Commercial Observer. “It’s a very competitive marketplace for commercial real estate.”
Mint Eco sells single washes for $10, along with club memberships that allow unlimited visits for $20 to $35 a month. The company hopes that an extensive network of locations will entice motorists to pay for monthly memberships.
“The convenience factor of having 50 car washes in Palm Beach County versus three is huge,” Monteleone said.
While car washes remain a fragmented sector, Mint Eco’s strategy reflects a shift toward bigger money and more concentrated ownership.
“A lot of private equity money and heavy investors have come into the car wash industry,” Monteleone said.
In another example of changes to South Florida’s car wash landscape, El Car Wash of Miami bought three Motor City Car Wash locations in Palm Beach County last year.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
