After a conversation around early childhood education rollup with an LP, I thought it’d be a great time to re-publish the article on Mathnasium. This piece was first published way back when RTC had ~980 readers (we’re now 11k readers strong!), so it should be a fresh read for many of you!
We also have a busy October ahead at Road To Carry, with hands-on AI for PE workshops (AI for Deal Screening, AI for Market Mapping & Sourcing, AI at Portfolio Companies) and ETA/indy sponsor dinner (unfortunately fully registered now!)
Before we dive into this week’s topic,
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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: how can you build a real mission and passion around the thesis so it’s not just a collection of businesses you’ve never operated before?
Then I came across the story of James Temple—a franchisee who successfully rolled up Mathnasium tutoring franchises from a single location (with his mother who was a retired teacher) 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.
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.