CapitalSpring Co-Founder on 20 Years of Franchise Investing

Richard Fitzgerald, co-founder and managing partner of CapitalSpring, recently joined Sean Mooney on the Karma School of Business podcast to talk about how the firm got started and why it continues to focus exclusively on franchise and multi-unit businesses.

The conversation starts with Fitzgerald’s early experiences in Nashville, where he learned the value of working for himself through small businesses and summer jobs. After college, he followed advice from mentors and joined an investment banking program to build foundational skills, eventually transitioning into private equity. But even then, he noticed the industry was becoming more crowded and competitive, especially in generalist firms chasing the same deals.

That realization led Fitzgerald and his co-founders to ask a key question: What would a private equity firm with a real edge look like today? They noticed that nearly every town had the same national franchise brands — restaurants, gyms, car washes — but those businesses were often locally owned and operated. Despite the scale of the sector, few investment firms were paying attention to it. That opened the door for CapitalSpring.

Fitzgerald shares how staying focused on one sector has allowed the team to better support operators, build lasting partnerships and make smarter investment decisions over time. He also touches on lessons learned during key turning points like the 2008 recession and the COVID-19 pandemic, noting that their specialized approach helped them adapt and support their portfolio companies during times of uncertainty.

Now with nearly 300 investments behind them, CapitalSpring continues to lean into its original thesis: that deep experience and trusted relationships matter in building successful businesses.