Middle market private equity firm
Freeman Spogli & Co.
- HeadquartersLos Angeles, CA S2
- Founded1983 S1
- Websitefreemanspogli.com
- Last verifiedOctober 20, 2026
At a glance
| Latest fund | FS Equity Partners IX, $1.4B S2 |
|---|---|
| EBITDA range | $10M to $50M S2 |
| Check size | $50M to $300M S2 |
| Deal types | Platform, Add-on, Minority, Growth S2 |
| Geography | United States, Canada S2 |
| Sectors | Consumer & Food, Distribution, Auto Services & Collision, HVAC, Plumbing & Electrical, Roofing, Veterinary, Healthcare Services |
What Freeman Spogli & Co. buys
Freeman Spogli has invested in two areas since 1983: consumer businesses and distribution businesses. On the consumer side it backs restaurants, franchisors, multi-unit service chains, consumer health and home services. Current examples include NearU in HVAC, Infinity Home Services in roofing, EverVet in veterinary care, WhiteWater Express in car washes and Philz Coffee. On the distribution side it backs specialty, wholesale and route-based distributors such as Galco, US Med-Equip and ISN.
For a new platform, its stated range is $10 million to $50 million of EBITDA, equity checks of $50 million to $300 million and enterprise values of $100 million to $750 million, in the United States and Canada. It does management buyouts, partnerships with founders and families, recapitalizations, growth investments and minority deals, and it is investing its $1.35 billion ninth fund. Add-ons have no size minimum, and most of its 20 current companies are looking for them, so a smaller business is most likely to meet Freeman Spogli as an add-on.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Aug 2026 | Ice Systems USA (ice machine subscription division)Added to Easy Ice to build density in Pennsylvania and New Jersey | Add-on | Source | |
| Dec 2025 | Kirby Restaurant Equipment (ice machine subscription and service division)East Texas expansion for Easy Ice | Add-on | Source | |
| Nov 2025 | Time to Shine Car WashWhiteWater Express enters South Carolina, reaching 141 car washes in seven states | Add-on | Auto Services & Collision | Source |
| Aug 2025 | Philz CoffeeSpecialty coffee chain with 77 cafes in California and Chicago; the CEO and leadership team stay on | Platform | Consumer & Food | Source |
| Mar 2025 | ISN and National Oak DistributorsISN merged with National Oak Distributors; Freeman Spogli and other ISN holders keep a significant minority stake | Investment | Distribution | Source |
| Jan 2025 | Rose's Equipment & Supply (ice machine rental division)Easy Ice enters the Pacific Northwest with a new Portland branch | Add-on | Source | |
| Oct 2024 | Exterior MedicsWashington, DC area exterior remodeler added to Infinity Home Services | Add-on | Roofing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Consumer
- Philz Coffee Current
- VIO Med Spa Current
- Infinity Home Services Current
- NearU Current
- EverVet Current
- WhiteWater Express Current
- Brooklinen Current
- Propelled Brands Current
- CRH Healthcare Current
- Cafe Rio Current
- Batteries Plus Current
- City Barbeque Current
Consumer and Distribution
- Five Star Breaktime Solutions Current
- Regent Holdings Current
- MicroStar Current
Distribution
- US Med-Equip Current
- Galco Current
- Easy Ice Current
- Kamps Current
- ISN Current
Greymont’s take
How Freeman Spogli & Co. fits a seller
For owners of HVAC, roofing, veterinary, car wash, urgent care or ice machine service businesses, Freeman Spogli is an active buyer through its existing platforms. Its brochure counts more than 140 add-ons across the portfolio from 2022 to 2026, and Easy Ice alone has announced at least nine add-on deals since January 2024. Selling to one of these platforms is usually simpler than a full buyout, because the buyer has done the same kind of deal many times.
Owners of larger companies who want to stay involved should know that the firm says it leaves daily operations to management and has partnered with many founders and families. In the Philz Coffee deal, the existing CEO and team stayed in place. An owner should ask whether the deal is control or minority, how much equity they can roll over, and how long the fund expects to hold the company.
Questions owners ask
What size companies does Freeman Spogli buy?
For new platforms it targets $10 million to $50 million of EBITDA, equity investments of $50 million to $300 million and enterprise values of $100 million to $750 million. Add-on acquisitions for its existing companies have no size restriction.
Does Freeman Spogli buy car wash or auto service businesses?
Yes. It owns WhiteWater Express, an express car wash chain that bought Time to Shine Car Wash in South Carolina in November 2025, and its brochure names automotive aftermarket services such as tire and repair, fleet, general repair and collision as a focus area.
Will Freeman Spogli take a minority stake?
Yes. Its brochure lists both control and minority structures, and when ISN merged with National Oak Distributors in March 2025, Freeman Spogli and the other ISN shareholders kept a significant minority investment in the combined company.
Which home services companies does Freeman Spogli own?
It owns NearU, an HVAC, plumbing and electrical services company based in Charlotte, and Infinity Home Services, a residential roofing and exteriors company based in Wisconsin. Its brochure also lists landscaping, pest control, restoration and lawn care among the residential services it is studying.
Sources
- S1Freeman Spogli home page Accessed October 20, 2026
- S2Freeman Spogli Firm Brochure (September 2026) Accessed October 20, 2026
- S3Freeman Spogli: Approach Accessed October 20, 2026
- S4Freeman Spogli: Our Partner Companies Accessed October 20, 2026
- S5Freeman Spogli: News Accessed October 20, 2026
- S6Philz Coffee Partners with Freeman Spogli for Next Phase of Growth (August 5, 2025) Accessed October 20, 2026
- S7National Oak Distributors and Integrated Supply Network Have Merged (March 31, 2025) Accessed October 20, 2026
- S8WhiteWater Express Expands Into South Carolina with the Acquisition of Time to Shine Car Wash (November 12, 2025) Accessed October 20, 2026
- S9Easy Ice Expands Northeast Presence (August 10, 2026) Accessed October 20, 2026
- S10Freeman Spogli: WhiteWater Express 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 Freeman Spogli & Co.. Figures are as reported on the dates shown and may have changed. Request a correction