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BFD Expert Voices - Retail Deals

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Branding platform Unleashed Brands is in talks to seek a buyer, founder and CEO Michael Browning tells Axios.

Details: The company is interviewing investment banks and is seeking a deal with a consumer-focused private equity firm or a strategic, he said.

"We anticipate that we will transact privately in 2022," he said.

The private company's move to pursue a buyer rather than an IPO is a sign of times as the markets continue to whipsaw. 

Unleashed's owners include Browning, Mantucket Capital and MPK Partners.

Background: Unleashed is the parent of Urban Air Adventure Parks, Snapology, The Little Gym, Premier Martial Arts, Class 101 College Planning and XP League.

By the numbers: This year, Unleashed will generate system-wide sales of approximately $740 million, revenue of about $160 million, and EBITDA of around $70 million, Browning said.

Valuation multiples for similar asset-light businesses range between the high teens and low 20s, he said. Unleashed's CAGR is between 20% and 25%, he added.

What's next: Unleashed aims to add more than 235 brick-and-mortar locations in 2022. Currently, it has 800.

In addition, it plans to make four acquisitions before the year ends in areas such as art, music, swimming and traditional sports, Browning said.

The company owns about 10% of its locations (the rest are franchised) to test new ideas and services: "We eat our own dog food by owning and operating our own locations," Browning said.

The bottom line: "What I love about our business, although it is discretionary, is people still need to invest in their kids so they can be the best they can be," Browning said.

There's nothing "more powerful" than a franchisee or local business owner who intimately knows his or her employees and customers, he added.

Scoop: Unleashed Brands interviews banks for sale process

The franchisor is seeking either a PE investor or a strategic.

Retail

Branding platform Unleashed Brands is in talks to seek a buyer, founder and CEO Michael Browning tells Axios.Details: The company is interviewing investment banks and is seeking a deal with a consumer-focused private equity firm or a strategic, he said.<ul><li>&quot;We anticipate that we will transact privately in 2022,&quot; he said.</li></ul>

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Scoop: Unleashed Brands interviews banks for sale process

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