This episode explores TSG Consumer Partners' investment strategy and the state of consumer M&A in 2025, featuring an interview with Managing Director Pierre LeComte. LeComte details his career path, highlighting his transition from consulting to private equity and his focus on consumer retail brands. Against this backdrop, he describes his day-to-day responsibilities, which involve board participation in diverse portfolio companies and the ongoing search for new investment opportunities. More significantly, the discussion pivots to TSG's investment thesis, focusing on high-growth, profitable consumer brands often led by original entrepreneurs, with examples ranging from food and beverage to home services and e-commerce. For instance, the successful investment in Planet Fitness, from its initial stages to its IPO and subsequent acquisition of a major franchisee, is analyzed in detail, showcasing TSG's value-add approach and long-term investment horizon. In contrast to the Planet Fitness success story, the conversation also touches upon the current state of consumer M&A, particularly in fitness and facility services, acknowledging the impact of the pandemic and ongoing economic uncertainties. Finally, LeComte offers insights into promising sectors like everyday restaurants and franchising, while emphasizing the resilience of service-oriented businesses in the face of inflation and tariffs, concluding with predictions for the IPO market's recovery in the latter half of 2025.
