Atlantic Street Capital Invests $70 Million in Zips Car Wash

<p>NEW YORK &&num;8212&semi; Atlantic Street Capital&comma; a private equity firm that invests in lower middle market companies through an operationally intensive strategy&comma; has made an additional &dollar;70 million investment to further support the operating strategy&comma; member experience&comma; leadership team&comma; and wash quality of its portfolio company&comma; Zips Car Wash&period;<&sol;p>&NewLine;<p>Operating over 270 locations in 20&plus; states over the last 20 years&comma; most of Zips&&num;8217&semi; growth story has occurred over the last eight years through strategic acquisition&comma; development&comma; and member growth&period; &&num;8220&semi;Express only car wash chains are a great place to invest yet face challenging consumer trends that need to be addressed by Zips and the industry at large&period; This capital is critical for Zips&&num;8217&semi; efforts to think beyond existing industry strategies to accelerate growth&comma; define membership experience and capture retail attention&comma;&&num;8221&semi; said ASC Managing Partner&comma; Andy Wilkins&period;<&sol;p>&NewLine;<p>Atlantic Street initially invested in Zips in 2020 and in 2022 increased its investment by acquiring additional equity from founding shareholders through a continuation fund&period; Since 2020&comma; the company has acquired new locations&comma; substantially upgraded equipment&comma; simplified monthly membership offerings&comma; improved wash quality&comma; and engaged technology to deliver the best consumer experience&period;<&sol;p>&NewLine;<p>Zips&comma; headquartered in Plano&comma; TX&comma; operates more than 270 locations across 20&plus; states under three brands&colon; Zips Car Wash&comma; Rocket Express Car Wash&comma; and Jet Brite Car Wash&period;<&sol;p>&NewLine;