Acquires Dave’s Auto Spa, Clean Machine and Aqua Wash

Recognized as one of the Top 25 Fastest-Growing Companies in Richmond by Richmond BizSense

Expected to operate 30 sites by the end of the year, surpassing its growth target

Flagstop Car Wash (“Flagstop” or the “Company”), the leading express car wash brand in Richmond, Virginia, today announced three acquisitions as well as the launch of a new site in Ashland, Virginia, which opened in November. The acquisitions strengthen Flagstop’s presence across Central Virginia through the addition of several well-established local brands:

• Dave’s Auto Spa - a full-service car wash with two sites located in the Bon Air and Brandermill areas of Greater Richmond
• Clean Machine - a flex car wash in Charlottesville, Virginia
• Aqua Wash - an express car wash in Zion Crossroads, Virginia

As part of these transactions, Flagstop is remodeling Dave’s Auto Spa and Clean Machine to align with the Company’s signature express car wash model, while Aqua Wash will be rebranded under the Flagstop name. Today’s announcement marks the completion of five acquisitions this year, further extending Flagstop’s regional footprint and reinforcing its leading market position.

“The additions build on the significant momentum we’ve generated over the past few years, deepen our connection to the Richmond community and position us to focus on high-growth areas where our brand carries meaning,” said Spencer Rakes, Chief Executive Officer of Flagstop. “As we continue to grow, we do so with the goal of conveniently operating wherever our customers live, work and shop – ensuring that they are never too far from our premium car wash experience. That approach is demonstrated in our decision to expand into Charlottesville, which shares close ties to the Richmond community, given the large University of Virginia alumni network residing in Richmond. I look forward to integrating these new locations as we continue to sustainably scale our platform across Central Virginia and beyond.”

Flagstop now offers its premium wash and membership services across 29 locations and is on track to reach 30 sites by the end of the year, surpassing its initial target of 25 locations in 2025. Looking ahead to 2026, Flagstop will continue pursuing growth through new site builds and acquisitions of both express and non-express car wash sites, with the ability to convert full-service and flex sites into the Company’s proven express platform. The Company’s commitment to growth was recently recognized in Richmond BizSense’s ranking of the Top 25 Fastest-Growing Companies in the region for 2025.

Founded in 1981, Flagstop has spent over four decades building trusted relationships with Richmond residents through its customer-first business model. By adding more sites within Greater Richmond and into Charlottesville, Flagstop is providing the community with increased access to its premium wash services while strategically strengthening its density in Central Virginia. The Company’s ability to successfully integrate both new and acquired sites into the platform is a testament to Flagstop’s technological capabilities and tenured leadership team, who has over 75 years of combined car wash experience.

Flagstop’s continued success is supported by a previous investment from Garnett Station Partners, a New York-based principal investment firm that manages approximately $4 billion of assets. Since its partnership with Garnett Station began, Flagstop has substantially expanded its footprint, more than doubling the size of its platform.

About Flagstop Car Wash

Founded over 40 years ago in Chester, Virginia, Flagstop is the leading express car wash platform in the Greater Richmond market with 29 existing locations. The Company is fueled by a highly recognizable brand, its Unlimited Wash Club, and a multi-pronged Virginia centric growth strategy. Flagstop is well-positioned to continue to capitalize on strong industry tailwinds and its market leadership. For the latest news from Flagstop as well as more information on the company’s services, locations and hours, please visit www.flagstopcarwash.com.

About Garnett Station Partners

Garnett Station Partners is a principal investment firm founded in 2013 by Matt Perelman and Alex Sloane that manages approximately $4 billion of assets. Garnett Station partners with experienced and entrepreneurial management teams and strategic investors to build value for its portfolio of growth platforms. The firm draws on its global relationships, operational experience and rigorous diligence process to source, underwrite and manage investments. Core sectors include consumer and business services, health and wellness, automotive, and food and beverage. Garnett Station's culture is based on the principles of entrepreneurship, collaboration, analytical rigor and accountability. For more information, please visit garnettstation.com.

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