NEW YORK — Garnett Station Partners, LLC, a New York-based principal investment firm that manages $1.85 billion of assets, recently announced it has partnered with CEO Jamie Nester and the management team of Flagstop Car Wash, a leading express carwash chain based in Richmond, Virginia, to recapitalize the company and provide growth capital to continue building out the Flagstop platform, according to a press release.
Financial terms of the deal were not disclosed.
Founded in 1981 in Chester, Virginia, Flagstop has grown to become a leading express carwash 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 carwash 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 carwash 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 carwash 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 vice president of operations and Derek Haynes, vice president of maintenance and facilities.