NEW YORK — According to a press release, Firmament, a provider of structured equity capital solutions to small and medium-sized enterprises, announced its strategic investment in Sparkle Express Car Wash Group, a new membership-based express carwash 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 Sparkle and oversees operations, as well as merger and acquisition efforts.
Firmament’s investment will help Sparkle optimize their operations and continue its expansion within existing markets in addition to entering new geographies in adjacent states, stated the press release.
Through this strategic partnership, Sparkle will gain access to Firmament’s professional network, deal sourcing capabilities and financial resources.
Sparkle CEO Andrew Goldberger 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!”
Firmament Vice President Matthew Giamalis said, “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 [we] are confident they can execute on their operational and growth initiatives. I am excited to serve on the board and help their growth story.”
