May 17, 2022: Manhattan West Targets Wine Collection with Latest Investment
Plus, Atlantic Street boosts its stake in Zips Car Wash, and Gemspring acquires GoldenSource
Read the top headlines from Tuesday, May 17, 2022 below:
Atlantic Street Capital Boosts Stake in Zips Car Wash
Atlantic Street Capital (ASC), a middle market-focused private equity firm, is expanding its investment in portfolio company Zips Car Wash, according to a press release Tuesday (May 17). ASC will acquire equity from founding shareholders, and said it will build on the company’s existing operating strategy to further growth. Zips operates car washes across more than 200 locations. Atlantic Street Capital first invested in the company via its Atlantic Street Capital Fund IV in 2020. The firm said it expects to close the transaction in the second quarter.
Gemspring Acquires Financial Services Data Management Business GoldenSource
Connecticut-based private equity firm Gemspring Capital, which focuses on the middle market, said one of its affiliates has acquired GoldenSource Corp., an enterprise data management solution provider for the financial services industry. GoldenSource offers software to financial service providers across the globe, while also offering cloud hosting and managed services solutions.
In a statement, GoldenSource CEO John H. Eley noted that the company is “rapidly growing and profitable,” adding that it also has “significant plans for future product innovation.” In a separate statement, Gemspring managing director Aaron Grossman said the firm will focus on R&D investment and strategic acquisitions to continue growth for GoldenSource.
Manhattan West Leads Growth Investment in Wine Storage Company
Strategic investment firm Manhattan West has announced it is now the largest shareholder in wine storage company Vino Vault following the firm’s strategic growth investment in the business. A press release said the Manhattan West Private Equity Fund has completed an investment in Vino Vault, which has so far completed five acquisitions of its own. Vino Vault president and CEO Jeff Anthony said he hopes to make the company “the nation’s leading wine storage and value-added ancillary services provider,” and pointed to Manhattan West’s resources as supporting that mission. Vino Vault noted that it plans to announce new acquisitions in the near future.