Golub Capital and Audax Strategic Capital Back the Oil-Change Franchisor’s Next Phase of Growth
- Strickland Brothers, an automobile maintenance brand that specializes in 10-minute drive-thru oil changes, has received an infusion of capital to enhance expansion.
- Strickland Brothers operates nearly 300 locations across 27 states and benefits from a thriving market.
- The Strickland Brothers franchise is part of Princeton Equity Group’s portfolio.
- The new financing was provided by Golub Capital and Audax Strategic Capital.
Strickland Brothers, an automobile quick-lube service franchisor, has announced the closing of new financing provided by Golub Capital and Audax Strategic Capital. This financial backing aims to support Strickland Brothers’ acquisition activity and to enable continued expansion of the company’s brand and national footprint, according to a news release from Princeton Equity Group. Strickland Brothers is a franchisor within Princeton Equity Group’s portfolio.
The 10-year-old brand specializes in drive-thru 10-minute oil changes and also performs other automotive maintenance. Strickland Brothers service centers are known for delivering a convenient stay-in-your-vehicle experience that is supported by a simple and scalable operating model. The news release stated that Strickland Brothers has close to 300 locations across 27 states.
The automotive service brand is situated in a thriving market. The United States oil change service market size was estimated at $8.11 billion in 2024, and its compound annual growth rate is forecast to be 5.9% from now through 2030, Grand View Research has reported.
What Strickland and Princeton Executives Say
Justin Strickland, the founder and CEO of Strickland Brothers, praised the transaction as an important gateway for his company’s growth, according to the news release. “This financing gives us added flexibility to continue scaling the business while remaining focused on providing a world-class customer experience,” Strickland said. “With Princeton Equity Group’s continued support and experienced capital partners alongside us, we’re well positioned for the next phase of growth.”
Phil Piro, who is a partner at Princeton Equity Group, echoed the founder’s enthusiasm in the news release. “We’re excited for the next chapter of growth at Strickland as we continue to build out our national footprint,” Piro said. “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.”
Reactions from Golub, Audax Leaders
Leaders of Golub Capital and Audax Strategic Capital also were quoted in the news release as seeing a bright outlook for Strickland Brothers’ future.
Spyro Alexopoulos, who is a co-head of Golub Capital’s Direct Lending group, said, “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.”
Kumber Husain, managing director at Audax Strategic Capital, also expressed optimism. “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,” Husain said. “We believe the company’s scale, growth trajectory, execution and market thesis make it a compelling opportunity.”
About Golub Capital
Golub Capital is a market-leading private credit manager with more than $90 billion of capital under management. It specializes in providing flexible financing solutions to companies backed by private equity sponsors.
Through its Direct Lending group, Golub provides buy-and-hold financing for sponsor-backed transactions with hold positions up to $1 billion and arranges syndicated credit facilities up to $2 billion. As of Jan. 1 of this year, Golub Capital had 1,100-plus employees and more than $90 billion of capital under management. The firm has offices in North America, Europe, Asia and the Middle East.
About Audax Strategic Capital
Based in New York and London, Audax Strategic Capital is a flexible partner to private equity sponsors who want to drive the growth of their portfolio companies. Some 100-plus investment professionals and more than 280 employees work for Audax Strategic Capital.
Audax Strategic Capital provides mid-hold equity solutions for private equity-backed companies. Audax Strategic Capital, which is investing out of its $1.3 billion debut fund, is part of the Audax Private Equity platform, a capital partner to middle market companies. Audax Private Equity has $19 billion of assets under management.
About Princeton Equity Group
Based in Princeton, N.J., Princeton Equity Group manages roughly $1.6 billion in assets. Princeton Equity Group employs a long-term strategy when it takes stakes in franchisor and multi-location companies. It engages in supportive business partnerships with its partner businesses’ founders and management teams.
Piper Sandler & Co. and Herbert Smith Freehills Kramer LLP advised Strickland Brothers on the transaction.
