July continued the slow-summer trend in franchise M&A. Dry powder is piling up across the industry, while strategic platforms—once the default playbook for franchise investors—are beginning to show signs of strain. Several notable platforms remain on the market with little meaningful movement.
Still, a few important deals emerged around the edges. Here’s what stood out this month:
Biscuit Belly Acquires Maple Street Biscuit Company
Biscuit Belly, a 15-unit gourmet biscuit sandwich franchisor out of Louisville, KY, has bought Maple Street Biscuit Company from Cracker Barrel to more than triple their store count. Definitely not on my bingo card this year (or on co-founder Chad Coulter’s either). The plan here is simple: convert all MSBC locations to Biscuit Belly locations, putting this brand in the driver’s seat to become the category’s #1 player. Knowing the founders personally, they have never shied away from being forward-thinking or relentless in their pursuit of greatness; this move is no difference. While viewed as risky by some, my bet is that this deal will create massive tailwinds that will serve them well in their next stage of growth.
Deal Grade: A
Woof Gang Bakery Secures Investment From Great Hill Partners
Woof Gang Bakery, one of pet services’ hottest franchisors, has secured a minority investment from Great Hill Partners, who will join Garnett Station Partners on the cap-table. Since GSP’s acquisition from the brand’s founders in 2022, Woof Gang Bakery has been on a tear; doubling store count and using the brand’s new app to blow through projections for several consecutive years. With this investment, WGB will be able to put more capital towards infrastructure, including the ability to sustain opening 40-50 units per year for the foreseeable future. With their combination of exclusive pet treats and dog grooming services, this unique mix will help this brand continue to prosper in a burgeoning franchise sector.
Deal Grade: A-
Caring Transitions Spins Off From Strategic Franchising
Strategic Franchising’s divestiture spree continues! This time, long-time platform darling, Caring Transitions, has been spun off to a combo effort of Ridgemont Equity Partners and Coogee Bay Partners for an undisclosed sum. As franchising’s preeminent downsizing, senior relocation and home clean-out franchisor; I’ve long felt this was a more natural fit for a senior services platform like Best Life Brands or for one of the many, many in-home senior care brands bought in recent months to start a new platform for themselves. With the silver wave continuing to grow bigger by the month and CT’s recent bet on their digital auction platform, I love this deal for all involved. But my main question, is Strategic Franchising done selling or will Pet Wants, Fresh Coat or TruBlue be next?
Deal Grade: A-
Final Take
July may have been quiet, but the deals that did close show that investors are still willing to make decisive bets on clear category leaders, differentiated concepts and aging-population tailwinds.
Here’s to hoping August brings a little more activity.
