Audax Strategic Capital (ASC) has made a structured equity investment in Strickland Brothers, a Princeton Equity Group-backed quick-lube and automotive maintenance platform, with proceeds earmarked to help fund actionable M&A opportunities as the business continues its national expansion. Financial terms were not disclosed.
Strickland Brothers, founded in 2016 and headquartered in Winston-Salem, North Carolina, operates and franchises drive-thru “10-minute” oil change and maintenance service centers. Since Princeton’s 2021 investment backing founder and CEO Justin Strickland, the company has expanded from a regional operator in the Southeast into a national footprint, reaching nearly 300 locations across 27 states as of January 2026.
Audax said the deal reflects ASC’s mid-hold, non-control equity strategy, which is designed to provide sponsors with customized capital solutions to support growth initiatives in performing portfolio companies. The transaction closed on January 2, 2026.
ASC is investing from its debut fund, which Audax said closed above target last year and raised approximately $1.3 billion in total capital, including capital raised from related vehicles and Audax Private Equity’s GP commitment. The firm said it has completed nine non-control, mid-hold equity investments across North America and Europe through the first fund.
Princeton Equity Group, which focuses on growth franchisors and multi-location services businesses, manages approximately $1.6 billion of assets, according to the firm. Audax Strategic Capital operates from New York and London and is part of the broader Audax Private Equity platform, which reported $19 billion in assets under management as of March 2025.
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“We’re excited to partner with Princeton Equity Group and the Strickland Brothers team, and look forward to supporting their vision for future growth.”
Kumber Husain, Managing Director, Audax Strategic Capital
“We were looking for a true partner that could bring both strategic insight and a capital solution that delivered flexibility as Strickland continues to scale. The team at Audax knows the automotive space, has experience with franchise, multi-site business models, and quickly understood our thesis. We are excited to continue expanding the company’s presence and brand as we execute on our vision to build a world-class operator with a national footprint.”
Phil Piro, Partner, Princeton Equity Group
“ASC’s strategy is premised on supporting quality sponsors looking to invest in the continued growth of their performing assets. This investment in Strickland provides a textbook example of ASC’s approach in action to support sponsors backing established management teams and helping to clear a path to fuel future growth.”
David Wong, Partner, Audax Private Equity
