Firmament Leads Investment in Sparkle Express Car Wash Group

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Apr 16, 2024, 08:45 ET

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
[email protected]

SOURCE Firmament