Strickland Brothers, one of the largest independent quick-lube operators in the United States, closed a new committed financing provided by Golub Capital and Audax Strategic Capital (“ASC”). The financing is designed to support the Company’s acquisition activity and enable continued expansion of Strickland’s brand and national footprint.

Founded in 2016 and headquartered in Winston-Salem, North Carolina, Strickland Brothers is a national operator and franchisor of drive-thru, 10-minute oil change and automotive maintenance service centers, with nearly 300 locations across 27 states. Strickland is a portfolio company of Princeton Equity Group (“Princeton”), a leading private equity firm with substantial experience investing in high-growth, multi-site, and franchised businesses.

“This financing gives us added flexibility to continue scaling the business while remaining focused on providing a world class customer experience,” said Justin Strickland, Founder and Chief Executive Officer of Strickland Brothers. “With Princeton’s continued support and experienced capital partners alongside us, we’re well positioned for the next phase of growth.”

“We’re excited for the next chapter of growth at Strickland as we continue to build out our national footprint,” said Phil Piro, a Partner at Princeton Equity Group. “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.”

Golub Capital is a market-leading private credit manager with over $90 billion of capital under management, specializing in providing flexible financing solutions to companies backed by private equity sponsors.

“The Strickland Brothers team has built a high-quality platform with a disciplined growth plan,” said Spyro Alexopoulos, Co-Head of Direct Lending at Golub Capital. “We’re pleased to provide a flexible financing solution that supports the Company’s acquisition strategy and helps propel the next phase of growth.”

Audax Strategic Capital provides customized, mid-hold equity solutions for private equity-backed companies. ASC is investing out of its debut fund, comprised of approximately $1.3 billion of total capital when combined with related vehicles and Audax Private Equity’s GP commitment. ASC is part of the Audax Private Equity platform, a capital partner to middle market companies with $19 billion of assets under management.

“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,” said Kumber Husain, Managing Director at Audax Strategic Capital. “We believe the Company’s scale, growth trajectory, execution, and market thesis make it a compelling opportunity.”

Strickland Brothers was advised by Piper Sandler & Co. and Herbert Smith Freehills Kramer LLP.