What private equity firm manages the funds that control the affiliates of Carvel?

According to the 2025 Carvel FDD, Roark Capital Management, LLC, an Atlanta-based private equity firm, manages the private equity funds that control Carvel's affiliates. This means that Roark Capital Management has significant influence over the decisions and operations of Carvel and its related franchise programs.

For a potential Carvel franchisee, this affiliation indicates that Carvel is part of a larger portfolio of franchise brands managed by Roark Capital. This could provide Carvel with access to resources, expertise, and best practices from other franchise systems within the Roark Capital portfolio. It also suggests that Carvel's strategic direction and financial performance are subject to the oversight and expectations of a private equity firm.

It's important for prospective franchisees to understand the implications of this ownership structure. Private equity firms typically have a specific investment horizon and may seek to maximize returns within a certain timeframe, which could influence Carvel's long-term strategies and priorities. Franchisees should consider how this might affect their relationship with the franchisor and the overall stability of the Carvel franchise system.

While the FDD mentions Roark Capital Management's role in managing the funds that control Carvel's affiliates, it does not provide specific details about the nature of this control or the extent of Roark Capital's involvement in Carvel's day-to-day operations. Therefore, prospective franchisees may want to inquire further about the relationship between Carvel and Roark Capital Management to gain a better understanding of the potential impact on their investment.