Susquehanna Growth Equity Backs Tint World Franchise Expansion

Franchise News Roundup: Bar Louie, Soccer 5 USA, BrandONE and Bed Bath & Beyond

Susquehanna Growth Equity (SGE) has made a strategic investment in Tint World Automotive Styling Centers, a leading auto styling franchise founded in 1982. With more than 150 locations across the U.S., Canada and the Middle East, Tint World offers window tinting, protective films, detailing, electronics, and ceramic coatings for vehicles, boats and buildings.

In a news release about the investment, Kyle Squillario, managing director at Susquehanna Growth Equity, praised the Boca Raton, Fla.-based franchise’s scalable model and vendor partnerships. “Tint World has established itself as the clear leader in a fragmented, underserved segment of the automotive aftermarket,” Squillario said. SGE’s diverse investments also include Tierra Encantada, a Spanish-language immersion day care and preschool franchise, and Tekmetric, a software that manages auto repair shop operations. 

Tint World CEO Charles Bonfiglio stated in the news release that “SGE’s investment is a powerful endorsement of our franchisee-first approach. SGE’s … long-term mindset makes them the ideal partner to help us accelerate and scale franchise expansion globally while continuing to deliver exceptional value to our franchisees.” 

More Franchise News

Here’s a glance at three more October deals involving franchises: 

• Sun Holdings Expands Portfolio with Bar Louie: Sun Holdings added the troubled Bar Louie brand to its restaurant portfolio. Founded in 1990, Bar Louie had filed for Chapter 11 bankruptcy in March, and its footprint had shrunk from 130 locations in 2018 to its current 39, USA Today noted in its report about the acquisition. 
  
  Sun Holdings’ owns more than 1,800 restaurants, including Applebee’s, Arby’s, Burger King, Freebirds World Burrito, Golden Corral, IHOP, McAlister’s, Papa Johns, Popeyes and Taco Bueno locations in 27 states. Sun had acquired Uncle Julio’s restaurant in a bankruptcy auction in January.
• Wonder Franchises Acquires Soccer 5 USA:  Wonder Franchises, which operates multi-unit franchise concepts, has acquired Soccer 5 USA. Soccer 5 USA offers games, training, camps, field rentals and parties that revolve around small-sided soccer. The Georgeson family founded the brand in 2010 to create high-quality facilities making the game more accessible to participants of varied ages and skill levels. 
  
  Grubhub, Blue Apron, Tastemade, Pizza Factory and Christmas Décor are additional brands of Wonder Franchises, which is a subsidiary of Tucker’s Farm Corp. The Soccer 5 acquisition was announced in a news release from Viking Mergers & Acquisitions.
• BrandONE Adds Three Emerging Concepts: The franchise development firm BrandONE announced new partnerships with three brands: Another Nine, Live 2 B Healthy and Scoop Brothers. Another Nine delivers a 24/7 indoor golf simulator experience via private suites with no on-site staff; Live 2 B Healthy brings group fitness classes to seniors; Scoop Brothers is a pet waste removal franchise. 

Bed Bath & Beyond Announces Franchise Model

Bed Bath & Beyond Inc. on Oct. 7 announced it will license franchisees to open and operate turnkey stores nationwide. Local owners will benefit from the brand’s national vendor system, with 80% of merchandise determined by the parent corporation and 20% chosen by the local owner to appeal to regional demand, according to a news release from the retailer.

“Our goal is to grow Bed Bath & Beyond in the most capital-efficient manner,” said Marcus Lemonis, executive chairman of the brand. “This system enables local owners to deliver personal service and local flavor while leveraging our national infrastructure, marketing and technology.”

Bed Bath & Beyond, formerly Overstock.com, expects to finalize its franchise documentation within six months, the news release stated. Bed Bath & Beyond Inc. also owns buybuy BABY and Kirkland’s Home, an acquisition that was finalized in mid-September.

SBA Shutdown Impacts Franchise Funding

The federal government shutdown has halted new Small Business Administration 7(a) and Certified Development Companies 504 loans, although the agency will still process microloans and disaster loans, 1851 Franchise reported. Borrowers still must make payments on existing loans during the shutdown, the publication added.

In happier shutdown-related news: TGI Fridays will give Transportation Security Administration and air traffic control workers one free meal daily through Oct. 23 – a choice of its cheeseburger, chicken fingers and chicken sandwich, each accompanied by fries, or a chicken Caesar salad. “TSA and air traffic control workers keep our country moving, and we wanted to do our part to support them,” TGI Fridays CEO Ray Blanchette said in a news release.

Restaurant News: Chains Make Moves Amid Market Shifts 

• Wendy’s is pulling $20 million from its development fund to invest in store-level improvements and marketing, an initiative named Project Fresh, RestaurantDive.com reported Oct. 9. Wendy’s took the action after same-store sales declined for two consecutive quarters.
• Freddy’s guests and franchisees from around the U.S. have raised more than $779,000 to benefit education, military families and disaster relief. A news release said $351,000 will provide classroom supplies in underserved communities; $381,000 is earmarked for Folds of Honor, which awards scholarships to spouses and children of fallen or disabled military members and first responders; $46,000 will be sent to support rebuilding in Texas after catastrophic July floods.
• In its bi-annual Taking Stock with Teens Survey, investment bank Piper Sandler Cos. found that Chick-fil-A – as it has done for about seven years –is the younger generation’s favorite restaurant chain. Restaurant Business reported that 17% of the teens polled had tapped the fast-food chicken brand as their favorite. McDonald’s finished second at 11%, and Chipotle ranked third at 10%. 
• Chi-Chi’s, a Mexican restaurant chain being reborn as a franchise, opened a Twin Cities location in St. Louis Park, Minn., on Oct. 6. The brand began in 1975 and in its heyday, had more than 200 U.S. locations, according to CBS News. Since then, Chi-Chi’s changed owners multiple times and endured bankruptcy, the network said, finally succumbing in 2004. Hormel Foods, which has owned the Chi-Chi’s trademark since 1987, made a deal with a founder’s son to relaunch the brand this year.