Garnett Station Partners, LLC (“Garnett Station”), a New York-based principal investment firm that manages $1.85 billion of assets, today announced it has partnered with CEO Jamie Nester and the management team of Flagstop Car Wash (“Flagstop” or the “Company”), a leading express car wash chain based in Richmond, Virginia, to recapitalize the Company and provide growth capital to continue building out the Flagstop platform. Financial terms of the deal were not disclosed.
Founded in 1981 in Chester, Virginia, Flagstop has grown to become the leading express car wash chain offering premium wash and membership services at 14 strong-performing units across the greater Richmond region. Garnett Station’s investment will help accelerate the growth of Flagstop’s premium car wash platform within its core geographies, with the expectation to double its current footprint through new unit development and acquisitions.
“Jamie, Craig and Derek are pioneers in the car wash industry. They have built an extraordinary team and beloved brand, and we are really excited to partner together to further accelerate growth in Richmond and beyond,” said Alex Sloane, Co-Founder and Managing Partner at Garnett Station.
Jamie Nester, CEO of Flagstop, added, “We’re thrilled to partner with Garnett Station and to add both their financial support and operational expertise as we look to continue to strengthen and grow our express and membership-focused business model. The Garnett Station team shares our vision for growth and passion for building a leading car wash platform. I’m excited for this next chapter of growth for Flagstop.”
“With several new sites in development, we are excited to partner with Garnett Station to continue scaling our platform,” added Craig Marable, Flagstop’s VP of Operations & Derek Haynes, VP of Maintenance and Facilities.
About Garnett Station Partners
Garnett Station Partners is a principal investment firm founded in 2013 by Matt Perelman and Alex Sloane that manages $1.85 billion of assets. Garnett Station partners with experienced and entrepreneurial management teams and strategic investors to build value for its portfolio of growth platforms. The firm draws on its global relationships, operational experience and rigorous diligence process to source, underwrite and manage investments. Core sectors include food & beverage, health & wellness, automotive, consumer and business services. Garnett Station's culture is based on the principles of entrepreneurship, collaboration, analytical rigor and accountability. For more information, please visit www.garnettstation.com.
About Flagstop Car Wash
Flagstop Car Wash was founded over 40 years ago in Chester, Virginia by Bob Schrum. Jamie Nester, Craig Marable and Derek Haynes acquired the Company in late 2016 and have successfully grown Flagstop into the leading express car wash platform in the greater Richmond market with 14 existing locations. For the latest news from Flagstop as well as more information on the company’s services, locations and hours, visit www.flagstopcarwash.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230110006056/en/
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