One of the most common threads of conversation among mid-level PE professionals these days is the idea of acquiring and scaling SMBs. HVACs, cleaning services, lawn care—you name it. I’ve always approached that topic with: what’s the real mission behind rolling up a bunch of businesses I’ve never done myself?
Then I came across the story of James Temple—a franchisee who successfully rolled up Mathnasium tutoring franchises and scaled to over $10 million in revenue. So I looked into the company behind the brand... and of course, there was a private equity firm at the top.
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PE Playbook: Math Learning Centers
State of Play
Mathnasium is one of the world’s largest math-focused education franchises, with over 1,100 learning centers across North America, Europe, Asia, and the Middle East. In 2021, it was acquired by Roark Capital—a PE firm well-known for building franchise-based platforms, including Dunkin’, Orangetheory, and Arby’s.
What began as a curriculum developed by a math teacher for his son in Los Angeles has scaled into a global platform with a mission-driven impact and a powerful business model.
Let’s break down the investment thesis and how Roark is building value behind the scenes.