Princeton Equity Group, a Princeton, NJ and Dallas, TX-based private equity firm focused on control investments in franchisor and multi-unit companies, has held the final closing of its inaugural fund, Princeton Equity Partners I, with more than USD350 million in total commitments, surpassing its initial USD250 million target.
The fund exceeded its hard cap and was oversubscribed. Investors include US and non-US-based endowments, foundations, insurance companies, public pensions, fund-of-funds, asset managers, and family offices.
Princeton is led by Jim Waskovich and Doug Kennealey and seeks partnerships with the founders and management teams of high-growth, market-defining franchisors and multi-unit businesses with USD2 million to over USD20 million of EBITDA across a variety of end markets. The firm looks to leverage its considerable industry experience, vast professional network, and proprietary technology and data platform to help build companies of extraordinary value.
Princeton recently closed two platform investments: Card My Yard, a high-growth franchisor of celebratory yard rental greetings with over 420 locations, and Strickland Brothers, a high-growth operator and franchisor of drive-thru, 10-minute oil change and automotive maintenance service centres with 40 open locations and more than 160 in development.
Aviditi Advisors served as exclusive placement agent for the fund and Kirkland & Ellis LLP provided legal counsel to Princeton.
