Piro Joined Princeton’s Predecessor Firm in 2018
Princeton Equity Group, a private equity firm focused on investing in franchisor and multi-location companies, has promoted Phil Piro to partner. Piro joined Princeton’s predecessor firm, Princeton Ventures, in 2018 and previously served as vice president and principal. He focuses on sourcing and executing investments for the private equity firm using his extensive experience building and operating companies. Princeton also has promoted Jack Nagle to principal, John Norwood to associate of business development and Alex Bouthillette to vice president.
Piro said Princeton’s investment strategy, leadership team and culture drew him to the private equity firm. “Our firm is incredibly entrepreneurial, fast-paced, people-oriented and high-integrity,” he said. “Everyone is passionate about working with founders and entrepreneurs to build category-disrupting, prolific brands. The only thing that has changed since I have joined is that we have added more people to our team bench who share in that passion.”
Piro said he is excited to continue identifying and investing in transformational companies run by visionary entrepreneurs. “Partnering with founders to build category-creating companies is by far the most exciting part of my role.”
Quotes from Princeton’s Leadership
Doug Kennealey, co-founder and managing partner of Princeton, said Piro and his colleagues have the ability to execute strategies in place to drive and support the growth for Princeton’s portfolio companies. “We are confident their expanded responsibilities will further enhance our efforts to identify opportunities and create value for our investments,” Kennealey said.
Co-founder and Managing Partner Jim Waskovich said these promotions further exemplify the depth of expertise and leadership within Princeton. “Each of these individuals has played a significant role in our success, and we’re excited to further strengthen our ability to serve our portfolio companies with these well-deserved advancements,” Waskovich said.
Piro’s Background
Piro began his career as an investment banking analyst at Deutsche Bank and Citigroup. While he has invested in, operated and founded several consumer-facing companies including Captains Neck Brands LLC, Brad’s Raw Foods and Accelerated Brands, Piro’s first exposure to franchising came when he joined Princeton.
“I’ve always been interested in how products and services can enhance people’s lives and what compels purchasing decisions,” he said. “Franchising is a huge force in society for the enhancement of people’s lives by expanding access to great products and services. Princeton Equity Group’s investment focus was a natural fit for my prior experience and interests.”
Private Equity and Franchising
Private equity firms including Princeton can play a constructive and transformative role in franchising by enabling franchise concepts to scale and professionalize their operations, Piro said. “Beyond providing capital, Princeton brings a whole range of resources to our investments to enhance the franchise ecosystem,” he said. “This generally includes providing support with franchise development, implementing best practices around franchisee training and support; investing in IT, finance and KPI visibility to help franchisees better understand their businesses; and supporting management in recruiting best-in-class talent to their franchisors. These resources can help great franchise systems recruit high-quality franchisees faster and better engage their customers.”
About Princeton Equity Group
Princeton is an experienced private equity firm that exclusively invests in franchisors and multi-location companies. These investments include International Franchise Professionals Group, Ellie Mental Health, D1 Training, Massage Envy, Mosquito Shield, Radiance Holdings, Stellar Service Brands, Five Star Franchising, Stretch Zone, Pirtek and European Wax Center.
