Freeman Spogli
Freeman Spogli is a U.S. private equity firm founded in 1983 that invests exclusively in middle-market consumer and distribution companies, partnering with founders and management teams across ten successive funds and 72 portfolio companies.
- Company typePrivate
- Founded1983
- HeadquartersLos Angeles, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Freeman Spogli does
Freeman Spogli & Co. is a privately held private equity firm founded in 1983 and headquartered in Los Angeles, with a secondary office in New York. The firm invests exclusively in middle-market consumer and distribution companies in the United States, partnering with founders, families, and management teams to pursue transformational growth through organic initiatives, geographic expansion, product diversification, and strategic add-on acquisitions. Freeman Spogli has raised ten successive funds with a consistent partnership philosophy and has deployed more than $6 billion of equity across 72 portfolio companies and 250+ add-on acquisitions, generating $32 billion in aggregate transaction value.
The firm operates a classic middle-market PE model: it sources proprietary deals through an internal business development function and a network of industry contacts, leads or co-leads majority and minority investments, and partners with management while leaving day-to-day operations to portfolio executives. Freeman Spogli supplements its ~30-person internal team with a bench of named Industry Executives (Consumer and Distribution) and Functional Specialists that provide operating support. Active platforms span restaurants (Philz Coffee, City Barbeque), franchising (Batteries Plus, VIO Med Spa, WhiteWater Express, Baseline Fitness), home services (Infinity Home Services, BECO), specialty distribution (Kamps, Integrated Supply Network, National Oak), healthcare services (CRH Healthcare), and consumer products (Osprey, Floor & Decor historically).
Freeman Spogli monetizes through management fees on committed/invested fund capital and carried interest on realizations, with recent realizations including Baseline Fitness (sold March 2024 to Mayfair Capital Partners), Five Star Breaktime Solutions (via a continuation fund, April 2025), and the ISN/National Oak merger (March 2025). The firm has been recognized on Inc.'s Founder-Friendly Investors list for five consecutive years (2021–2025). Revenue and AUM are not publicly disclosed; based on cumulative deployed capital and industry benchmarks, annual revenue is estimated in the $50M–$100M range with low confidence.
Freeman Spogli firmographics
Firmographics- Name
- Freeman Spogli
- Legal name
- Freeman Spogli & Co. Incorporated
- Website
- https://freemanspogli.com
- Company type
- Private
- Founded year
- 1983
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Freeman Spogli is a U.S. private equity firm founded in 1983 that invests exclusively in middle-market consumer and distribution companies, partnering with founders and management teams across ten successive funds and 72 portfolio companies.
- Ownership category
- akta.pro rank
Freeman Spogli industry classification
Industry- Product category
- Private Equity Investment Management
- NAICS
- Portfolio Management and Investment Advice (52394), Other Financial Vehicles (525990), Investment Banking and Securities Intermediation (523150)
- SIC
- Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Multi-Sector / Generalist Growth Equity (FSANACAO)
- akta.pro secondary industry
- Small-Cap / Micro-Buyout (FSANABAD)
Keywords
Where Freeman Spogli is headquartered
LocationHeadquarters
- HQ city
- Los Angeles
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Freeman Spogli business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D
Revenue model
- Private Equity Returns: Freeman Spogli generates returns through carried interest and management fees from their private equity funds. The firm has invested over $6 billion across 72 portfolio companies and 250+ add-on acquisitions with aggregate transaction value of $32 billion. They partner with middle-market consumer and distribution companies for transformational growth.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Freeman Spogli product offering
Product offeringCore offering
Freeman Spogli is a private equity firm that partners with founders and management teams of middle-market consumer and distribution companies, providing transformational growth capital through buyout investments and add-on acquisitions. The firm earns returns via carried interest and management fees across ten funds (currently including FS Equity Partners IX), while supporting portfolio companies with strategic planning, M&A execution, operational improvements, and access to its 40+ year operating network. Total invested capital exceeds $6 billion across 72 portfolio companies, with $32 billion in aggregate transaction value through 250+ add-on acquisitions.
Product overview
Freeman Spogli is a private equity firm specializing in consumer and distribution sector investments. The firm does not offer a product or service in the traditional SaaS/technology sense. Rather, it provides private equity investment and partnership services to middle-market companies. The firm maintains a portfolio of invested companies across various consumer and distribution subsectors including restaurants, franchising, multi-unit businesses, products, digital commerce, health & wellness, specialty distribution, wholesale distribution, and business-to-business distribution. As an investment firm, Freeman Spogli does not develop or sell technology products, APIs, or software services.
Differentiator
Problem solved
Functional benefit
Products and services
- Private Equity Buyout Funds (FS Equity Partners series) Pooled private equity investment vehicles (currently including FS Equity Partners IX) through which limited partners commit capital for the firm to deploy into majority-control investments and add-on acquisitions in middle-market consumer and distribution companies across the United States. Targets transformational growth opportunities and produces returns through management fees and carried interest.
- Majority-Control Buyout Partnership Program Direct equity partnership program in which Freeman Spogli acquires a majority or controlling stake in middle-market consumer and distribution companies alongside existing founders and management teams. Provides transformational growth capital, strategic guidance, M&A execution support, and access to the firm's operating network. Available to consumer and distribution company founders and management teams in the United States.
- Add-on Acquisition Program Buy-and-build support service for portfolio companies, providing capital and execution support for 250+ add-on acquisitions across the firm's history with $32 billion in aggregate transaction value. Enables portfolio companies to expand into new geographies, product categories, or sales channels through disciplined M&A roll-ups in consumer and distribution sectors.
Quantifiable outcome
- Invested over $6 billion in 72 portfolio companies across 40+ years
- +1 more outcomes
Companies that use Freeman Spogli
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles3 records
Freeman Spogli technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Freeman Spogli partnerships and signals
Strategic signalScale indicators8 records
Recent moves6 records
Expansion highlights6 records
Freeman Spogli competitors and assessment
Company assessmentDirect peers
- Frontier Capital: Middle-market private equity firm focused on consumer services and consumer products companies. Directly comparable sector focus and middle-market investing approach.
- TSG Consumer Partners: Consumer-focused middle-market private equity firm with multi-decade track record investing in branded consumer companies. Direct comparison to Freeman Spogli given similar sector specialization and company-stage focus.
- Brentwood Associates: Middle-market private equity firm focused on consumer products, retail, and multi-unit businesses. Closely aligned with Freeman Spogli's consumer/distribution mandate and middle-market focus.
- Brynwood Partners: Private equity firm focused exclusively on consumer products and consumer-related companies in the middle market. Highly comparable to Freeman Spogli's consumer specialization.
- Gryphon Investors: Middle-market private equity firm with significant consumer and distribution sector exposure. Comparable size, stage, and horizontal sector segmentation approach.
- Centre Partners: Middle-market private equity firm focused on consumer, retail, and distribution sectors. Closely comparable to Freeman Spogli's horizontal specialization and deal size.
- Altamont Capital Partners: Middle-market private equity firm investing across consumer, retail, and services sectors. Comparable to Freeman Spogli's middle-market consumer and distribution focus and platform approach.
Broad incumbents
- Roark Capital: Large private equity firm heavily focused on consumer and franchise businesses (Inspire Brands, Subway, Buffalo Wild Wings). Directly comparable to Freeman Spogli's focus on multi-unit and franchise consumer brands.
- L Catterton: Large consumer-focused private equity firm with deep consumer brand portfolio across middle-market and growth stages. Comparable consumer sector depth and multi-unit/franchise investing approach.
- Sun Capital Partners: Established lower-middle-market private equity firm with consumer and retail sector orientation. Operates in adjacent middle-market segment with comparable consumer sector exposure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Freeman Spogli social profiles
Digital presenceFreeman Spogli financial estimates
Financial estimateRevenue estimate
Valuation estimate
Freeman Spogli leadership team
Management profileNumber of profiles
Profiles11 records
Freeman Spogli funding detail
Funding detailFunding overview
Funding rounds1 record
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Freeman Spogli M&A and investment
M&A and investmentM&A26 records
Investments14 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Freeman Spogli
What does Freeman Spogli do?
Freeman Spogli is a private equity firm that partners with founders and management teams of middle-market consumer and distribution companies, providing transformational growth capital through buyout investments and add-on acquisitions. The firm earns returns via carried interest and management fees across ten funds (currently including FS Equity Partners IX), while supporting portfolio companies with strategic planning, M&A execution, operational improvements, and access to its 40+ year operating network. Total invested capital exceeds $6 billion across 72 portfolio companies, with $32 billion in aggregate transaction value through 250+ add-on acquisitions.
Is Freeman Spogli a public or private company?
Freeman Spogli is a private company. It is classified as management employee owned and is currently operating.
When was Freeman Spogli founded?
Freeman Spogli was founded in 1983. It employs 11 to 50 people.
Where is Freeman Spogli based?
Freeman Spogli is headquartered in Los Angeles, United States, in the North America region.
How does Freeman Spogli make money?
One revenue line is on record: private Equity Returns.
Who are Freeman Spogli's main competitors?
Direct peers on record are Frontier Capital, TSG Consumer Partners, Brentwood Associates, Brynwood Partners, Gryphon Investors, Centre Partners and Altamont Capital Partners. Broad incumbents are Roark Capital, L Catterton and Sun Capital Partners.
Does Freeman Spogli have an API?
No public API is recorded for Freeman Spogli.
What industry is Freeman Spogli in?
Freeman Spogli's product category is Private Equity Investment Management. Its primary akta.pro industry code is FSANACAO, Multi-Sector / Generalist Growth Equity, with a secondary code of FSANABAD, Small-Cap / Micro-Buyout. Its NAICS code is 52394 and its SIC code is 6282.