Closely held private investment firm that funds each deal separately
Argonne Capital Group
- HeadquartersAtlanta, GA S1
- Founded2003 S2
- Websiteargonnecapital.com
- Last verifiedOctober 20, 2026
At a glance
| EBITDA range | $5M to $150M S3 |
|---|---|
| Check size | Up to $300M S3 |
| Deal types | Platform, Add-on S3 |
| Sectors | Consumer & Food, Landscaping, Auto Services & Collision, Distribution |
What Argonne Capital Group buys
Argonne Capital Group is an Atlanta investment firm, started in 2003, that buys established middle market companies with money it raises for each deal instead of a fixed-life fund. That lets it skip a set holding period and stay flexible on deal size and structure. Its target list covers restaurants, non-apparel retail, fitness, landscaping and home services, quick oil change and full-service auto repair, equipment dealerships, specialty manufacturing, light industrial, value-add distribution and franchise businesses. Many of its holdings are large multi-unit franchisees of brands such as IHOP, Applebee's and Planet Fitness.
The published range is $5 million to $150 million of EBITDA, with up to $300 million of equity per deal. Situations it names include family business sales, companies that own real estate, stalled auctions, underperforming businesses, management buyouts and carve-outs. A company below $5 million of EBITDA is most likely to meet Argonne as an add-on, as Premier Lighting did when The Perfect Light bought it in 2025.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Jan 2026 | Schill Grounds ManagementOhio commercial landscaping and snow removal company sold to TruArc Partners after more than five years under Argonne | Exit | Landscaping | Source |
| Dec 2025 | Premier Lighting EnterprisesBought by The Perfect Light, Argonne's Texas holiday and landscape lighting company, according to the seller's advisor; the deal closed October 3, 2025 | Add-on | Landscaping | Source |
Portfolio by sector
From the firm's portfolio page S4.
Active Investments
- IHOP franchise partnerships
- Applebee's franchisee
- Planet Fitness franchisee
- Fitness Para Todos
- LandPro Equipment
- Sonny's BBQ franchisee
- Wingstop franchisee
- Country View Bulk Foods
- The Perfect Light
- Nothing Bundt Cakes franchisee
- RCG Ventures
Past investments: On The Border, Schill Grounds Management, Keystone Fireworks, Krystal, Lube Stop, Stevi B's
Greymont’s take
How Argonne Capital Group fits a seller
Argonne suits owners who care about how long a buyer will hold the business. Because it funds each deal on its own, it is not racing a fund deadline, and it has kept some companies for well over a decade: it backed its Florida IHOP master licensee from 2007 and its Planet Fitness franchisee from 2016 before recapitalizing both in 2023. Family businesses and companies that own valuable real estate fit well, since the firm's chairman co-founded a shopping center REIT and the firm uses that background after it buys.
Its own newsroom has not been updated since July 2023, so recent moves mostly show up in other parties' announcements, such as the January 2026 sale of Schill Grounds Management to TruArc Partners. An owner should ask who is putting up the equity for the deal, how future recapitalizations would work, and what that means for any stake the owner keeps.
Questions owners ask
Does Argonne Capital Group buy auto service businesses?
Its investment criteria list quick service oil change and full-service automotive repair as target sectors. It previously owned Lube Stop, an oil change and repair chain with 51 locations in three states, which its portfolio page now shows as a prior investment.
How long does Argonne hold a company?
Argonne says it has no fixed hold period because it raises capital for each investment separately. It owned its IHOP and Planet Fitness franchise groups for many years, then recapitalized them in July 2023 through continuation vehicles with more than $1 billion of new equity commitments, while its affiliates kept managing both.
What size companies does Argonne look at?
Its criteria call for $5 million to $150 million of EBITDA and up to $300 million of equity in a single deal. Smaller businesses have joined its companies as add-ons, such as Premier Lighting, which The Perfect Light bought in 2025.
Sources
- S1Argonne Capital Group home page Accessed October 20, 2026
- S2Argonne Capital Group: About Accessed October 20, 2026
- S3Argonne Capital Group: Investment Criteria Accessed October 20, 2026
- S4Argonne Capital Group: Portfolio (active and prior investments) Accessed October 20, 2026
- S5Argonne Capital Group: News Accessed October 20, 2026
- S6Argonne Capital Group Announces Closing of $1 Billion in Continuation Vehicles (July 13, 2023) Accessed October 20, 2026
- S7Business Wire release on TruArc Partners acquiring Schill Grounds Management (January 2026) Accessed October 20, 2026
- S8Generational Group Advises Premier Lighting Enterprises LLC in its Sale to The Perfect Light (December 29, 2025) Accessed October 20, 2026
- S9Argonne Capital Group: Lube Stop portfolio page Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Argonne Capital Group. Figures are as reported on the dates shown and may have changed. Request a correction