Mammoth Holdings, a car wash operating platform and portfolio company backed by Red Dog Equity, The Pritzker Organization and CCMP Growth Advisors, executed a refinancing of its operations through Oak Hill Advisors totaling more than $500 million in size.
Oak Hill Advisors served as lead arranger for the refinancing and provided the majority of the private financing solution, which includes a unitranche term loan, a delayed-draw term loan and a revolving credit facility. The funding will support Mammoth’s long-term growth strategy of acquiring existing car wash brands and opening greenfield locations.
Mammoth’s operating platform maintains more than 100 locations through its multi-brand portfolio. The financing will help Mammoth achieve its goal of reaching 500 sites across the U.S. by providing resources and opportunities to its owner-operators.
“We are focused on scaling our platform and delivering on our growth strategy for Mammoth and its holders. With OHA’s extensive industry knowledge, they are the partner of choice in supporting this transaction,” Dave Hoffmann, chairman and CEO of Mammoth, said. “Our team looks forward to a long-term partnership with such a well-respected lending group like OHA in supporting our operations.”
“We have cultivated deep expertise in the automotive services ecosystem, including the car wash sector, as an active lender in the space across OHA’s public and private credit businesses,” Eric Muller, portfolio manager and partner at Oak Hill Advisors, said. “We are pleased to harness our specialized knowledge and financing capabilities to support the continued growth and development opportunities for Mammoth and its equity providers.”
Oak Hill Advisors sourced this transaction through its direct lending partnership with BMO Capital Markets, which includes more than $1 billion to invest in jointly originated senior secured private credit assets.
