From 4 gyms to billion-dollar exits—we know how to grow operating
businesses that dominate their markets.
Our proven track record in franchise operations, international expansion, and brand building demonstrates our ability to identify
scalable concepts and execute growth plans that deliver exceptional returns.
Disciplined growth through proven frameworks and strategic execution.
We focus on franchise concepts and operating businesses with demonstrated unit economics, scalable systems, and clear growth trajectories. Our investments target businesses with “wind in their sails”—concepts positioned for expansion in favorable market conditions.
We only invest where we can maintain operational control and board influence. This approach allows us to implement strategic initiatives, guide expansion decisions, and ensure execution aligns with value creation objectives.
Every operating business investment undergoes thorough analysis of scalability factors: market size, competitive positioning, operational systems, management capability, and unit economics. We seek businesses capable of significant geographic or format expansion.
We provide board leadership and strategic guidance while allowing proven management teams to execute day-to-day operations. Our Planet Fitness and Topgolf experiences demonstrate this balanced approach—strategic framework with operational autonomy.
From initial investment, we develop clear exit strategies that maximize value for all stakeholders. Our deal-by-deal structure allows flexible timing for optimal market conditions and valuation multiples.
How strategic vision and systematic execution created a billion-dollar franchise portfolio.
Network-Driven Deal Sourcing
A conversation between our founder Larry Meyer and a friend who was a Planet Fitness franchisee opened an unexpected opportunity. This exemplifies our network-driven approach to deal sourcing and willingness to explore opportunities across industries.
Initial Investment Thesis
Systematic Growth Approach
We built the largest Planet Fitness franchisee portfolio through disciplined execution across three key areas:
Organic Development
Leveraged territory development rights for new location expansion, identifying optimal sites using demographic and competitive analysis while maintaining brand standards and optimizing local market positioning.
Strategic Acquisitions
Completed 10 targeted acquisitions of other franchisees, consolidating fragmented territories for operational efficiency and integrating acquired operations under a unified management platform.
Operational Excellence
Implemented systems for multi-location management, developed regional management structure for scalable oversight, and maintained strong relationships with corporate franchisors.
Market Leadership Achievement
Value Creation and Exits
December 2019: $1+ billion exit transaction delivering exceptional returns for all investor participants while validating our approach to franchise operations and scaling.
Key Success Factors:
Strategic consolidation and vertical integration in the recreational surfacing industry.
Partnership-Driven Investment Strategy
Our investment in Recreational Group demonstrates JLM’s ability to identify consolidation opportunities in fragmented industries. Partnering with Eagle Merchant Partners, we recognized the recreational surfacing industry’s need for a market leader to bring consistent quality and service to customers nationwide.
Initial Investment Thesis
Vertical Integration and Consolidation Approach
We transformed Recreational Group from a regional provider into a vertically integrated industry leader through strategic acquisitions and operational improvements across the entire value chain.
Manufacturing Capabilities Development
Added significant manufacturing capabilities to create vertical integration, acquiring turf manufacturing brands Viridian Fiber and Engineered Turf while developing comprehensive production capabilities.
Strategic Portfolio Expansion
Completed multiple strategic acquisitions across the recreational surfacing landscape, building a comprehensive portfolio of complementary brands:
Operational Excellence Enhancement
Invested in new equipment, enhanced sales and marketing efforts, and built management team, systems and infrastructure to support the expanding organization and acquisition integration.
Building international brands and expanding proven concepts across global markets.
A high-octane F1® racing simulator experience blending the adrenaline of Formula 1® with immersive full-motion racing, premium dining, and expertly crafted cocktails for unmatched social gaming entertainment.
Clear criteria for partnership opportunities that align with our expertise and investment strategy.
Proven unit economics and scalable business model, established brand recognition and customer loyalty, comprehensive franchise support systems and standards, plus territory development rights with expansion potential.
Market-leading or market-disrupting positioning, experienced management teams with growth track records, clear competitive advantages and barrier-to-entry factors, and scalable operations and systems infrastructure.
Revenue typically $10M-$100M with EBITDA margins demonstrating operational efficiency, growth trajectory with clear expansion opportunities, and capital requirements aligned with our available investment capacity.
Competitive landscape assessment and positioning analysis, customer demographics and market penetration potential, regulatory environment and compliance requirements, and economic sensitivity and cycle resistance factors.
Management team capability and track record evaluation, systems, processes, and infrastructure scalability review, franchise relationship quality and corporate support assessment, plus unit economics validation and optimization opportunities.
Expansion market identification and prioritization, development timeline and capital requirement analysis, acquisition opportunity assessment within franchise system, and international expansion potential and execution requirements.
Strategic guidance and operational expertise that accelerates value creation.
Growth strategy development and execution oversight, market expansion planning and prioritization, capital allocation decisions and investment timing, plus performance monitoring and course correction guidance.
Regular board meetings with operational and financial reporting, strategic planning sessions for long-term vision development, risk management oversight and mitigation planning, and stakeholder alignment and communication coordination.
Access to experienced operators and franchise professionals, relationships with leading franchisors and industry organizations, best practice sharing across portfolio companies, and market intelligence and competitive analysis resources.
Growth capital for expansion initiatives and acquisitions, working capital support for operational requirements, strategic investment in systems and infrastructure improvements, and exit planning and transaction execution expertise.
Regulatory compliance and market entry support, local partnership identification and development, cultural adaptation guidance for brand positioning, and international expansion planning and execution.
Multi-currency financial management and reporting, international supply chain and vendor relationship management, cross-border tax planning and optimization, and global brand standards maintenance and quality control.
Investment themes driving our portfolio strategy and partnership opportunities.
We continuously evaluate emerging franchise concepts with innovative business models, strong unit economics, and significant scalability potential. Our focus includes concepts addressing evolving consumer preferences and demographic trends.
Successful American franchise concepts often have significant international expansion potential. We seek opportunities to bring proven business models to international markets through master franchise or development agreements.
Many successful franchise systems remain fragmented among numerous small franchisees. We identify opportunities to consolidate territories for operational efficiency, economies of scale, and enhanced market positioning.
Operating businesses with strong technology integration, digital customer engagement, and data-driven operations often demonstrate superior scalability and competitive positioning in evolving markets.
Unlike traditional private equity firms, we’ve never created investment funds.
Our deal-by-deal approach delivers distinct advantages:
We partner with founders and management teams who share our vision for aggressive but disciplined growth. Our approach respects entrepreneurial drive while providing strategic guidance and capital resources for acceleration.
Management teams maintain operational control and decision-making authority for daily business operations. Our involvement focuses on strategic oversight, growth planning, and major investment decisions.
We structure investments to align management incentives with investor returns through equity participation, performance bonuses, and long-term value creation rewards.
Exit planning begins at investment, ensuring all stakeholders understand value creation milestones and optimal exit timing. Our goal is maximizing returns for both management teams and investor participants.
We’re actively seeking operating businesses and franchise concepts ready for strategic growth partnerships.
Control positions with board majority or influence, investment size typically $5M-$50M, industry focus on proven franchise concepts and scalable operating businesses, geographic preference for US domestic with international expansion potential.
Rapid evaluation with transparent communication throughout the process. Our deal-by-deal approach enables flexible structures and accelerated decision-making.
We welcome conversations with franchise concepts, operating businesses, and management teams seeking growth capital and strategic partnerships. Every discussion begins with understanding your vision, growth objectives, and partnership expectations.
From franchise concepts to international expansion—we provide the capital, expertise, and
strategic guidance to accelerate growth and maximize value.
