You had to have a lot of car washes in order to really be a player and to have an impact,” Tom Hogg said, adding that to really expand its customer base, a car wash has to spread all throughout an entire metro area. “We just saw this car wash industry getting really crowded. They said they chose Flagstop as a buyer because it’s local and felt like a good fit for Hogwash customers, and it would give their employees more career opportunities with a larger company.īut they also said the car wash industry has changed since they first got into it with the Hogwash location at 6100 Nine Mile Road, which they sold shortly after opening the second one on Broad. Hogwash owners Janet and Tom Hogg said they knew even when they opened the Broad Street location in 2021 with investment partner River City Corp. The property had been home to a longtime Aunt Sarah’s restaurant before it was closed and razed to make way for Hogwash. Its landlord is Richmond-based Sauer Properties, which has owned the site for decades. With the sale, Flagstop assumed Hogwash’s lease on West Broad Street. “We’ve already got funding ready to go to continue to acquire and to continue to build, so Garnett Station was pretty happy with this deal and how quickly we were able to turn it around.”įinancial specifics of the deal were not disclosed. “We already had a pot of funding set aside for acquisitions, so it was pretty easy,” Nester said.
Nester said he hopes this is the first of more deals to come. This is Flagstop’s first acquisition since taking on an investment from private equity firm Garnett Station Partners in December 2022. Nester said the business owners had “run a pretty good shop,” so all that needed to be done was replacing the payment machines, changing the signage and adding Flagstop amenities. 13, and Hogwash shut down the next day for rebranding. “As soon as we heard that their project was up for sale, that Hogwash was up for sale, we jumped on it.” “We’ve always wanted to be in that midtown area,” said Nester, Flagstop’s president and CEO. Nester said he’s been looking to expand along that stretch for a while. Hogwash is another notch in Flagstop’s belt, providing a key location and adding to its 13 other outposts around Richmond. His company, locally based Flagstop Car Wash, just closed its first deal after taking on a private equity backing with the purchase of local competitor Hogwash Express Car Wash and its lone location at 4205 W. Jamie Nester has wasted little time in putting his newly larger war chest to work in his hometown.
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