Partnering with founders to build leading operators in franchised systems

Oxbrook Capital is a private investment firm seeking to partner with founders of franchised and multi-unit businesses to scale their businesses.

In our prior investments, we have consistently scaled platforms to become the largest franchisee in each franchise we have invested in — averaging 4x unit growth over five years.

We aim to replicate this approach in a focused set of high-conviction partnerships.

Investment Criteria View Investments

Our Experience

Deals Executed20+

Transaction Value$900M+

Locations Transacted250+

Years of Experience15

Franchise systems: became largest operator100%

Sellers who remain investors or partners100%

Investment Criteria

What We Look For

Sector Focus

Franchising & Multi-Unit

Established franchise brands, franchisee roll-ups, area developer platforms. Franchisors, franchisees and independent concepts

Education & Youth Enrichment

Early childhood education and youth enrichment companies in sectors including swim schools, martial arts, test preparation, college admission counseling, and companies that promote social emotional learning in children of all ages

Health & Wellness

Fitness concepts, personal care, preventive health, and wellness services with recurring membership or visit-based revenue

Experiential Entertainment

Family entertainment centers, active leisure, and destination experiences with strong unit economics and expansion potential

Opportunistic

High-quality businesses outside core sectors where our operating experience creates a clear advantage

Investment Parameters

Revenue

$10M+

EBITDA

$2M – $20M

Transaction Size

$10M+

Unit Economics

Strong, proven at the location level — with demonstrated repeatability across new units

Geography

United States & Canada

Transaction Type

Majority Recapitalization

Partnering with founders seeking liquidity while retaining meaningful equity and operational continuity

Management Buyout

Backing strong management teams acquiring a business they know deeply, with or without a seller transition

Growth Capital

Providing capital to accelerate unit expansion, acquisitions, or geographic rollout in proven multi-unit systems

Corporate Carve-Outs

Acquiring non-core franchise or multi-unit assets from larger operators where entrepreneurial ownership unlocks value

What sets us apart.

Our Values

Integrity

We do what we say — consistently, across every counterparty. In a business built on trust, that consistency is the only currency that compounds.

100% of sellers we partnered with have remained long-term relationships — and each has gone on to co-invest in our latest franchisee platform.

We take pride in that outcome and commit to treating future partners with the same transparency and fairness.

Conviction

We make a small number of high-conviction investments. When we commit, we are all-in — with capital, time, and the full weight of our network.

You will never be one of many priorities in a large portfolio.

Skin in the Game

We invest personal capital alongside our partners in every transaction. Our incentives are directly aligned with founders, management teams, and investors — we succeed together.

Humility

We believe founders and operators know their businesses better than we ever will. Our role is not to override that expertise, but to support it — by listening first, asking better questions, and contributing perspective where it adds value.

Over time, we aim to earn the right to be helpful.

Time & Urgency

We believe that time is our (and your) scarcest resource, and we act like it. We move with urgency when we see good opportunities, but not before we have patiently studied and built confidence in recognizing what a good opportunity is.

Fact Based Decision Making

Intuition is critical to running a business. We seek to refine and validate intuition with data, recognizing that many questions can't be answered with data. However, for many business processes, we find that a disciplined test-and-learn process can improve outcomes over time, and we enjoy working with founders and management teams to implement such processes.

Investments

Our Investments

Our Results

100%

Franchise systems where we scaled to become the largest franchisee

3.8x

Average growth in unit count of franchisee platforms

23%

Average annual growth rate of unit count across platforms

Integrity and Reputation

100%

Sellers of platforms we acquired who remain long term friends and/or investors

100%

Sellers of platforms we acquired who invested in the most recent platform we executed

100%

Transactions where our principals invested personal capital alongside our partners

The above results represent the Planet Fitness, The Good Feet Store and Urban Air investments from Alexei Popov's tenure at Exaltare Capital Management, where he served as the primary execution professional on each transaction.

This material is for informational purposes only and does not constitute an offer to invest.

Leadership Team

Alexei A. Popov

Oxbrook Capital was founded by Alexei A. Popov.

Alexei A. Popov

Founder & Managing Director

Alexei Popov is the Founder and Managing Director of Oxbrook Capital. He brings 15 years of private equity experience, with a career focused on the acquisition and scaling of franchised and multi-unit businesses in the lower middle market.

Prior to founding Oxbrook Capital, Alexei spent over a decade at Exaltare Capital Management, a private investment firm focused on multi-unit and franchised investments. During his tenure, he led and executed investments across multiple platforms, with a particular focus on scaling businesses through new unit development and acquisitions. He helped lead Exaltare's investment in Planet Fitness, supporting the company's growth from 15 to 108 locations over a nine-year period and culminating in a successful exit in 2021. He was deeply involved throughout the investment, including acting as CFO during the company's most rapid growth phase as the business scaled from 15 to 50 locations in under two years. Prior to joining Exaltare, Alexei worked at Brook Venture Partners, an SBIC fund, in investment banking at C.W. Downer (now part of Alantra) and in corporate strategy at MetLife.

Alexei has served as a board member or observer of ECP-PF Holdings (Planet Fitness), Ignite Fitness Holdings, ECM-GF Holdings (Good Feet), Elevated Venture Holdings (Urban Air), and Uni K Wax. Alexei holds a Master in Finance degree from MIT Sloan School of Management and a B.S. in Finance, summa cum laude, from the University of Massachusetts.

Alexei lives outside of Boston with his wife and their newborn son. Outside the office, Alexei enjoys biking, swimming and playing tennis. His more eccentric interests include competitive billiards (which funded his graduate studies at MIT), chess (peak bullet rating 2300 on Chess.com), and foraging for mushrooms in the New England woods.

Alexei can be reached at alexei@oxbrookcapital.com.