CapitalSpring

When&nbsp;<a href="https://www.bushfirekitchen.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-capitalspring-helped-bushfire-kitchen-double-in-size-2731269" target="_blank" rel="nofollow">Bushfire Kitchen</a> set out to bring globally inspired, high-quality meals to Southern California diners at an accessible price point, the vision was rooted in family and passion. Founded in 2012 in Temecula, California, by CEO&nbsp;<a href="https://www.linkedin.com/in/oliverbarwin/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-capitalspring-helped-bushfire-kitchen-double-in-size-2731269" target="_blank" rel="nofollow">Oliver Barwin’s</a> father and cousin, the “elevated fast casual” brand quickly earned a loyal following for its high quality, chef-driven, vegan-friendly menu. But when it came time to expand beyond a handful of locations, Barwin knew the brand needed more than capital — it needed a true strategic growth partner.That’s where&nbsp;<a href="https://www.capitalspring.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-capitalspring-helped-bushfire-kitchen-double-in-size-2731269" target="_blank" rel="nofollow">CapitalSpring</a> came in, one of the longest-standing restaurant-focused investment firms in the U.S.<h2>From Family Roots to a Growth-Focused Future</h2>“The brand was really a passion project for my dad at the time,” Barwin said. “When I took over just before COVID, we had four locations. I had left my career on Wall Street because I truly believed the brand had legs to grow.”To achieve that growth, Barwin and his team ran a selective process to find an investor who would bring strategic expertise, not just funding. “It made a lot of sense to find the right partner,” he said. “We weren’t just raising capital; we wanted someone who could add value beyond writing a check. That’s how we got in touch with&nbsp;<a href="https://1851franchise.com/capitalspring/info">CapitalSpring</a>.”After building a relationship, the partnership culminated in an investment from CapitalSpring in 2022 — and the results speak for themselves. “We’ve doubled in size since then,” Barwin said. “We’re about to open our 10th unit and will continue to accelerate our growth over the next few years.”<h2>Why CapitalSpring Was the Right Fit</h2>CapitalSpring has completed more than 300 investments across more than 90 brands and deployed nearly $4 billion in capital over its 20-year history. Its deep operational expertise, particularly in foodservice and franchising, made it a natural fit for a growing brand like Bushfire Kitchen.“We knew they brought industry expertise and relationships that could expand beyond the opportunity,” Barwin said. “<a href="https://www.linkedin.com/in/jim-balis-5879a34/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-capitalspring-helped-bushfire-kitchen-double-in-size-2731269" target="_blank" rel="nofollow">Jim Balis</a> is a true operator as well as an investor — he’s run a number of different restaurant brands and grown them properly. A lot of other investors don’t have that kind of experience or expertise.”Barwin also emphasizes how the partnership aligned with Bushfire’s family values. “We’re a family business, and we felt the people at CapitalSpring shared those same values,” he said. “The deal was structured the right way — it allowed us to grow and maintain our business the way we wanted to without sacrificing quality.”<h2>The Power of Partnership: Real Estate, Supply Chain and Technology</h2>The partnership has paid dividends across multiple fronts.To start, Barwin says real estate has been a key advantage. “You can’t grow without the right locations,” he said. “Having CapitalSpring as an institutional investor behind us gave landlords a lot more confidence — especially in Southern California, which is a very competitive market. Having their name behind us allowed us to grow without signing a bunch of personal guarantees.”Similarly, supply chain support has been crucial as well. “They’ve had a helpful impact through their network and leads,” Barwin said. “We’ve been able to renegotiate supply chain contracts and find savings through their scale — food costs, packaging costs and more.”As an operator with a modern mindset, Barwin has overhauled Bushfire Kitchen’s tech stack — from&nbsp;<a href="https://pos.toasttab.com/?srsltid=AfmBOorpqU3mGaOmXC4m3UXmjwISoc-IgYcPhr-xyVZGCARyKtmTaIct&utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-capitalspring-helped-bushfire-kitchen-double-in-size-2731269" target="_blank" rel="nofollow">Toast POS</a> and&nbsp;<a href="https://www.restaurant365.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-capitalspring-helped-bushfire-kitchen-double-in-size-2731269" target="_blank" rel="nofollow">Restaurant365</a> to&nbsp;<a href="https://www.zenput.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-capitalspring-helped-bushfire-kitchen-double-in-size-2731269" target="_blank" rel="nofollow">Zenput</a> for training and operations. “CapitalSpring works with a lot of vendors,” he said. “It’s been helpful to have a sounding board to find the right solutions. When you make tech decisions, you want to go with someone who’s done it before.”<h2>Elevated Fast Casual, Refined for Scale</h2>Barwin describes Bushfire Kitchen as “elevated fast casual” — a hybrid between the affordability and speed of counter service and the hospitality and ambiance of full-service dining. “We’re providing great, high-quality food at an affordable price point,” he said. “But we also provide the experience that most fast casuals neglect. You’re paying fast casual prices, but getting the feel of a full-service restaurant.”That premium-yet-approachable positioning, combined with CapitalSpring’s strategic and financial backing, has positioned the brand for long-term success.“Looking ahead, we want to accelerate growth — hopefully 40% next year,” Barwin said. “By 2027, we plan to expand further in California and out of state to bring the brand to new markets. As you grow, the people around you and the team are critically important. Having CapitalSpring there — and being able to leverage their network to find the right people — has been great.”For more information on CapitalSpring, visit:&nbsp;<a href="https://1851franchise.com/capitalspring/info">https://1851franchise.com/capitalspring/info</a>.The statements above represent the opinions of founders and senior executives of portfolio companies in which private funds advised by CapitalSpring have invested. These individuals are not clients of CapitalSpring and have not received any compensation for their endorsement. Because their companies benefit from a relationship with CapitalSpring, including&nbsp;investments by CapitalSpring and private funds that we advise, conflicts of interest may exist. Past performance is not indicative of future results. These endorsements should not be interpreted as investment advice or recommendations.

How CapitalSpring Helped Bushfire Kitchen Double in Size

1851 Franchise

Through a strategic partnership with the restaurant investment firm CapitalSpring, Bushfire was able to expand to 10 locations across southern California.


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NASHVILLE, Tenn.&nbsp;—&nbsp;<a href="https://www.capitalspring.com/">CapitalSpring</a>, a leading sector-specialist investment firm focused on franchised and other multi-location businesses, today announced a close resulting in more than $505 million of commitments for its seventh flagship investment fund, just two months after launch. The fund, which targets $1 billion in total commitments, has attracted strong early support from existing limited partners, including state and municipal pension plans, endowments, foundations, and family offices. The firm previously held a final close on its predecessor flagship fund in March 2022 with $950 million in commitments.“We are grateful for the continued confidence and support from our existing investors. All commitments to date are from existing limited partners with almost all investors upsizing their commitment level relative to prior funds.” said&nbsp;<a href="https://www.linkedin.com/in/fitzgeraldrichard/">Richard Fitzgerald</a>, Co-Founder and Managing Partner.This early fundraising momentum follows CapitalSpring’s largest exit to date, the sale of Sizzling Platter to Bain Capital, and coincides with the firm’s 20th anniversary — a milestone year that underscores the firm’s competitive advantage.&nbsp;“This early fundraise success caps a year of significant achievements for CapitalSpring,” said Fitzgerald. “We’ve reached our 20-year anniversary, completed our 300th investment, and surpassed $4 billion invested across more than 100 different brands and franchise systems. The Sizzling Platter transaction represents our first $1-billion-plus exit, validating our strategy and delivering strong results for our investors.”CapitalSpring first partnered with Sizzling Platter in 2019, when the company operated 424 locations across five brands, ranking as the 20th-largest U.S. restaurant franchisee by revenue. Under CapitalSpring’s ownership, the business expanded to over 800 locations across eight brands, entered 15 new markets, and became the sixth-largest restaurant franchisee nationwide with over $1 billion in annual system revenue.Building on this track record, Fund VII will continue to pursue opportunities across the foodservice, franchising, and multi-unit business ecosystem, leveraging CapitalSpring’s 20-year foundation of deep sector relationships, operational expertise, learnings, and best practices.“Our goal remains the same as it has been for two decades,” Fitzgerald added. “We aim to be a flexible, value-added partner—providing not just capital, but the strategic and operational resources that help strong operators unlock their next phase of growth. We’re excited to build on our momentum and continue delivering a differentiated and diversifying return profile for our investors.”ABOUT CAPITALSPRING:CapitalSpring is a specialist private equity and debt investment firm with a 20-year track record of investing in franchises and other multi-location businesses that serve the everyday needs of consumers.  The firm has invested over $4 billion across more than 300 investments in 100+ different brands. CapitalSpring has developed competitive advantages including deep sector expertise, proprietary data/benchmarking analytics, an in-house strategic operations team, and a 20-year foundation of relationships driving consistent flow of non-competitive investment ideas and opportunities. CapitalSpring manages multiple fund vehicles including private debt and private equity strategies focused on the lower middle market and middle market. The firm is headquartered in Nashville and has regional offices in Los Angeles, New York and Atlanta. For more information about CapitalSpring, please visit&nbsp;<a href="http://www.capitalspring.com">www.capitalspring.com</a>.

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CapitalSpring Closes on Initial $505 Million of $1 Billion Target just Two Months After the Launch of its Seventh Flagship Investment Fund 

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How CapitalSpring Is Fueling Prime Pizza Next Era of Expansion

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How CapitalSpring Is Powering the Next Era of Growth for Café Yumm!

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For nearly four decades,&nbsp;<a href="https://w.worksbakerycafe.com/franchise.html">The Works Bakery Café&nbsp;</a>has served as a community-driven, Northeast-based legacy brand — but Founder and CEO&nbsp;<a href="https://www.linkedin.com/in/richard-f-french/">Richard French</a> knew longevity alone wasn’t enough. He wanted a partner who could help the brand stay relevant, scale with intention, and strengthen operational foundations.“We’ve been around for 38 years, so I would call us a little bit of a legacy brand,” French said. “What got us here may not get us there.”As he explored the market, he evaluated several growth equity firms. “In my mind,” French said, “<a href="https://www.capitalspring.com/">CapitalSpring</a> was the cream that rose to the top.”<h3>What Set CapitalSpring Apart</h3>French’s decision centered on three major factors: industry experience, franchise expertise and personal fit.&nbsp;<a href="https://1851franchise.com/capitalspring/info">CapitalSpring’s</a> deep specialization in restaurants — from fast casual to QSR to full service — gave French confidence that the team understood the unique pressures operators face. “They’d been around for a few decades, so that was a plus,” he said. “Ninety-plus percent of their portfolio is in our space.”But the final deciding factor was cultural alignment. French describes the team as grounded and collaborative — the kind of partner he believed would navigate tough decisions with integrity. “I found them to be down-to-earth, real people,” he said. “My gut instincts were correct.”<h3>Strengthening Leadership and Operational Infrastructure</h3>One of the most immediate impacts of the partnership was support in building out leadership and strengthening the company’s infrastructure. CapitalSpring provided access to recruiters, participated in interviews and helped shape the senior management team.“They’ve been immensely helpful,” French said. “Access to recruiters, involvement in the interviewing process — as we scale, that’s been important.”CapitaSpring also helped the Works implement more rigorous financial analysis and performance tracking. French notes that their business is now reviewing data at a level of detail that unlocks better decision-making. “We analyze the numbers at a much deeper level than we ever have,” he said. “That could lead to wonderful insights and further refinement of profitability.”<h3>Improving Site Selection and Accelerating Growth</h3>With CapitalSpring’s tools, relationships and experience, The Works rebuilt its approach to development and real estate strategy. The brand now uses a more data-driven process for evaluating sites, forecasting performance, and mapping expansion.“We scrutinize sites in much greater detail than we ever did,” French said. “It’s hopefully more science and less gut.”The partnership has already produced measurable results. In the first 18 months, the brand grew by 30%, supported by robust site-selection frameworks and a development roadmap shaped by CapitalSpring’s playbook.<h3>Leveraging Portfolio-Wide Advantages</h3>Being part of CapitalSpring’s portfolio also brings the benefits of scale — something regional operators often struggle to access on their own. Through negotiated partnerships and shared vendor programs, The Works now receives enterprise-level pricing in several operational categories.“We’re a Toast customer, and we have special pricing because we’re a CapitalSpring portfolio partner,” French said. “They bring pricing for a much larger company.”This extends to everything from linen services to signage to technology platforms. By tapping into a $3-billion-plus portfolio, The Works gains cost efficiencies that directly strengthen margins.<h3>Building the Foundation for the Future</h3>Beyond operational improvements, the partnership is helping the brand prepare for long-term innovation. The Works is exploring new restaurant design concepts, expanded pick-up and drive-thru formats, and modernization initiatives supported by CapitalSpring’s broader network.“We’ve had upgrades in our accounting software — we’re cloud-based now,” French said. “We’ve instituted labor, scheduling and back-of-house software that we didn’t have before.”French also notes upcoming collaboration with Mosley Group to develop “The Works 4.0,” the brand’s next-generation design vision. “They have that large network, and can bring fully vetted professionals so we know we are hiring someone great,” he said.<h3>A Partnership Built on Trust and Momentum</h3>Eighteen months in, French describes the partnership as both affirming and transformative. The company is growing faster, operating with greater precision, and planning for a stronger future — all while maintaining alignment with a partner that shares their values.“It has played out very true and very significantly,” he said. “We’re working really hard on continuing to build the foundation to support that growth.”For more information about CapitalSpring, please visit&nbsp;<a href="http://www.capitalspring.com">www.capitalspring.com</a>.&nbsp;The statements above represent the opinions of founders and senior executives of portfolio companies in which private funds advised by CapitalSpring have invested. These individuals are not clients of CapitalSpring and have not received any compensation for their endorsement. Because their companies benefit from a relationship with CapitalSpring, including investments by CapitalSpring and private funds that we advise, conflicts of interest may exist. Past performance is not indicative of future results. These endorsements should not be interpreted as investment advice or recommendations.

How CapitalSpring Helped The Works Bakery Café Build a Stronger Future

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Not all investment partners are created equal. Many firms provide funding, but the most valuable partners offer more than money. They understand franchising’s unique challenges and can help create long-term growth.“Capital has become a commodity overall and if you're looking to grow your business, regardless of what the nature of the business is, there is the inevitability of a lot of obstacles and decisions to make along the way,” said&nbsp;<a href="https://www.linkedin.com/in/erik-herrmann-205aa624/">Erik Herrmann</a>, partner with&nbsp;<a href="https://www.capitalspring.com/">CapitalSpring</a> and head of the investment group. “So it's about what other capabilities can be brought to the table to get the job done.”A strong partner sees the bigger vision, helps accelerate growth and brings resources that make the brand stronger without compromising its foundation.<h2>What To Look For in a Franchise Investment Partner</h2>Savvy franchisors should evaluate an investor’s ability to add value beyond the check. Important questions include:<ul><li>Do they understand unit-level economics and franchisee relationships?</li><li>Can they provide operational, technology or real estate support?</li><li>Do they have capabilities to enhance your franchise sales organization?</li><li>What experience do they have with franchisors at your stage of growth?</li></ul>“Any partnership is only as good as having a shared vision for what the end goal is," Herrmann said.&nbsp;A partner’s involvement after the deal is also critical. The right investor should share your values, help set appropriate goals and avoid creating friction through misaligned priorities.<h2>Franchising Experience Is Non-Negotiable</h2>Franchising is not like other business models. It requires a balance between the franchisor, franchisee and customer. Herrmann explains that strong franchise investors have already faced challenges in the industry and bring useful insights to the table.“It's what you're selling. You're not selling sandwiches or pizza or chicken. You're selling a business model," he said. "So that's going to manifest in the unit economics because it's all about attracting new prospective franchises to your brand versus others and getting existing franchises to open new locations.”A partner with experience knows how to evaluate system design, pace growth and track performance with the right metrics. This helps franchisors avoid common mistakes and build sustainable systems.<h2>Strategic Support That Drives Results</h2>The right partner provides more than funding. They can deliver access to prospective franchisees, cost synergies and data analytics tools. They may also support site selection, sales organization design and operational improvements.Herrmann points out that investors can also help refine the product itself. That might include lowering development costs, improving workflows or expanding the menu to increase sales. All of these improvements make the franchise offering more attractive to potential franchisees.<h2>Avoid the Wrong Fit: Red Flags To Watch Out For</h2>Not every investor is the right match. Franchisors should watch out for firms that push one-size-fits-all growth expectations, lack transparency after the deal or have little to no franchise industry experience.“I think where partnerships break down is when you have one partner with one objective and you have a partner that's been brought in that has a slightly different perspective on where the business should go or how it should grow or in what manner,” Herrmann said.Investors focused only on aggressive growth rather than sustainable system health are also unlikely to be the right long-term partners.<h2>The CapitalSpring Difference</h2><a href="https://1851franchise.com/capitalspring/info">CapitalSpring</a> positions itself as more than a financial backer. The firm works flexibly, tailoring its investments to the goals of the counterparty. Herrmann notes that flexibility is a major differentiator, as many firms only invest into a single type of deal structure.“Flexibility is a real place that we differentiate as compared to most,” Herrmann said. “We're happy to buy control or, in some cases, 100% of a business, but similarly we're happy owning 25% if that's the right deal dynamic that meets the founder’s or business owner’s objective.”With experience across dozens of franchise systems, CapitalSpring emphasizes operational support, purchasing power and growth resources that go far beyond writing a check.If you’re looking for an investment partner to help you grow your franchise — not just fund it — CapitalSpring can help. The firm brings deep experience in franchising and a commitment to sustainable, long-term growth.For more information about CapitalSpring, please visit&nbsp;<a href="http://www.capitalspring.com">www.capitalspring.com</a>.&nbsp;

What Makes a Successful Franchise Investment Partner: Understanding What To Look For  

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How CapitalSpring Helped Bushfire Kitchen Double in Size

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