Audax Strategic Capital Invests in Princeton Equity Group-Backed Strickland Brothers

Investment from Audax Strategic Capital is earmarked to help fund actionable M&A opportunities for the quick-lube platform.

NEW YORK & PRINCETON, N.J. & WINSTON SALEM, N.C.--(BUSINESS WIRE)--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.”

The transaction closed on January 2, 2026.

About Audax Strategic Capital
Based in New York and London, Audax Strategic Capital is a flexible partner to private equity sponsors seeking customized equity solutions to drive the continued growth of their portfolio companies. ASC is part of the Audax Private Equity platform, a capital partner to middle market companies with $19 billion of assets under management, as of March 2025, over 280 employees, and 100-plus investment professionals. For more information, visit www.AudaxStrategicCapital.com or follow ASC on LinkedIn.

About Princeton Equity Group
Princeton Equity Group is among the most experienced franchisor and multi-location investors in the United States and manages approximately $1.6 billion of assets. Princeton invests in leading franchisor and multi-location companies and views each investment as a long-term, supportive business partnership with founders and management teams. The principals at Princeton have sponsored investments in some of the most admired, growth-oriented franchisors and multi-location companies in the United States. For more information, visit princetonequity.com.

About Strickland Brothers
Established in 2016, Strickland Brothers 10-Minute Oil Change strives to be a breath of fresh air in the auto industry. The company's mission is to exceed the expectations of every customer by setting and meeting service standards that are innovative and centered around the highest level of service, every time. For more information, visit www.sboilchange.com.