Strickland Brothers, one of the largest independent quick-lube operators in the U.S., announced it has closed a new $360 million committed financing package from Golub Capital and Audax Strategic Capital to support acquisition activity and accelerate national growth.
The company, founded in 2016 and headquartered in Winston-Salem, North Carolina, operates and franchises drive-thru “10-minute” oil change and automotive maintenance service centers under the Strickland Brothers 10-Minute Oil Change brand. Strickland said it now has nearly 300 locations across 27 states and plans to use the new capital to expand its footprint while continuing to scale its operating model.
Strickland is backed by Princeton Equity Group, which focuses on multi-site and franchised businesses. Princeton partner Phil Piro said the financing provides additional runway for strategic acquisitions and brings in capital partners with experience in multi-location automotive services.
Golub Capital, a private credit manager that specializes in sponsor-backed financing, said the facility is structured to provide flexibility aligned with Strickland’s acquisition strategy. Audax Strategic Capital, which provides customized equity solutions for private equity-backed companies, said it is investing from its debut fund and views Strickland’s scale and growth trajectory as an attractive platform opportunity.
Support: Strickland Brothers was advised by Piper Sandler & Co. and Herbert Smith Freehills Kramer.
KEY QUOTES
“This financing gives us added flexibility to continue scaling the business while remaining focused on providing a world class customer experience. With Princeton’s continued support and experienced capital partners alongside us, we’re well positioned for the next phase of growth.”
Justin Strickland, Founder and Chief Executive Officer, Strickland Brothers
“We’re excited for the next chapter of growth at Strickland as we continue to build out our national footprint. This transaction provides significant runway to execute on strategic acquisitions and brings two capital partners with deep experience investing behind multi-site automotive services companies.”
Phil Piro, Partner, Princeton Equity Group
“The Strickland Brothers team has built a high-quality platform with a disciplined growth plan. We’re pleased to provide a flexible financing solution that supports the Company’s acquisition strategy and helps propel the next phase of growth.”
Spyro Alexopoulos, Co-Head of Direct Lending, Golub Capital
“We’re excited to partner with Princeton and the Strickland Brothers team as they continue to build a national platform, with a loyal customer base. We believe the Company’s scale, growth trajectory, execution, and market thesis make it a compelling opportunity.”
Kumber Husain, Managing Director, Audax Strategic Capital
