Roark Capital Group

What Roark Capital Group does

Roark Capital Group is a private equity firm founded in 2001 by Neal Aronson and headquartered in Atlanta, Georgia. The firm specializes exclusively in franchise and multi-location business models across five verticals: restaurant and food, health and wellness, business services, education and youth activities, and franchise/multi-unit businesses broadly. Roark manages multiple private equity funds (Fund III closed at $1.5 billion in 2012; Fund IV at a $2.5 billion hard cap in 2015; Fund VI reported a 17% IRR; a new flagship fund targeting $5 billion was in market as of late 2025) and invests equity checks ranging from $50 million to over $1 billion in companies with $20 million to $5+ billion in revenue.

The firm's portfolio spans 60+ brands organized into operating platforms. Inspire Brands, Roark's flagship restaurant platform, encompasses Arby's, Buffalo Wild Wings, Dunkin', Jimmy John's, SONIC, and Baskin-Robbins — collectively generating approximately $33.4 billion in global systemwide sales across more than 33,300 restaurants. Other major holdings include Subway (acquired for $9.6 billion in 2024), Driven Brands (automotive services), GoTo Foods (Auntie Anne's, Cinnabon, Jamba), ServiceMaster Brands, Purpose Brands (Anytime Fitness, Orangetheory Fitness), and Youth Enrichment Brands (School of Rock, Mathnasium). Roark's go-to-market relies on industry relationships, direct executive outreach, investment banking intermediaries, and participation in franchise industry associations rather than broad-based marketing.

Roark's revenue model follows standard private equity economics: management fees on committed capital under management (typically 1-2% annually) plus carried interest (typically 20% above an 8% hurdle). The firm monetizes investments through a combination of strategic sales, sponsor-to-sponsor transactions (e.g., Nothing Bundt Cakes sold to KKR for ~$2 billion), and public market exits — most notably the planned 2026 IPO of Inspire Brands targeting a $20 billion valuation led by JPMorgan Chase and Bank of America. Capital is sourced from institutional limited partners including pension funds (Tennessee Consolidated Retirement System), endowments, and family offices.

Name

Roark Capital Group

Legal name

Roark Capital Management, LLC

Website

http://www.roarkcapital.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

101–250 employees

Short description

Roark Capital Group is an Atlanta-based private equity firm founded in 2001 that specializes in franchise and multi-location businesses across restaurant, health/wellness, business services, and education verticals. It manages multiple PE funds and invests in 60+ brands via operating platforms including Inspire Brands and Driven Brands.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Industry-Specialist Buyout (Sector-Focused) (FSANABAE)

akta.pro secondary industry

Large-Cap / Mega-Fund Buyout (FSANABAA)

Keywords

• Private equity investing
• Franchise acquisitions
• Buyout partnerships
• Growth capital
• Portfolio management

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Management Fees: Private equity firms typically charge management fees on committed capital under management, typically 1-2% annually, to cover operational costs and fund sourcing activities.
2. Carried Interest: Performance-based fees earned as a percentage of investment profits when portfolio companies are sold or go public, typically 20% of returns above an 8% hurdle rate.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Roark Capital Group is a private equity firm that provides growth capital, buyout financing, recapitalizations, and management buyouts to franchise and multi-location consumer and business service companies. The firm partners with operating management teams — who retain meaningful equity stakes — across restaurant and food, health and wellness, business services, and education/youth activities sectors, offering investment sizes from $50 million to over $1 billion in equity for companies typically generating $20 million to over $5 billion in revenue.

Product overview

Roark Capital Group is a private equity firm offering investment management services rather than a traditional product company. The firm operates through distinct investment platforms covering franchise/multi-unit businesses, restaurant and food brands, health and wellness, business services, and education/youth activities. Key platforms include Inspire Brands (restaurant portfolio with Dunkin', Arby's, Sonic, Jimmy John's, Buffalo Wild Wings, Baskin-Robbins), GoTo Foods (food brands including Auntie Anne's, Cinnabon, Carvel), Driven Brands (automotive services), Purpose Brands (fitness brands), and Youth Enrichment Brands (education programs). The firm manages multiple private equity funds and typically invests in companies with $20 million to $5+ billion in revenue.

Differentiator

Problem solved

Functional benefit

Products and services

• Private Equity Investment Services

Quantifiable outcome

• Fund VI generated 17% IRR; Fund V generated 12% IRR
• +2 more outcomes

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core.

• Dave's Hot ChickencoreOthers · 1 June 2024Roark Capital acquired a majority stake in Dave's Hot Chicken in a deal valued at nearly $1 billion. Dave's Hot Chicken is a fast-growing Nashville Hot chicken fast-casual restaurant chain founded in 2017, growing from a single parking lot location to over 300 franchised restaurants.
• SubwaycoreOthers · 30 April 2024Roark Capital acquired Subway in 2024 for $9.6 billion. Subway is one of the world's largest quick service restaurant brands, serving freshly made-to-order sandwiches, wraps, salads and bowls across more than 100 countries and territories in nearly 37,000 restaurants.
• MathnasiumcoreOthers · 1 November 2021Mathnasium is a leading franchisor of math learning centers with over 1,000 locations across 46 states and 12 countries, acquired by Roark Capital in November 2021.
• Inspire BrandscoreOthers · 15 December 2020Inspire Brands is a leading global multi-brand restaurant platform owned by Roark Capital, comprised of iconic brands including Dunkin', Buffalo Wild Wings, Jimmy John's, SONIC, Arby's, and Baskin-Robbins, generating approximately $33.4 billion in global sales across more than 33,300 restaurants.
• CKE RestaurantscoreOthers · 5 February 2018CKE Restaurants is one of the world's largest franchisors and operators of quick-service restaurants under the Carl's Jr. and Hardee's brand banners.
• Driven BrandscoreOthers · 1 April 2015Roark Capital acquired Driven Brands, the largest automotive services company in North America, which manages a family of automotive brands including ABRA, CARSTAR, Maaco, Meineke, Take 5, Uniban, 1-800 Radiator, and others.
• GoTo FoodscoreOthers · 1 January 2010GoTo Foods is the parent company of Auntie Anne's, Carvel, Cinnabon, Jamba, McAlister's, Moe's Southwest Grill, Schlotzsky's and the franchisor of Seattle's Best Coffee on certain military bases and in certain international markets.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• KKR & Co. Global alternative asset manager with large-cap PE, infrastructure, and credit franchises. Directly comparable as a mega-fund PE; also transacted with Roark by acquiring Nothing Bundt Cakes for ~$2B, demonstrating similar consumer-franchise appetite.
• Blackstone: World's largest alternative asset manager with mega-buyout funds, real estate, and credit. Comparable on scale and ability to deploy billions in single transactions, though less specialized in franchise/multi-unit.
• Carlyle Group: Large-cap global PE firm with consumer/retail expertise. Comparable in fund size, multi-platform strategy, and LP base, with meaningful overlap in franchise and restaurant investing.
• Apollo Global Management: Major alternative asset manager with large-cap buyout funds. Comparable on AUM scale and ability to underwrite complex, large consumer/retail situations; less concentrated in franchise/multi-unit thesis.
• TPG: Large-cap PE and growth firm with consumer and restaurant exposure (e.g., prior ownership of Cirque du Soleil and J.Crew). Comparable on size, consumer focus, and ability to lead billion-dollar transactions.
• Bain Capital: Large diversified PE firm with consumer and restaurant track record (e.g., Dunkin' historical ownership, Domino's prior investment). Comparable in consumer/franchise investing, fund size, and multi-platform strategy.
• Advent International: Global large-cap PE firm with sector specialists including consumer and retail. Comparable in scale, global footprint, and ability to lead complex, multi-billion-dollar buyouts.
• CVC Capital Partners: European-headquartered large-cap PE firm with a global consumer franchise practice. Comparable on AUM, deal scale, and consumer/restaurant investing appetite; differs in regional mix.

Direct peers

• Sycamore Partners: Specialist PE firm focused on consumer, retail, and franchise/multi-unit businesses. Directly comparable given the similar franchise and multi-location investment thesis, though typically smaller deal sizes than Roark's recent mega-deals.
• Leonard Green & Partners: Consumer/retail-focused PE firm with deep franchise experience (e.g., prior investments in Container Store, Topgolf). Closely comparable to Roark in its sector-specialist, consumer/franchise orientation and partnership-style approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/roark-capital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A21 records

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Roark Capital Group