What Snapdragon Capital Partners does

Snapdragon Capital Partners is a US-based private equity firm founded in 2018 by Mark Grabowski that invests $40 million to $200 million per transaction in growth equity and leveraged buyout deals across three consumer-focused verticals: Health & Wellness brands, Consumer Services, and Health Services. The firm maintains a collaborative partnership model with founders and management teams rather than a controlling-stake approach, distinguishing it from traditional buyout sponsors. Its team comprises four professionals led by Managing Partner Mark Grabowski (formerly a Partner at TPG leading the Consumer sector, prior at L Catterton and AEA Investors), Principal Julia Sublett (ex-Silversmith, Maze Capital, Barclays), Vice President Jennifer Cellar (ex-Vestar, Barclays), and Senior Advisor Jonas Leddington (ex-Gryphon Investors).

The firm has no proprietary technology platform; its product is capital plus operating support, and it generates returns through equity appreciation and successful exits including IPOs and strategic sales. Its portfolio spans roughly 20 named companies organized into three clusters: boutique fitness brands under Xponential Fitness (Club Pilates, CycleBar, StretchLab, Pure Barre, YogaSix, AKT, Rumble, Myodetox, Body Fit Training); nutraceutical and personal care brands under Better Being Co. (Solaray, Zhou Nutrition, KAL Vitamins, Heritage Store), distributed in 85+ countries; and health services platforms including Fullscript (serving over 100,000 providers and 10 million patients), Spartan Fitness Holdings (the largest Club Pilates franchisee), Mathnasium's largest multi-unit franchisee, Seed, and Ject.

Snapdragon's go-to-market relies on direct deal sourcing via executive networks and repeat co-investor syndicates, notably with HGGC (continuous partner since 2019 on Nutraceutical, Fullscript, and Better Being), Leonard Green & Partners (Fullscript continuation vehicle, 2025), and Strategic Value Partners (Better Being financing, 2025). The firm uses press releases on PR Newswire and Business Wire and coverage in PE and franchise trade publications to maintain market presence rather than paid marketing. Notable exits and milestones include the 2021 Xponential Fitness IPO, Fullscript reaching $1B revenue at a $2.5B valuation, and the December 2025 acquisition of Better Being Co. from HGGC.

Name

Snapdragon Capital Partners

Legal name

Snapdragon Capital Partners

Website

https://snapdragoncap.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Snapdragon Capital Partners is a Madison, NJ-based private equity firm founded in 2018 that invests $40M-$200M in growth equity and buyouts of consumer Health & Wellness brands, Consumer Services, and Health Services companies, partnering collaboratively with founders and management teams.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Consumer & Retail Growth Equity (FSANACAC)

akta.pro secondary industry

Business Services (B2B) Growth Equity (FSANACAD)

Keywords

• Growth equity investing
• Leveraged buyout transactions
• Consumer brand investments
• Health wellness investments
• Private equity firm

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. Private Equity Returns: Snapdragon generates returns through equity investments in growth companies, targeting exits via IPOs, strategic sales, and secondary transactions. The firm earns returns from portfolio company appreciation and successful exits.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Snapdragon Capital Partners is a private equity firm that provides growth equity and leveraged buyout investments ranging from $40 million to $200 million per transaction. The firm partners collaboratively with founders and management teams of consumer-focused growth companies in Health & Wellness brands, Consumer Services, and Health Services sectors, offering capital plus operational expertise to scale and execute exits.

Product overview

Snapdragon Capital Partners is a private equity firm offering investment management services rather than a traditional product company. The firm provides growth equity to leveraged buyout investments in the range of $40 million to $200 million, focused on Health & Wellness brands, Consumer Services, and Health Services sectors. Their portfolio spans boutique fitness brands (Xponential Fitness, Club Pilates, CycleBar, StretchLab, Pure Barre, YogaSix, AKT, Rumble, Myodetox, Body Fit Training), nutraceutical brands (Better Being Co., Solaray, Heritage Store, Zhou Nutrition, KAL Vitamins), and health services platforms (Fullscript, Seed, Spartan Fitness Holdings, Mathnasium, Ject). The firm partners with founders and management teams to support portfolio company growth through capital investment and operational expertise.

Differentiator

Problem solved

Functional benefit

Products and services

• Growth Equity and Leveraged Buyout Investments Equity investments ranging from $40 million to $200 million per transaction in growth-stage consumer and health & wellness companies. Targets founders and management teams seeking collaborative capital partners for scaling and exit execution via IPO, strategic sales, or secondary transactions.

Quantifiable outcome

• Xponential Fitness successfully completed IPO in 2021
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• L Catterton: L Catterton is the largest consumer-focused private equity firm globally and Mark Grabowski's former employer. It invests across all segments of the consumer industry and is the closest comparable to Snapdragon by sector focus, equity check size, and growth-to-buyout flexibility.
• TPG (TPG Growth and RISE Fund): TPG Growth and the RISE Fund were led by founder Mark Grabowski prior to founding Snapdragon. They are direct peers in growth equity and impact-oriented consumer investing with comparable check sizes and a shared sector mandate.
• Roark Capital: Roark Capital is a consumer-and-franchise-focused private equity firm heavily concentrated in restaurant, fitness, and wellness brands. Its franchise-driven consumer thesis closely mirrors Snapdragon's Spartan Fitness Holdings and Club Pilates exposure.
• Leonard Green & Partners: Leonard Green is a consumer-and-services-focused PE firm that co-invested with Snapdragon in the Fullscript continuation vehicle. It runs comparable growth-to-large-cap consumer transactions and is a natural co-investor and peer in the consumer growth space.
• HGGC: HGGC is a middle-market private equity firm and one of Snapdragon's closest co-investment partners (Fullscript, Better Being, Maze Group nutraceuticals). It competes for similar lower-middle-market consumer/health deals and operates with comparable equity check sizes and an operationally hands-on approach.
• Gryphon Investors: Gryphon Investors is a middle-market PE firm where Senior Advisor Jonas Leddington previously ran executive network and board development. It invests in consumer and services companies at comparable equity check sizes, making it a near-direct peer in lower-middle-market consumer deals.
• AEA Investors: AEA Investors is where Mark Grabowski began his PE career. It is a long-standing middle-market consumer and services-focused private equity firm with overlapping investment size and sector focus, making it a direct comparable for Snapdragon.
• Vestar Capital Partners: Vestar Capital Partners is a middle-market PE firm focused on consumer and healthcare investments where Vice President Jennifer Howson Cellar previously worked. Its sector focus and middle-market equity check profile closely match Snapdragon's investment parameters.
• Trilantic North America: Trilantic North America is a consumer-and-services-focused middle-market PE firm with growth-to-control flexibility. It competes for similar lower-middle-market consumer growth deals and offers a directly comparable equity check range.
• Frontenac Company: Frontenac is a consumer-focused lower-middle-market PE firm that invests with founder-led partnerships in branded consumer and services companies. Its sector focus, check size, and founder-friendly approach are directly comparable to Snapdragon's positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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

M&A2 records

Investments7 records

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

Frequently asked questions about Snapdragon Capital Partners