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L5 Fitness, the franchisee platform of private equity firm Level 5 Capital Partners, acquired 112 previously franchisee-owned Orangetheory Fitness studios. This deal adds 22 studios and three new markets to L5’s platform in Michigan, as well as area representative rights and owned studios in other states including 61 studios in Illinois, 15 in Utah and 14 in Missouri. Level 5 was founded in 2009 and has invested in other health and wellness franchises such as Restore Hyper Wellness in June 2020 and skincare company Heyday in February 2021. Orangetheory features heart-based interval training at more than 1,300 studios globally. 

Superior Fence & Rail is joining Outdoor Living Brands’ portfolio, which includes the Archadeck Outdoor Living, Outdoor Lighting Perspectives, and Conserva Irrigation franchise systems. This marks the first acquisition by Outdoor Living Brands since being acquired in September 2021 by Lynx Franchising, a portfolio company of MidOcean Partners. Superior Fence & Rail began franchising in 2017 and has grown to 36 locations and co-founder Zach Peyton will continue to lead the franchise system as brand president following the acquisition. Orlando, Florida-based Superior Fence & Rail installs more than two million feet of fencing annually and has tripled systemwide sales since 2019, and touts itself as the largest multi-location fence company in the country.

Following its acquisition of TGA Premier Sports last month, Youth Athletes United added JumpBunch to its portfolio, a multi-sport kids enrichment franchise brand with 20 units. This brings YAU’s total footprint to 283 units across 36 states and two international territories, which makes it one of the largest youth sports platforms in the industry. JumpBunch founder Tom Bunchman started the concept in 1997 and began franchising in 2002, offering more than 70 activities involving movement to kids ages 4 through 6 in preschools, recreation centers, school and camps. This deal marks the ninth acquisition under the YAU franchise platform, which includes Soccer Stars and Amazing Athletes.

Multi-brand franchisor Threshold Brands completed its acquisition of Plumbing Heating Paramedics, which was initially announced in the summer of 2021. Threshold launched two franchise opportunities under the new brand names Plumbing Paramedics and Heating + Air Paramedics, and a new Franchise Disclosure Document was filed on November 2, 2021. The plumbing and HVAC company was founded in 2011 by Ryan Carpenter and is based in Noblesville, Indiana. The Riverside Co. launched Threshold Brands in April to target trade services franchises and has acquired similar home service brands such as MaidPro, USA Insulation, Men In Kilts, Pestmaster and Sir Grout.

Driven Brands Holdings expanded its portfolio with a $170 million acquisition of Auto Glass Now on December 30, 2021. This adds more than 75 company-operated locations to Driven Brands’ Paint, Collision and Glass segment. AGN’s 2021 revenue is expected to be approximately $85 million. As part of the deal, Driven Brands incurred a $56 million transaction expense in the fourth quarter of 2021, and the purchase price and transaction expense were funded with cash on hand. Charlotte, North Carolina-based Driven Brands now operates more than 300 glass units in the U.S. and Canada, in addition to vehicle repair, oil change, maintenance and car wash brands such as Take 5 Oil Change, Meineke Car Care Centers and Maaco.

Launch Entertainment bought AirTime Trampoline & Game Park in Novi, Michigan. The 30,000-square-foot space will be rebranded as a Launch Entertainment, which has 29 parks open and operating in 13 states. This will be Launch’s third corporate-owned location. Founded in 2012 by Rob and Erin Arnold, Launch’s offerings run the gamut from ninja courses and laser tag to bowling and trampolines. The grand reopening celebration will take place in January.

Southpaw acquired 35 Taco Bell restaurants across Northern Virginia and the Washington, D.C. metro area. Terms of the deal were not disclosed. Southpaw, which was founded in 2009 by Judd and Erica Wishnow, owns and operates more than 135 quick service restaurants across seven states, including 70 Taco Bells in Kentucky. The company plans to continue growing its Taco Bell footprint through both acquisitions and new store development.

Indiana-based franchisee AES Restaurant Group bought an additional 14 Arby’s restaurants in Tennessee and Virginia. The restaurants will be remodeled by AES, which completed five remodels in 2021 and seven in 2022, with five new restaurants slated to open. AES operates 91 Arby’s restaurants in Tennessee, Virginia, South Carolina, Georgia, Kentucky, West Virginia, Ohio and Indiana.

The Master Group, a portfolio company of Novacap, acquired Value Added HVAC Distributors and its three subsidiaries. Based in Midlothian, Virginia, and established in 1987, VAD’s three subsidiaries include Virginia Air Distributors, Allied HVAC Distributors and South Carolina Air Distributors, which have about 200 employees total across 19 branch locations. VAD supplies HVAC contractors with residential and commercial heating and air-conditioning equipment. The Master Group was founded in 1952 and touts itself as the largest HVAC distributor in Canada, and operates more than 50 branches across Canada from British Columbia to Atlantic provinces. It also has four distribution centers and has more than 1,000 product lines in inventory. Boxwood Partners provided sell-side advisory services to VAD.

Stewart Restaurant Group, led by Todd Stewart, bought 14 KFC restaurants in Oregon, Nevada and Arizona from Lariot Corporation, led by Barry Thiriot.

JEM Restaurant Group, led by John McGrath,purchased 8 Taco Bells in Georgia and South Carolina from Bravo Foods and Celebration Restaurant Group, led by Andy Rosen.

KBP Bells bought five more Taco Bell restaurants in New Mexico from City Different Enterprises, which received sell-side advisory services from Unbridled Capital.