Private equity firm focused on franchisors and multi-location businesses
Princeton Equity Group
- HeadquartersPrinceton, NJ S2
- Founded2006 S5
- Websiteprincetonequity.com
- Last verifiedOctober 20, 2026
At a glance
| Assets under management | $3B (as of Sep 2026) S5 |
|---|---|
| Latest fund | Princeton Equity Partners III, $1.3B (Sep 2026) S5 |
| EBITDA range | $3M to $30M S4 |
| Check size | Up to $250M S4 |
| Deal types | Platform, Add-on, Minority S4 |
| Sectors | Consumer & Food, Auto Services & Collision, Healthcare Services, Pest Control |
What Princeton Equity Group buys
Princeton Equity Group, based in Princeton, New Jersey, with a second office in Dallas, invests only in franchisors and businesses that run many locations. Its current companies include fitness brands such as Barry's, Amped Fitness and D1 Training, the Five Star Franchising group of home service franchisors (among them Mosquito Shield and Five Star Bath Solutions), healthcare services such as Ellie Mental Health, and Strickland Brothers, a drive-thru oil change chain with more than 285 shops. The firm manages about $3.0 billion and closed its $1.3 billion third fund in September 2026.
Its January 2026 fact sheet says it looks for platform companies with $3 million to $30 million or more of EBITDA and can put in up to $250 million or more of equity. Most deals are control investments, with some minority stakes. A smaller owner-run business is most likely to meet Princeton as an add-on to one of its brands. Strickland Brothers bought the three-shop LOF Xpress chain in Iowa in 2025 and expects to acquire or open nearly 80 company-owned shops in 2026.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | Princeton Equity Partners IIISingle close at the $1.3 billion hard cap, more than twice the size of Fund II | Fund close | Source | |
| Mar 2026 | KidStrongFranchisor of science-based training classes for children, with 184 centers; the founders stay with the business | Platform | Consumer & Food | Source |
| Jan 2026 | Strickland Brothers$360 million financing from Golub Capital and Audax Strategic Capital, led by Princeton, to fund more quick-lube acquisitions | Investment | Auto Services & Collision | Source |
| Jan 2026 | Amped FitnessFlorida low-price, high-amenity gym chain with 35 company-owned clubs in six states | Platform | Consumer & Food | Source |
| Jul 2025 | LOF Xpress Oil ChangeThree Iowa quick-lube shops added to Strickland Brothers; all staff kept and the former CEO became Strickland's CFO | Add-on | Auto Services & Collision | Source |
| Jul 2025 | International Franchise Professionals Group (IFPG)Franchise broker network sold to CNL Strategic Capital, a vehicle sub-managed by Levine Leichtman | Exit | Source | |
| Jan 2025 | Barry'sBoutique fitness brand with 89 studios worldwide | Platform | Consumer & Food | Source |
Portfolio by sector
From the firm's portfolio page S3.
Automotive Services
- Strickland Brothers
Fitness
- Barry's
- Amped Fitness
- D1 Training
Health & Wellness
- Stretch Zone
Healthcare Services
- Ellie Mental Health
- Princeton Medspa Partners
Industrial Services
- Pirtek
Residential Services
- Five Star Franchising
- 1-800-Packouts
- Bio-One
- Card My Yard
- Five Star Bath Solutions
- Gotcha Covered
- Mosquito Shield
- Pronexis
- Stellar Brands
- Restoration 1
- bluefrog Plumbing + Drain Status unclear
Youth Enrichment
- KidStrong
Past investments: International Franchise Professionals Group (IFPG), European Wax Center, Massage Envy, HOPCo, Radiance Holdings, Sola Salons, The Woodhouse Day Spa, Unleashed Brands
Greymont’s take
How Princeton Equity Group fits a seller
Princeton fits owners of franchise systems and multi-site service businesses that already make money at each location and have room to open more. A franchisor near the size Princeton targets could become a new platform, while a smaller independent operator is more likely to sell into one of its existing brands.
Auto service owners should look first at Strickland Brothers, which is buying quick-lube shops. In the LOF Xpress deal it kept every employee, ran the shops under their old name through the end of 2025, and gave the seller's CEO the CFO job. Founders tend to stay: the people who started Amped, KidStrong and Strickland still run them. Owners should ask whether Princeton sees their business as a platform or an add-on, and how long it expects to hold the brand they would join.
Questions owners ask
Does Princeton Equity Group buy auto service businesses?
Yes, through Strickland Brothers, a drive-thru oil change operator and franchisor it has backed since 2021. Strickland bought the Iowa chain LOF Xpress in July 2025, closed a $360 million financing in January 2026 to fund more acquisitions, and expects to acquire or open nearly 80 company-owned shops in 2026.
What size companies does Princeton invest in?
Its January 2026 fact sheet targets platform companies with $3 million to $30 million or more of EBITDA and lists equity investments of up to $250 million or more. Smaller businesses are more likely to fit as add-ons, as LOF Xpress did with Strickland Brothers.
Does Princeton only invest in franchisors?
No. It also backs companies that own and run their own locations. Amped Fitness owned and operated all 35 of its gyms when Princeton invested in January 2026, and Strickland Brothers both runs company shops and sells franchises.
How large is Princeton's newest fund?
Princeton Equity Partners III closed in September 2026 at its $1.3 billion hard cap, more than twice the $575 million Fund II closed in 2023. The firm says it now manages about $3.0 billion.
Sources
- S1Princeton Equity Group home page Accessed October 20, 2026
- S2Princeton Equity Group: About Us (AUM and offices as of September 2026) Accessed October 20, 2026
- S3Princeton Equity Group: Companies (active and realized) Accessed October 20, 2026
- S4Princeton Equity Group fact sheet, January 2026 (investment criteria) Accessed October 20, 2026
- S5Princeton Equity Group Raises $1.3 Billion Fund III at Hard Cap (September 29, 2026) Accessed October 20, 2026
- S6Princeton Equity Group 2025 Year in Review (February 2, 2026) Accessed October 20, 2026
- S7Strickland Brothers Closes $360 Million Committed Financing (January 22, 2026) Accessed October 20, 2026
- S8Strickland Brothers 10 Minute Oil Change Acquires LOF Xpress Oil Change (July 16, 2025) Accessed October 20, 2026
- S9Strickland Brothers Poised to Open Nearly 80 Corporate Units in 2026 (July 28, 2026) Accessed October 20, 2026
- S10Princeton Equity Group Closes Fund II at Hard Cap with $575 Million (August 10, 2023) Accessed October 20, 2026
- S11Princeton Equity Group: News 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 Princeton Equity Group. Figures are as reported on the dates shown and may have changed. Request a correction