NEW
YORK, April 16, 2024 /PRNewswire/
-- Firmament, a provider of structured equity capital
solutions to small and medium-sized enterprises, announced today
its strategic investment in Sparkle Express Car Wash Group
("Sparkle" or the "Company"), a new membership-based express car
wash brand headquartered in Chicago with locations across Georgia, South
Carolina, and Illinois.
Sparkle represents the business combination of 19 separate unit
acquisitions across all three states.
Sparkle provides washes to more than three million customers
every year throughout its footprint. The Company is led by industry
veteran Andrew Goldberger, the
former CEO of Trademark Car Wash Group, who serves as the CEO of
the Company and oversees both operations and M&A efforts.
Firmament's investment will help Sparkle to optimize operations
and continue its expansion within existing markets, in addition to
entering new geographies in adjacent states. Through this strategic
partnership, Sparkle will gain access to Firmament's professional
network, deal sourcing capabilities, and financial resources.
Andrew Goldberger, CEO of
Sparkle, stated, "Firmament has been a dream to work with thus far,
and if the past few months are any indication, our appetite and
capacity for growth may be unprecedented in the industry. With my
partners Cameron Ray (our Chief
Operating Officer) and Franz Zerrudo
(our Chief Financial Officer), life is sparkling extra bright!"
Matthew Giamalis, Vice President
at Firmament, stated, "Sparkle is committed to providing
market-leading services to customers across its portfolio of
strategically located express washes. We are enthusiastic about
supporting Sparkle's expansion and market penetration as it evolves
into a national platform." Andy
McNeill, Operating Partner at Firmament added, "We believe
Sparkle's management is highly professional and makes an
exceptional team and are confident they can execute on their
operational and growth initiatives. I am excited to serve on the
board and help their growth story."
About Sparkle:
Sparkle Express Car Wash Group is a
membership-based express car wash company with locations in GA, SC
and IL. Sparkle is relied on by 50,000 members and millions of
retail visitors, all of whom leave their Sparkle experience with a
clean, shiny and dry car.
About Firmament:
Firmament (www.firmament.com) provides control equity, minority
equity and growth debt capital to lower-middle market businesses
primarily in three core industry verticals: Technology, Healthcare
and the Environment. Within these verticals, we make investments in
service, software and specialty-manufacturing companies with
significant scaling potential. We seek to be a value-added partner
to entrepreneurs, management teams, and business owners, and curate
solutions by deploying versatile capital in a user-friendly way.
With offices across the United
States, Firmament is focused on turning small business into
big business.
Media Contact:
Isabella
Schepel
media@firmament.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/firmament-leads-investment-in-sparkle-express-car-wash-group-302116891.html
SOURCE Firmament