Boxwood Partners Advises FranDevCo on its Sale to Full Spectrum Franchise Consulting, an L2 Capital Portfolio Company

Leading M&A Advisory Firm Marks Another Successful Business Services Transaction in the Franchise Industry

JUPITER, Fla., Jan. 23, 2025 /PRNewswire/ -- Boxwood Partners, a leading boutique investment bank, is pleased to announce the sale of FranDevCo ("FDC" or the "Company"), a premier franchise development organization driving growth and value for leading and emerging franchise brands, to Full Spectrum Franchise Consulting, a portfolio company of L2 Capital and the parent company of iFranchise Group and TopFire Media.

Boxwood Partners served as the exclusive sell-side advisor to FranDevCo in this transaction. The deal was led by Patrick Galleher (Managing Partner), Madison Day (Director), Manny Dwyer (Associate), and Drew Asadorian (Analyst). The terms of the deal were not disclosed.

Boxwood Partners continues to build its reputation as a trusted advisor in the franchise industry, leveraging its expertise to support the success of entrepreneurs and privately-held or family-owned businesses. This engagement represents another successful transaction in Boxwood Partners' leading franchise sector coverage. Boxwood Partners completed 10 franchise transactions in 2024. Since 2020, Boxwood Partners has represented over 40 businesses on successful transactions in the franchise industry, including established and emerging franchisors, leading franchisees, and value-add service providers.

With this acquisition, Full Spectrum adds a pivotal service offering to its growing platform built around supporting franchisors throughout their entire lifecycle. The combination of franchise and FDD consulting, digital marketing capabilities and overall lead generation strategies will bolster FranDevCo's capabilities and accelerate its mission to help emerging franchise brands responsibly achieve rapid and sustainable growth by connecting top-performing franchisees with high-potential franchise opportunities.

"FranDevCo has established itself as a trusted partner for emerging franchise brands, and this transaction represents a significant opportunity to scale its impact across the franchise industry," said Patrick Galleher, Managing Partner at Boxwood Partners.

"iFranchise and TopFire Media's reputation in the industry, expansive customer relationships, existing capabilities and strategic alignment will empower FranDevCo to expand its service offering and continue delivering exceptional value to franchise partners," added Madison Day, Director at Boxwood Partners.

Since its founding, FranDevCo has focused on helping emerging brands realize their full potential. FDC has placed over 1,100 units with more than 600 franchisees over the last three years. Its early success stems from a differentiated approach to establish an outsourced development partner and process, not just a sales organization. This offering is underpinned by a relentless commitment to responsible franchising and providing value-added consultative services. Headquartered in Cornelius, N.C., FranDevCo is powered by a team of industry veterans committed to supporting franchise brands across diverse sectors, including residential services, automotive, commercial services, quick-service restaurants, fitness, health and wellness, beauty, pet services, death services, youth enrichment, and more.

"Boxwood Partners was instrumental in guiding us through this process," said Sung Ohm, President and CEO of FranDevCo. "Their industry expertise and strategic insights were invaluable in facilitating our acquisition by Full Spectrum. With this partnership, we are well-positioned to scale our services and accelerate growth for the brands we represent."

FranDevCo is the fourth franchise services business represented by Boxwood Partners after previously advising Franchise FastLane, iFranchise, and TopFire Media, all of whom exclusively service the franchise industry.

"Madison and Patrick from Boxwood Partners delivered an exceptional outcome, surpassing our expectations," said Jeff Dudan, Advisory Partner at FranDevCo. "I am incredibly grateful for their unwavering dedication and professionalism throughout this transaction, and thankful to have now closed my second transaction with Boxwood Partners."

"Acquiring FranDevCo is a pivotal step in our strategy to expand and strengthen our presence in the franchise industry," said Bob Levine, Managing Partner at L2 Capital. "FranDevCo's proven track record of transforming good brands into great franchises, combined with their industry expertise, makes them an invaluable addition to our portfolio. We look forward to working with their talented team as we scale and drive value in this dynamic market."

Boxwood Partners continues to solidify its position as a trusted advisor to both franchisors and franchisees, having successfully facilitated numerous buy-side and sell-side transactions within the franchise industry. To learn more about Boxwood Partners, please visit www.boxwoodpartners.com.

About Boxwood Partners
Boxwood Partners, LLC, is a boutique investment bank based in Jupiter, Florida with offices in Richmond, Virginia. Boxwood Partners combines a unique blend of senior-level transaction advisory, business operating experience, and proven process execution skills to give its clients a distinct advantage in the market. The firm's extensive relationships within the global capital and buyer communities (including U.S. and international private equity groups, corporations, and lenders) and other essential transaction-related service providers such as consultants, attorneys, and accountants, ensure that the firm's clients receive the attention, service, and results they deserve. For more information about Boxwood Partners, please visit www.boxwoodpartners.com.

 About Full Spectrum Franchise Consulting
Full Spectrum Franchise Consulting is a premier portfolio of franchise solutions providers, including iFranchise Group, TopFire Media, and FranDevCo. Together, these companies offer unmatched expertise in franchise consulting, development, and marketing, supporting franchisors at every stage of their growth journey. iFranchise Group is widely regarded as the market leader in franchise consulting, earning the #1 spot in Entrepreneur magazine's annual Top Franchise Suppliers rankings for six consecutive years. TopFire Media is a full-service digital marketing and public relations firm specializing in driving brand growth and visibility within the franchising industry. FranDevCo is a premier franchise development and sales organization that helps emerging brands realize their potential, facilitating the placement of over 1,100 units with more than 600 franchisees across diverse sectors.

About L2 Capital
L2 Capital Partners is a boutique lower middle market private equity firm specializing in making controlling investments in a diverse range of family and founder-built companies with demonstrated market leadership and unlocked potential for growth. L2's impressive track record over the last decade includes top quartile returns for its portfolio of business services and consumer products companies with enterprise values up to $150+ million. L2 Capital adds value by partnering closely with company leadership to meet their strategic and financial goals by providing intimate operational support including a breakthrough growth framework in addition to access to resources and technology gained over 40 years of principal investing experience. For more information about L2 Capital, please visit L2Capital.net.

About FranDevCo  
FranDevCo is an outsourced service provider offering franchise development to emerging and growth-focused brands to produce responsible, rapid, and sustainable growth by connecting top-performing franchisees to the right franchise opportunity. FranDevCo's mission is to drive successful growth through collaboration, processes, and proven systems. The Company has partnered with many leading brands including, Temp Wall Systems, Costa Oil, Strickland Brothers,  MosquitoNix, Taste Buds Kitchen, beem Light Sauna, PatchMaster, Chatime, IV Nutrition, Scoop Brothers, Resting Rainbow, and The Glass Guru. Learn more about FranDevCo at frandev.co.

SOURCE Boxwood Partners LLC