Pearl Street Equity
Pearl Street Equity is a New York-based, multi-billion dollar family office affiliated with Z Capital Group, operating a diversified investment portfolio across VC, private equity, real estate, credit, and technology. Its operating subsidiaries include the Mrs. Fields and TCBY franchise brands (~350 shops globally) and Webonise digital services.
- Company typePrivate
- Founded-
- HeadquartersNew York, United States
- Headcount—
- GTM typeB2B and B2C
- OfferingServices
What Pearl Street Equity does
Pearl Street Equity L.L.C. is a New York-based, multi-billion dollar family office affiliated with James Zenni, Founder, President, and CEO of Z Capital Group LLC (ZCG). The firm and its affiliates maintain a diversified investment portfolio spanning venture capital, public and private equity, commercial real estate, credit strategies, intellectual property, and technology. Pearl Street's operating subsidiaries include Famous Brands International, acquired in October 2023, which holds the Mrs. Fields cookie brand and TCBY frozen yogurt brand — the latter operating approximately 350 franchise shops globally with five consecutive years of positive same-store sales under current ownership. The firm also acquired Webonise in April 2022, adding data processing and digital services capabilities to its portfolio.
The company's primary revenue mechanics derive from franchise licensing and royalties across the Mrs. Fields and TCBY brand networks, supplemented by returns from its diversified investment portfolio. Distribution is executed through a global franchise model, with independent franchisees operating retail storefronts and paying fees and royalties. Recent strategic activity has centered on brand revitalization, international expansion (notably a multi-store development agreement with Sterling Restaurants for TCBY expansion across Qatar malls, announced November 2025), and selective acquisitions to broaden technological capability. Pearl Street is privately held with no disclosed external investors or public funding rounds, and ownership remains concentrated within the Zenni family/affiliates.
Pearl Street Equity firmographics
Firmographics- Name
- Pearl Street Equity
- Legal name
- Pearl Street Equity L.L.C.
- Website
- https://pearlstreetequity.com
- Company type
- Private
- Operating status
- Operating
- Short description
- Pearl Street Equity is a New York-based, multi-billion dollar family office affiliated with Z Capital Group, operating a diversified investment portfolio across VC, private equity, real estate, credit, and technology. Its operating subsidiaries include the Mrs. Fields and TCBY franchise brands (~350 shops globally) and Webonise digital services.
- Ownership category
- akta.pro rank
Pearl Street Equity industry classification
Industry- Product category
- Family Office Investment Management
- NAICS
- Management of Companies and Enterprises (551), Other Financial Investment Activities (5239)
- akta.pro primary industry
- Family Office Investment Platforms & Direct Investing (PE/VC/Co-Invest) (FSAAADAH)
- akta.pro secondary industries
- Family Office Technology & Data (Portfolio, Reporting, Cybersecurity) (FSAAADAN), Managed Accounts & Unified Managed Accounts (UMAs) — Multi-Asset (FSAAAJAE)
Keywords
Where Pearl Street Equity is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Pearl Street Equity business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Marketing or Sales, Operations, Technology or R&D, Infrastructure
Revenue model
- Franchise Licensing: Revenue generated from franchise fees and royalties from Mrs. Fields and TCBY franchise operators globally.
- Investment Returns: Returns from diversified investment portfolio including venture capital, public and private equity, commercial real estate, credit strategies, intellectual property, and technology investments.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels1 record
Pearl Street Equity product offering
Product offeringCore offering
Pearl Street Equity L.L.C. is a multi-billion New York-based family office that invests across venture capital, public and private equity, commercial real estate, credit strategies, intellectual property, and technology. The firm's core operating holdings center on franchise brand ownership through Famous Brands International, which encompasses the Mrs. Fields premium cookie brand and TCBY (America's first major frozen yogurt chain, founded 1981), collectively operating approximately 350 shops globally and pursuing international expansion.
Product overview
Pearl Street Equity L.L.C. is a multi-billion dollar New York-based family office of James Zenni, Founder, President, and CEO of Z Capital Group LLC. The firm operates investments across venture capital, public and private equity, commercial real estate, credit strategies, intellectual property, and technology. The core product portfolio centers on franchise brand ownership through its acquisition of Famous Brands International, which holds the Mrs. Fields and TCBY franchise brands. TCBY, the iconic frozen yogurt chain founded in 1981, operates approximately 350 shops globally following its 2023 acquisition and is pursuing international expansion including a multi-store development agreement with Sterling Restaurants for Qatar. The firm also acquired Webonise in 2022 to enhance its data processing and digital services capabilities.
Differentiator
Problem solved
Functional benefit
Products and services
- Mrs. Fields Franchise Brand
Quantifiable outcome
- 5 consecutive years of positive same-store sales growth for TCBY under current ownership
- +2 more outcomes
Companies that use Pearl Street Equity
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles3 records
Pearl Street Equity technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Pearl Street Equity partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Sterling RestaurantscoreSterling Restaurants is a franchise development partner for TCBY brand expansion in Qatar. The partnership involves a multi-store development agreement to bring the frozen yogurt brand to malls across Qatar, with more than 10 new shops expected over the next five years. The first US store reopening under this expansion was in Oswego, Illinois on November 22, 2025.
Scale indicators5 records
Recent moves5 records
Expansion highlights4 records
Pearl Street Equity competitors and assessment
Company assessmentDirect peers
- Z Capital Group: Pearl Street Equity's parent company and a diversified investment group founded by James Zenni. Closest comparable in structure, leadership, and investment scope, providing a direct read on the broader enterprise that houses Pearl Street.
- JAB Holding Company: Family-office-style private investment firm that owns and operates consumer and retail brands including Krispy Kreme, Pret a Manger, Panera Bread, and Coty. Mirrors Pearl Street's structure as a multi-billion, multi-strategy family office with operating consumer brand holdings.
- GoTo Foods: Restaurant franchise holding company formed from NPC International's restructuring, owner of Pizza Hut and Wendy's franchise operations. Comparable as a multi-brand franchise holding executing turnaround and unit-growth strategies on legacy food brands.
- Roark Capital Group: Private equity firm focused on franchised and consumer-facing businesses, owner of Inspire Brands (Arby's, Sonic, Buffalo Wild Wings, Dunkin', Baskin-Robbins). Operates a franchise brand aggregation and revitalization model directly comparable to Pearl Street's Mrs. Fields/TCBY ownership.
- Yadav Capital: Family office investment vehicle with diversified holdings across asset classes. Directly comparable to Pearl Street as a multi-strategy family office deploying capital across operating businesses and financial investments.
- WinCo Holdings: Private holding company with consumer and franchise brand investments. Comparable to Pearl Street as a privately held, multi-asset investment vehicle with operating brand exposure.
Broad incumbents
- Inspire Brands: Multi-brand restaurant company owned by Roark Capital that operates Arby's, Buffalo Wild Wings, Sonic, Dunkin', Baskin-Robbins, and Jimmy John's. Broader incumbent in the franchise restaurant space, with portfolio scale and brand mix that contextualize Pearl Street's smaller, focused Mrs. Fields/TCBY footprint.
Emerging players
- Serruya Private Equity: Private equity firm with prior ownership of frozen yogurt brands Yogen Fruz and Yogurty's. Direct category overlap with Pearl Street's TCBY holding, providing a relevant read on frozen yogurt category economics.
Others
- 32 Degrees Capital: Private investment firm with consumer and franchise-oriented holdings. Thematically comparable to Pearl Street as a privately held vehicle deploying capital into consumer-facing operating businesses.
- Nexus Capital Management: Private investment firm focused on consumer, retail, and restaurant-related businesses. Thematically comparable to Pearl Street's franchise and consumer brand exposure, though structurally distinct.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights6 records
Customer concentration
Pearl Street Equity financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pearl Street Equity leadership team
Management profileNumber of profiles
Profiles1 record
Pearl Street Equity subsidiaries and ownership
Company hierarchySubsidiaries2 records
Pearl Street Equity funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pearl Street Equity M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Pearl Street Equity
What does Pearl Street Equity do?
Pearl Street Equity L.L.C. is a multi-billion New York-based family office that invests across venture capital, public and private equity, commercial real estate, credit strategies, intellectual property, and technology. The firm's core operating holdings center on franchise brand ownership through Famous Brands International, which encompasses the Mrs. Fields premium cookie brand and TCBY (America's first major frozen yogurt chain, founded 1981), collectively operating approximately 350 shops globally and pursuing international expansion.
Is Pearl Street Equity a public or private company?
Pearl Street Equity is a private company. It is classified as family owned and is currently operating.
When was Pearl Street Equity founded?
Pearl Street Equity was founded in -1.
Where is Pearl Street Equity based?
Pearl Street Equity is headquartered in New York, United States, in the North America region.
How does Pearl Street Equity make money?
Two revenue lines are on record. Franchise Licensing is the primary driver. The others are investment Returns.
Who are Pearl Street Equity's main competitors?
Direct peers on record are Z Capital Group, JAB Holding Company, GoTo Foods, Roark Capital Group, Yadav Capital and WinCo Holdings. Inspire Brands is listed as a broad incumbent. Serruya Private Equity is listed as an emerging player. Others are 32 Degrees Capital and Nexus Capital Management.
Does Pearl Street Equity have an API?
No public API is recorded for Pearl Street Equity.
What industry is Pearl Street Equity in?
Pearl Street Equity's product category is Family Office Investment Management. Its primary akta.pro industry code is FSAAADAH, Family Office Investment Platforms & Direct Investing (PE/VC/Co-Invest), with a secondary code of FSAAADAN, Family Office Technology & Data (Portfolio, Reporting, Cybersecurity). Its NAICS code is 551.