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Our Scope

AFG’s scope is deliberately focused and highly disciplined. By concentrating on industries where we have deep expertise and where consumer demand is both durable and scalable, we ensure that every acquisition aligns with our ability to protect value, create synergies, and deliver strong returns.

Target Profile

  • Franchisee Platforms: We target acquisitions of 20 to 300+ units. While this is our primary range, we remain flexible for tuck-in opportunities that strengthen a regional or brand-level thesis.
  • Select Franchisors: In cases where brand-level control unlocks compounding system-wide growth, we pursue full franchisor acquisitions.

Sectors of Focus

Quick-Service Restaurants (QSR)

Iconic, high-frequency dining concepts with strong unit economics.

Fitness

Established, non-fad concepts with stable membership bases and recurring revenue models.

Hospitality

Select opportunities where brand strength, occupancy stability, and franchisor support align with our operating capabilities.

Deal Types

Majority Buyouts

Sellers seeking liquidity, succession, or a clean exit.

Carve-Outs

Strategic separation of business units to optimize focus and scale.

Distressed / Turnaround Situations

Underperforming assets where our operating expertise can restore profitability.

Succession Transitions

Multi-unit operators seeking to de-risk or retire while ensuring continuity for teams and guests.

Geography

We focus exclusively on the United States, with careful regional diversification to avoid overexposure to any single market. This provides risk mitigation while enabling us to leverage regional synergies in supply chain, training, and marketing.

Acquisition Criteria

  • Franchisor in good standing with established support infrastructure.
  • Transparent and reliable financials with at least three years of history.
  • Durable, non-fad brands with consistent consumer demand.
  • Favorable lease structures and landlord relationships.
  • Compliance with all franchisor and regulatory requirements.
  • Sellers open to a range of structures, including cash at close, partial equity rollovers, or phased exits.

Why It Matters

This disciplined scope is not simply an investment filter — it is a framework for execution. By concentrating on QSR, fitness, and hospitality platforms of meaningful scale, we avoid over-concentration in single assets, ensure operational synergies across our portfolio, and create multiple exit pathways for investors. Sellers benefit from our ability to move quickly and close with certainty, while investors benefit from a strategy rooted in operational credibility and measured risk management.
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