In a recent episode of the “Rock My Restaurant” podcast, host Paul Barron interviewed Jim Balis of CapitalSpring about the evolving restaurant investment landscape. Balis outlines CapitalSpring’s investment philosophy, noting that the firm targets brands with 15 percent or higher store-level margins and 20 percent or higher ROI. He also shares his thoughts on today’s “moderate” market conditions, brand valuation multiples, founder exit strategies and why he’s optimistic about “fast casual 3.0” — concepts that offer elevated dining without full service.

Balis outlines how CapitalSpring differs from traditional private equity by offering flexible and creative capital structures. The firm invests in both majority and minority positions, finances businesses like a lender when appropriate and actively partners with founders to drive growth. With close to $4 billion invested and 3,000 to 4,000 restaurants in its portfolio, CapitalSpring supports a wide variety of brands — from early-stage concepts to multi-unit franchisors and franchisees — across the entire restaurant industry.

A standout example in the episode is CapitalSpring’s investment in Bushfire Kitchen, a fast-casual, chef-driven brand that impressed Balis and his team with its quality and growth potential. This brand is now expanding outside California with CapitalSpring’s support.

Throughout the conversation, Balis emphasizes the importance of strong unit-level economics, a healthy development pipeline and alignment with passionate, committed founders. While the firm prefers a clean cap table, it works flexibly depending on the deal.

CapitalSpring is more than a financial backer; it’s a strategic partner committed to helping brands grow in a sustainable, scalable way. For restaurant founders weighing the next phase of growth, this conversation offers clear insight into what a strong capital partner can bring to the table.

Watch the episode here. 

For more information about CapitalSpring, please visit www.capitalspring.com.