Private-equity sponsor
Roark Capital: 10 franchise brands
Funds managed by Roark Capital are named as the ultimate owner in these brands' FDDs.
| Brand | Grade | Investment (Item 7) | Avg gross sales (Item 19) | SBA charge-off | Units | FDD | Owner as the FDD names it |
|---|---|---|---|---|---|---|---|
| SubwayQuick-Service Restaurants | A | $239K – $537K | Not disclosed | 6.8% (n=6,096) | 19,502 | 2025 | Underground Purchaser, LLC (owned by Roark Capital Management, LLC)Item 1, p. 8 |
| ServiceMaster RestoreCleaning & Maintenance | A | $267K – $443K | $945K | 8.0% (n=392) | 1,939 | 2025 | RW Parent LLC (owned by Roark Capital Management private equity funds)Item 1, p. 9 |
| Hardee'sQuick-Service Restaurants | C | $1.4M – $2.6M | $1.3M | 39.0% (n=55) | 1,485 | 2026 | Roark Capital Management, LLC (affiliated private equity)Item 1, p. 13 |
| Buffalo Wild WingsFull-Service Restaurants | A | $2.5M – $4.9M | $3.6M | 0.0% (n=22) | 1,178 | 2026 | Roark Capital Management, LLC (private equity)Item 1, p. 14 |
| Massage EnvyPersonal Care & Beauty | B | $719K – $1.1M | $1.1M | 8.5% (n=598) | 1,009 | 2025 | ME Holding Corporation (controlled by Roark Capital Management, LLC) |
| Nothing Bundt CakesQuick-Service Restaurants | A | $667K – $907K | $1.5M | 0.0% (n=283) | 660 | 2025 | NBC Holdings, LLC (owned by Roark Capital Management LLC private equity funds)Item 1, p. 9 |
| Dave’s Hot ChickenQuick-Service Restaurants | A | $824K – $4.1M | Not disclosed | Under 10 loans (5) | 358 | 2026 | Hollywood Parent LLC (Roark Capital Management-affiliated)Item 1, p. 8 |
| Two Men and a TruckBusiness Services | A | $92K – $248K | $2.9M | 5.4% (n=181) | 339 | 2025 | RW Parent LLC (owned by Roark Capital Management LLC funds) |
| School of RockEducation | A | $425K – $705K | $672K | 0.0% (n=104) | 303 | 2025 | Youth Enrichment Brands, LLC (owned by funds managed by Roark Capital Management, LLC) |
| Two Men and a Junk TruckBusiness Services | B | $131K – $349K | Not disclosed | Not SBA-matched | 62 | 2025 | RW Parent LLC (Roark Capital Management LLC funds) |
- Ownership is what each brand's own FDD states in Item 1 on its issue date (2025, 2026 filings); a later sale is not reflected until a newer filing says so.
- Grades are an editorial assessment of each brand, not of the owner, and not investment advice. Gross sales are revenue, not profit.
- A charge-off rate shows only where at least 10 SBA 7(a) loans have resolved and loans reach 2% of franchised units.