CHICAGO — Convenience store and fuel station operator Gas N Wash (GNW) received a tranche of growth capital financing from Bow River Capital in partnership with Freedom 3 Capital, which led the transaction.
Founded in 2012, GNW is a family owned, regional retailer of gas stations, c-stores and car washes, with a brand identity oriented around an upscale, spacious and clean customer experience, according to the company. It currently runs more than 28 locations in the greater Chicago area, exclusively through new developments.
"Gas N Wash has a successful track record of building new facilities with a meticulous focus on operational excellence, as well as delivering a consistently high-quality, one-stop shop, customer experience," said Aaron Arnett, managing director of Bow River Capital,
In June 2023, Bow River formed a private credit team, headed up by private credit professionals, including Arnett, Eli Muraidekh and Joshua Apfel. The firm has also assembled a private credit investment committee, which, in addition to Muraidekh and Arnett, includes Richard Thackray, president of Bow River; Jeremy Held, head of Bow River's Evergreen Strategies; and Jonathan DeSimone, adviser.
"We are delighted to add Gas N Wash as our fourth platform investment and are excited to be partnering with Freedom 3 to support the continued growth of the business," said Muraidekh.
Other c-store chains have often utilized capital investments to expand operations, especially at times of rapid growth. For example, in 2021, Mountain Express Oil Co. secured $205 million to support its target of reaching 100 c-store locations, while in 2022, Refuel Operating Co. received a $511 million capital infusion to continue its growth in North Carolina, South Carolina, Texas, Mississippi and Arkansas.
Based in Denver, Bow River Capital is a private alternative asset manager that focuses on investing in the lower and middle market in four asset classes: private credit, private equity, real estate and software growth equity. Through its subsidiary Bow River Advisers LLC, it also offers a registered, closed-end mutual fund, Bow River Capital Evergreen Fund, designed to provide institutional-quality private market access to a broader set of investors.