Strickland Brothers, a leading independent operator of quick-lube and automotive maintenance service centers, has closed a $360 million committed financing package to support continued growth, including acquisitions and expansion of its national footprint.

The financing was provided by Golub Capital and Audax Strategic Capital, and supports Strickland Brothers’ ongoing growth strategy under the ownership of Princeton Equity Group.

Founded in 2016 and headquartered in Winston-Salem, North Carolina, Strickland Brothers operates and franchises drive-thru automotive service centers under the Strickland Brothers 10-Minute Oil Change brand. The company has grown to nearly 300 locations across 27 states.

“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.”

Spyro Alexopoulos, Co-Head of Direct Lending at Golub Capital, said the firm views Strickland Brothers as a high-quality platform with a disciplined growth strategy, noting Golub’s focus on providing flexible capital solutions aligned with long-term business objectives.

Kumber Husain, Managing Director at Audax Strategic Capital, said the transaction reflects confidence in the Strickland Brothers management team and its execution track record as the company continues to scale.

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

Source: Business Wire on behalf of Strickland Brothers