MILWAUKEE, Dec. 14, 2021 /PRNewswire-PRWeb/ -- NewSpring (the "Firm"), a family of private equity strategies, announced today that NewSpring Franchise, the Firm's fifth and newest strategy focused on innovative franchise and multi-unit concepts, has completed its strategic investment partnership with Central Bark, the doggy day care industry pioneer. Terms of the deal were not disclosed.
The Central Bark franchise system was founded by Jackie Jordan and Chris Gaba in 2003 and for nearly 20 years, the brand has drawn in dogs and their owners across the country to experience its Enrichment Doggy Day Care, which combines Central Bark's industry-leading doggy day care expertise with the latest in canine behavioral science. Since beginning to franchise, Central Bark has grown to more than 35 units across more than a dozen states and built its reputation on providing a healthy and balanced blend of exercise, social group play, learning, rest, and "TLC" to help dogs be healthy, happy, calm, and well-rounded members of the family. Additionally, Central Bark also offers dog boarding, baths, grooming, a retail market, training, and more.
By partnering with NewSpring, Central Bark has positioned itself to accelerate growth, increase brand awareness, and strengthen its mission to provide an environment where all people and dogs feel safe, valued, respected, and loved. The partnership will also afford Central Bark with increased access to capital and additional resources needed to bolster its infrastructure while maximizing the profitability and success of its franchise network.
"Central Bark is beyond excited to partner with NewSpring," said Chris Gaba, co-founder of Central Bark. "They're dog people like us, through and through, and their wealth of knowledge and experience across the broad spectrum of franchising is what's going to help elevate Central Bark to the next level. The past 18 years in franchising have been an amazing ride and we would not change a thing. We're here and thriving because of our amazing, passionate, and dedicated team of franchisees and corporate staff, and I can't wait to see us build upon that incredible foundation."
As part of the agreement, Central Bark Co-Founders Chris Gaba and Jackie Jordan will continue to oversee day-to-day operations of the brand while working with NewSpring to help fuel company growth and profitability. Together, they will continue to provide best-in-class franchisee support while making strategic investments in technology and operational efficiencies to maximize the network's success.
"At NewSpring, we look to partner with brands that have redefined a business model, have a well-established customer base, and are poised for smart growth," said Patrick Sugrue, NewSpring General Partner. "Central Bark checks all those boxes, and then some. Central Bark differentiates itself from other dog day care concepts because of their steadfast commitment to whole dog care and canine behavioral science. They've done a tremendous job of expanding strategically into priority growth markets and are well-positioned to develop even faster across both existing and new territories. We're thrilled to partner with Jackie, Chris, and the entire Central Bark team to help the brand reach that next level."
The strategic capital investment in Central Bark demonstrates the consistent approach of NewSpring Franchise, led by NewSpring General Partners Satya Ponnuru and Patrick Sugrue, to invest in established brands with a strong customer value proposition and proven unit-level economics. Having successfully partnered with over 180 businesses in the lower-middle market for over 20 years, NewSpring's team of operational experts and value-add approach is well-positioned to serve a wide range of growing companies to accelerate growth.
As part of the transaction, Satya Ponnuru and Patrick Sugrue will join the Central Bark Board of Directors.
About Central Bark:
The Central Bark franchise system and Barkley Ventures, Inc. was founded by Jackie Jordan and Chris Gaba in 2003. For nearly 20 years, the brand has grown to 35 locations across more than a dozen states. The company has hosted over two million dog visits and both founders still own and manage the company. Central Bark is a VetFran participant, the International Franchise Association's (IFA) veteran program, and offers a franchise fee discount to qualifying veterans. Central Bark is also an IFA MinorityFran participant. For more information about franchising with Central Bark, visit centralbarkusa.com/franchising or call 866-799-2275.
About NewSpring
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $2.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 180 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit http://www.newspringcapital.com.
Media Contact
Chad Cohen, Seed PR & Communications, 786-417-5769, [email protected]
SOURCE NewSpring
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