New York & Princeton, N.J. & Winston Salem, N.C., Jan 23 — Audax Strategic Capital (“ASC” or “Audax”), a provider of customized, mid-hold equity solutions, announced today a structured equity investment in Strickland Brothers (“Strickland” or “the company”), a national operator and franchisor of drive-thru, 10-minute oil change and automotive-maintenance service centers. Strickland is a portfolio company of Princeton Equity Group (“Princeton”), a private equity firm based in Princeton, NJ, focused on partnering with growth franchisors and multi-location services businesses. The terms of the transaction are not disclosed.
Founded in 2016 and based in Winston Salem, NC, Strickland Brothers is one of the largest independent pure-play quick-lube operators in the U.S. Since Princeton’s strategic investment backing founder and CEO Justin Strickland in 2021, the company has grown considerably, expanding from a regional operator with a presence in the Southeastern U.S. to a national player, with nearly 300 locations across 27 states, as of January 2026.
“We’re excited to partner with Princeton Equity Group and the Strickland Brothers team, and look forward to supporting their vision for future growth,” noted Kumber Husain, a Managing Director at Audax Strategic Capital. “In four-plus years, they’ve established an impressive track record building the company’s brand in key markets; growing its store-count through a mix of M&A, de novo growth and new franchise locations; and driving consistent unit-level growth across both top- and bottom-line performance.”
“We were looking for a true partner that could bring both strategic insight and a capital solution that delivered flexibility as Strickland continues to scale,” noted Phil Piro, a Partner at Princeton Equity Group. “The team at Audax knows the automotive space, has experience with franchise, multi-site business models, and quickly understood our thesis. We are excited to continue expanding the company’s presence and brand as we execute on our vision to build a world-class operator with a national footprint.”
ASC is investing out of its debut fund, which closed above target last year and raised approximately $1.3 billion of total capital when combined with related vehicles and Audax Private Equity’s GP commitment. ASC has completed nine non-control, mid-hold equity investments across North America and Europe through its first fund.
“ASC’s strategy is premised on supporting quality sponsors looking to invest in the continued growth of their performing assets,” added David Wong, a Partner at Audax Private Equity who helps to oversee the ASC strategy. “This investment in Strickland provides a textbook example of ASC’s approach in action to support sponsors backing established management teams and helping to clear a path to fuel future growth.”