NewSpring Franchise Adds Former Boston Market CEO & Restaurant Franchise Industry Veteran to Operational Value Creation Team
July 07, 2023
George Michel will leverage his vast experience serving in advisory roles to help NewSpring Franchise portfolio companies grow
NewSpring ("the Firm"), a family of private equity strategies, announced today that NewSpring Franchise, the Firm's strategy dedicated to investing in innovative franchise and multi-unit concepts in large and growing markets, has added George Michel to its Value Creation Team. Michel will leverage his vast experience in executive-level positions at franchise businesses to help NewSpring portfolio companies achieve operational excellence as they open new locations.
“Building a franchise business requires a unique set of skills, and we knew our Value Creation Team could benefit from an industry veteran with the mindset, connections, and experience to help our portfolio companies navigate the many challenges that arise when pursuing rapid growth. With George having helped several national and international brands grow in the U.S., in Canada, and internationally, we’re thrilled to connect him to our growing portfolio of exciting multi-unit businesses.”
Michel is a true franchise business veteran and has served in executive roles turning around or growing multiple brands. Throughout his four decades of franchise experience, he has served as CEO of Friendly’s Restaurants, Johnny Rockets, Boston Market, Timothy’s Coffee, A&W Restaurants Inc. and held countless other high-level operational positions at Burger King, Brinker International, and A&W Canada.
“NewSpring’s operational expertise was a major reason we originally partnered with them. Their individual experience and that of their extended Value Creation network has been valuable in helping to accelerate our company’s growth,” said Vanessa Yakobson, CEO Blo Blow Dry Bar, a NewSpring Franchise portfolio company. “We’re excited to continue leveraging the team’s expertise and working with impactful operators like George as we drive our brand to greater heights.”
NewSpring Franchise invests in capital-efficient, consumer-facing, multi-unit businesses with a strong customer value proposition, proven unit-level economics, and exceptional management teams in the lower-middle market. With a unique combination of investment expertise and proven operational experience at the strategy’s core, NewSpring Franchise leverages its large network of professionals, industry leaders, and operators to add long-term value to this often-underserved segment of franchise businesses. By partnering with founders and entrepreneurs to understand their vision, NewSpring Franchise’s objective is to help them achieve their goals with differentiated financial, human, and intellectual capital.
“Over the course of my career I’ve developed a true passion for helping founders and operators of multi-unit businesses forge successful, sustainable pathways to fast growth. In my four decades of experience at franchise companies, I’ve seen many different roadblocks and devised countless approaches for overcoming them. Today, my time is best served sharing these best practices with other franchise leaders, and I’m eager to start working with some of the most fascinating franchise businesses in the U.S. and Canada.”