What is the relationship between Roark Capital Management, LLC and Carvel's affiliated franchise programs?
Carvel Franchise · 2025 FDDAnswer from 2025 FDD Document
Through control with private equity funds managed by Roark Capital Management, LLC, an Atlanta-based private equity firm, we are affiliated with the following franchise programs ("Affiliated Programs"). None of these affiliates operate a Carvel franchise.
Inspire Brands, Inc. ("Inspire Brands") is a global multi-brand restaurant company, launched in February 2018 upon completion of the merger of the Arby's and Buffalo Wild Wings
Driven Holdings, LLC ("Driven Holdings") is the indirect parent company to nine franchisors, including Meineke Franchisor SPV LLC ("Meineke"), Maaco Franchisor SPV LLC ("Maaco"), Merlin Franchisor SPV LLC ("Merlin"), Econo Lube Franchisor SPV LLC ("Econo Lube"), 1-800- Radiator Franchisor SPV LLC ("1-800-Radiator"), CARSTAR Franchisor SPV LLC ("CARSTAR"), Take 5 Franchisor SPV LLC ("Take 5"), ABRA Franchisor SPV LLC ("ABRA") and FUSA Franchisor SPV LLC ("FUSA"). In April 2015, Driven Holdings and its franchised brands at the time (which included Meineke, Maaco, Merlin and Econo Lube) became Affiliated Programs through an acquisition. Subsequently, through acquisitions in June 2015, October 2015, March 2016, September 2019, and April 2020, respectively, the 1-800-Radiator, CARSTAR, Take 5, ABRA and FUSA brands became Affiliated Programs. The principal business address of Meineke, Maaco, Econo Lube, Merlin, CARSTAR, Take 5, Abra and FUSA is 440 South Church Street, Suite 700, Charlotte, North Carolina 28202. 1-800-Radiator's principal business address is 4401 Park Road, Benicia, California 94510. None of these franchise systems have offered franchises in any other line of business.
Youth Enrichment Brands, LLC is the direct parent company to three franchisors operating in the United States: i9 Sports, LLC ("i9"), SafeSplash Brands, LLC also known as "Streamline Brands"), and School of Rock Franchising LLC ("School of Rock"). i9 became an Affiliated Program through an acquisition in September 2021. Streamline Brands became an Affiliated Program through an acquisition in June 2022. School of Rock became an Affiliated Program through an acquisition in September 2023. The three franchisors have never offered franchises in any other line of business.
Source: Item 1 — The Franchisor and any Parents, Predecessors, and Affiliates (FDD pages 9–24)
What This Means (2025 FDD)
According to Carvel's 2025 Franchise Disclosure Document, Carvel is affiliated with other franchise programs through control with private equity funds managed by Roark Capital Management, LLC. Roark Capital Management is an Atlanta-based private equity firm. These other franchise programs are referred to as "Affiliated Programs," and none of them operate a Carvel franchise.
The FDD lists several examples of these Affiliated Programs. These include Inspire Brands, Inc., Driven Holdings, LLC, and Youth Enrichment Brands, LLC. Driven Holdings, LLC is the indirect parent company to nine franchisors, including Meineke, Maaco, Merlin, Econo Lube, 1-800-Radiator, CARSTAR, Take 5, ABRA and FUSA. Youth Enrichment Brands, LLC is the direct parent company to i9 Sports, LLC, Streamline Brands, LLC, and School of Rock Franchising LLC.
For a potential Carvel franchisee, this affiliation means that Carvel is part of a larger network of franchise systems under the Roark Capital Management umbrella. While these affiliated programs do not operate Carvel franchises, they may share resources, best practices, and potentially influence Carvel's strategic decisions. Understanding this broader network can provide a franchisee with insights into the resources and expertise available to Carvel.