CapitalSpring: Buy Box & Recent Acquisitions

At a glance

Latest fund	Seventh flagship fund (first close; $1 billion target), $505M (Nov 2025) S8
Check size	$10M to $150M S2
Deal types	Platform, Add-on, Minority, Growth S2
Geography	United States S1
Sectors	Consumer & Food, HVAC, Plumbing & Electrical, Industrial & Manufacturing

What CapitalSpring buys

CapitalSpring is a Nashville firm founded in 2005 that invests in restaurants, franchised concepts and other multi-location consumer businesses, plus the suppliers and service providers around them. It says it has put more than $4 billion into over 300 investments across 100-plus brands. Its target investment is $10 million to $150 million or more, and it can act as a control buyer, a minority equity partner, a mezzanine investor or a senior lender, so not every deal is a sale of the company.

On the equity side, recent buyouts include Coast Sign, a majority stake in the second-largest Mister Sparky franchisee, and Alloy Personal Training. It raised more than $505 million in a November 2025 first close for its seventh flagship fund, which targets $1 billion. The firm does not publish revenue or EBITDA minimums. A smaller operator is most likely to meet it through a financing, a minority recapitalization or an add-on to a platform such as Primetime Fitness.

Recent deals

Announced in the 24 months before November 3, 2026.

Date	Company	Type	Sector	Source
Feb 2026	Alloy Personal TrainingStrategic investment in the personal training franchisor, with existing leadership staying in place	Platform	Consumer & Food	Source
Nov 2025	Seventh flagship fundFirst close above $505 million toward a $1 billion target, all from existing investors	Fund close		Source
Sep 2025	13 Crunch Fitness gyms in New York and New JerseyAdded to Primetime Fitness, taking the equity-backed franchisee to 36 gyms in six states	Add-on	Consumer & Food	Source
Jul 2025	Mister Sparky franchisee led by Aaron HaganMajority equity stake in the second-largest Mister Sparky franchisee, with Atticus Franchise Group as co-investor	Platform	HVAC, Plumbing & Electrical	Source
Jul 2025	Sizzling PlatterSold to Bain Capital, the firm's first exit above $1 billion	Exit	Consumer & Food	Source
Apr 2025	Coast SignEquity buyout alongside management of an Anaheim maker of exterior signs for multi-location brands	Platform	Industrial & Manufacturing	Source

Portfolio by sector

From the firm's portfolio page S6.

Consumer & Food

Alloy Personal Training
Bushfire Kitchen
Café Yumm!
FSC Franchise Co. (Beef 'O' Brady's, The Brass Tap, Newk's Eatery)
Mas Mex (Escalante's and Fat Rosie's)
Prime Pizza
Primetime Fitness (Crunch Fitness franchisee)
The Works Bakery Cafe
Buddy's Pizza Active (unconfirmed)

HVAC, Plumbing & Electrical

Mister Sparky franchisee led by Aaron Hagan

Industrial & Manufacturing

Coast Sign

Past investments: Sizzling Platter, Far West Services

Greymont’s take

How CapitalSpring fits a seller

CapitalSpring is a strong fit for owners of restaurant groups, franchisees and multi-unit consumer businesses who want a partner that knows unit economics. Because it can offer a full sale, a partial sale or a loan, an owner can compare structures with one counterparty. One case study on its site describes a family keeping about half of the business after a mezzanine and equity deal. Another describes an owner taking a dividend of about $30 million while keeping 100%.

Its push into home services is recent, starting with the Mister Sparky deal in July 2025, so owners in newer areas should ask how many similar deals the team has done. Every owner should ask which fund or strategy would invest, whether the money is debt or equity, and what covenants or control rights come with it.

Questions owners ask

Does CapitalSpring only invest in restaurants?

No. Restaurants are its core, but it also backs fitness businesses such as Primetime Fitness and Alloy Personal Training, a Mister Sparky electrical franchisee, and Coast Sign, a sign maker serving multi-location brands.

Is CapitalSpring a buyer or a lender?

Both. It offers senior debt, mezzanine capital, minority equity and control buyouts. Coast Sign, Mister Sparky and Alloy were equity deals, while case studies on its site show debt financings that left owners with all or nearly all of their company.

How much does CapitalSpring invest?

Its stated target investment is $10 million to $150 million or more. It does not publish revenue or EBITDA minimums, and it says it works with everything from emerging concepts to large international franchises.

Does management keep equity after a CapitalSpring deal?

Often, yes. In the July 2025 Mister Sparky investment the whole senior leadership team kept meaningful equity, and one recapitalization case study on its site describes a roughly 50/50 partnership with the founding family.

Sources

S1CapitalSpring home page Accessed November 3, 2026
S2CapitalSpring: Investment Profile Accessed November 3, 2026
S3CapitalSpring: Our Firm Accessed November 3, 2026
S4CapitalSpring: Our Philosophy Accessed November 3, 2026
S5CapitalSpring: Emerging Brands Accessed November 3, 2026
S6CapitalSpring: News Accessed November 3, 2026
S7CapitalSpring: Recapitalization case studies Accessed November 3, 2026
S8CapitalSpring release: $505M close for seventh flagship fund (November 6, 2025) Accessed November 3, 2026
S9CapitalSpring Partners With Leading Mister Sparky Franchisee (July 21, 2025) Accessed November 3, 2026
S10CapitalSpring Partners With Management To Acquire Coast Sign (April 17, 2025) Accessed November 3, 2026
S11Alloy Personal Training announces investment from CapitalSpring (February 10, 2026) Accessed November 3, 2026
S12Franchise Times: Personal Training Franchise to Accelerate Growth With CapitalSpring (February 19, 2026) Accessed November 3, 2026
S13Primetime Fitness Expands Crunch Portfolio With CapitalSpring's Backing (September 12, 2025) Accessed November 3, 2026
S14Franchise Times: CapitalSpring Takes Controlling Stake in Michigan Crunch Franchisee (January 19, 2024) Accessed November 3, 2026
S15CapitalSpring news: Sizzling Platter Partners with Bain Capital (July 2, 2025) Accessed November 3, 2026
S16Franchise Times: Sale of Sizzling Platter to Bain Wins Deal of the Year Accessed November 3, 2026
S17Fast Casual: Newk's welcomes back Chris Cheek as CDO (linked from CapitalSpring's news page, July 2025) Accessed November 3, 2026
S18Bar & Restaurant: How FSC Franchise Co. is staying ahead of the competition (linked from CapitalSpring's news page) Accessed November 3, 2026
S19Total Food Service: Iannucci Tapped to Transform Mas Mex (linked from CapitalSpring's news page, February 2025) Accessed November 3, 2026
S20CapitalSpring 2023 year in review, including the Far West Services exit (January 9, 2024) Accessed November 3, 2026
S21How CapitalSpring Is Fueling Prime Pizza's Next Era of Expansion (January 26, 2026) Accessed November 3, 2026
S22How CapitalSpring Helped Bushfire Kitchen Double in Size (January 26, 2026) Accessed November 3, 2026
S23How CapitalSpring Helped The Works Bakery Cafe Build a Stronger Future (January 23, 2026) Accessed November 3, 2026
S24How CapitalSpring Is Powering the Next Era of Growth for Café Yumm! (January 26, 2026) Accessed November 3, 2026
S25Buddy's Pizza Plans to Grow Outside of Detroit With Support From CapitalSpring (August 8, 2019) Accessed November 3, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with CapitalSpring. Figures are as reported on the dates shown and may have changed. Request a correction