Atlantic Street Capital has made an investment in Little Rock, Arkansas-based Zips Car Wash, a car wash operator. No financial terms were disclosed. BlackArch Partners was financial advisor to Zips Car Wash on the deal. Brett Overman, founder and CEO of Zips, will remain majority owner of the business.
NEW YORK, May 13, 2020 – Atlantic Street Capital, a private equity firm targeting entrepreneurial businesses poised for the next level of growth, announced today its partnership with Brett Overman and growth investment in Zips Car Wash, one of the largest express focused tunnel car wash operators in the U.S.
Founded in 2003 by Mr. Overman, Zips provides an express ride-thru tunnel wash experience at its 185 locations across 17 states in the South, Southeast, and Mid-Atlantic. Zips has over 1,400 employees and is based in Little Rock, Arkansas. Mr. Overman will remain majority owner of the business.
Brett Overman, Founder and CEO of Zips, said, “We couldn’t be more excited to partner with Atlantic Street’s investment and operations teams. Atlantic Street has considerable experience growing multi-unit, subscription-based retail platforms and driving well-run consolidations. This strategic capital will allow us to attract and retain the best talent in the industry, as well as offer leading express car wash operators a chance to be part of the Zips family.”
Andy Wilkins, Managing Partner of Atlantic Street Capital, commented, “Brett has built a tremendous brand and corporate culture focused on delivering consistent, high-speed customer service at an attractive price point. Zips is a strong national platform that we look forward to helping continue to build with Brett and his team.”
Phil Druce, Partner at Atlantic Street Capital, added, “Atlantic Street has been actively seeking the right opportunity in the express car wash market for several years. We’re thrilled to have found a great partner in Brett and platform in Zips as we look to build the brand to over 500 locations.”
Atlantic Street’s current and former investments in companies with multi-unit operations include, PLNTF Holdings (Planet Fitness franchisee), United Veterinary Care, A Wireless (Verizon Wireless Authorized Reseller), and Lori’s Gifts. They are currently investing out of their fourth fund, raised in 2019.
BlackArch Partners, a leading middle market investment bank based in Charlotte, NC, was retained by Zips Car Wash to serve as its exclusive financial advisor.
About Zips Car Wash
Zips Car Wash (www.zipscarwash.com) headquartered in Little Rock, AR, operates 185 locations in 17 states, including Arkansas, Oklahoma, Kansas, Missouri, Illinois, Texas, Florida, North Carolina, South Carolina, Georgia, Mississippi, Louisiana, Kentucky, Indiana, Virginia and Tennessee. Zips Car Wash offers four levels of car wash packages in the convenient form of a ride-thru car wash experience. Zips Car Wash also offers free self-serve vacuums and Unlimited Wash Club Memberships at most locations.
About Atlantic Street Capital
Atlantic Street Capital is a private equity firm that invests in lower middle market and middle market companies that can benefit from operational resources and support. Atlantic Street Capital’s investment team are hands-on investors who work closely with management to unlock their business’ underlying value and help them succeed. The firm is currently making investments in Atlantic Street Capital IV, LP. For more information, visit www.atlanticstreetcapital.com.
About BlackArch Partners
BlackArch Partners is a leading middle-market investment bank offering a full spectrum of advisory services to financial sponsors, private companies and diversified corporations. BlackArch addresses the needs of owner-operators, founders and shareholders of private companies with specialized services that include M&A advisory, strategic advisory and private capital solutions. Headquartered in Charlotte, NC, BlackArch features a total of 12 industry-focused practices that cover all sectors of interest to middle-market investors; BlackArch professionals have closed more than 350 transactions in 16 countries on four continents. Please visit www.blackarchpartners.com, for more details.