NEW YORK — Atlantic Street Capital, a private equity firm targeting entrepreneurial businesses poised for the next level of growth, has announced its partnership with Brett Overman and growth investment in Zips Car Wash, one of the largest express tunnel carwash operators in the U.S., according to a press release.
Founded in 2003 by Overman, who will remain majority owner of the business, Zips provides an express ride-thru tunnel wash experience at its 185 locations across 17 states in the South, Southeast and Mid-Atlantic, the release continued.
Zips has over 1,400 employees and is based in Little Rock, Arkansas, the release added.
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 carwash 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 carwash 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, the release stated.
They are currently investing out of their fourth fund, raised in 2019, the release continued.
BlackArch Partners, a leading middle market investment bank based in Charlotte, North Carolina, was retained by Zips Car Wash to serve as its exclusive financial advisor, the release concluded.
Check out this follow-up interview with Brett Overman for more insight into Zips Car Wash’s partnership with Atlantic Street Capital.