M&A Insider: A Personal Milestone and February’s Must-Know Franchise Deals
M&A Insider is our inside look at the deals shaping franchising behind the scenes, pulled directly from our monthly insider newsletter, Franchise Unfiltered. Each edition breaks down the acquisitions, exits, and moves that matter most, with context you won’t find in press releases or headline-only deal coverage.
This month we only have a handful of deals to report. But before diving in, I wanted to start with a quick personal update.
First, A Personal Milestone Announcement
Anyone who knows me knows I tend to set aggressive goals. At the start of 2025, I set one that felt a little crazy at the time: become a board member for a franchisor.
I was a 31-year-old who was about four and a half months away from getting married. More than a few people thought I had lost my mind.
The most common feedback I received was the classic: “You’re too young. Wait your turn.”
After nine months of conversations, I’ll admit the pushback started to wear on me. Even some people in my corner suggested I stop chasing the idea and focus on life as a newlywed.
But I was convinced I could add value, regardless of age.
On December 31st, 2025, that goal became a reality. I officially signed documents to become a Board Member for the investment group that acquired WonderPlay Brands, the parent company of the children’s art school franchisor, KidCreate.
The investment group is led by my longtime friend Justin Nihiser, former CEO of Code Ninjas, along with his former leadership teammates Matt Rogers and Barry Gibson.
More to come soon, including a solid investment thesis for those looking to chat about joining our yet-to-be-named platform. But for now, I wanted to say thank you to everyone who encouraged me to keep pushing and helped refine my pitch along the way. Hopefully this is the first of many board seats to come.
And yes, I’m giving our first acquisition an A+ grade, of course.
Now that the personal update is out of the way, let’s get to the deals you’re really here for.
CapitalSpring Expands Into Fitness With Alloy Personal Training
Serial acquirer CapitalSpring made its first move into the fitness sector with the acquisition of Alloy Personal Training.
While the brand has been around for years, its rise within franchising has accelerated recently, thanks in large part to REP’M Group’s strong franchise development efforts.
The boutique fitness category has struggled with average unit volumes since the pandemic, but Alloy has managed to stand out. Its more affluent customer base has allowed the brand to scale and maintain higher price points even during periods of consumer price sensitivity.
This acquisition is a major win for founder Rick Mayo and the Alloy team. It will also be interesting to see whether CapitalSpring continues expanding beyond its traditional food and beverage investments.
Deal Grade: A-
Garnett Station Partners Takes on Honey Baked Ham
Garnett Station Partners continues to establish itself as one of the most fascinating private equity sponsors in franchising.
The firm’s rapid rise in the investment world has not gone unnoticed. Many financial sponsors are quietly watching in envy as co-founders Matt Perelman and Alex Sloan continue building an impressive track record before even hitting 40.
Their latest move involves Honey Baked Ham, a brand with enormous recognition but an unusual challenge.
Nearly 70% of its annual revenue is generated during the final six weeks of the year.
The real opportunity lies in solving the obvious question: how do you help franchisees generate meaningful revenue during the remaining months?
If anyone can unlock that potential, Garnett Station has proven they’re capable.
Deal Grade: A-
General Atlantic Takes European Wax Center Private Again
In a relatively uncommon move for franchising, General Atlantic has completed what could be described as a private equity roundtrip with European Wax Center, taking the company private again for roughly $300 million.
After about four and a half years as a publicly traded company, the volatility of the public markets ultimately proved too costly for General Atlantic, who still held more than 40% of the company’s shares.
European Wax Center has been one of franchising’s few breakout successes in the beauty sector. Moving the company back to private ownership allows leadership to pursue more aggressive growth strategies without the short-term pressure that comes with public market expectations.
General Atlantic previously helped scale the brand during its earlier ownership period. There’s good reason to believe they can repeat that success.
Deal Grade: A-
IFPG Acquires Franchise Business Review
Strategic platforms among franchise suppliers continue to multiply, and the latest example comes from the brokerage side of the industry.
The International Franchise Professionals Group (IFPG), one of franchising’s largest broker networks, acquired Franchise Business Review, one of the industry’s leading market research firms.
On the surface, the acquisition provides IFPG with something broker networks have been criticized for lacking: transparency.
Franchise Business Review brings trusted franchisee satisfaction data and benchmarking insights. With IFPG’s capital and infrastructure behind it, FBR now has the opportunity to expand into more sophisticated benchmarking tools and research capabilities.
The one potential wrinkle is perception. Some of FBR’s long-time clients have historically been critical of the franchise broker ecosystem. It will be interesting to see whether that changes now that the firm sits under broker ownership.
Overall, though, more transparency within franchise sales is a positive step for the industry.
Deal Grade: B+
Buddy’s Home Furnishings Finds a New Owner in Skyline Investors
After a long and complicated process, Buddy’s Home Furnishings has officially landed with a new ownership group.
Skyline Investors acquired the rent-to-own brand, giving CEO Michael Bennett and his team the capital they need to restart growth after six difficult years under Franchise Group, Inc.
The rent-to-own industry has evolved significantly since Buddy’s last serious expansion push. Fortunately for this leadership team, they have had plenty of time to analyze the market and refine their approach.
With fresh capital and a clearer strategy, it would not be surprising to see Buddy’s put meaningful points on the board in 2026.
Deal Grade: B+
Final Take
While February didn’t bring a flood of deals, it did showcase several important themes shaping the franchise M&A landscape.
Private equity continues expanding beyond traditional restaurant investments. Strategic supplier platforms are consolidating. And established franchise brands are finding new ownership structures that allow them to pursue their next phase of growth.
If the pace of conversations happening behind the scenes is any indication, the coming months could be far busier.
Stay tuned.
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