Recapitalization aims to accelerate and expand FranDevCo’s offerings.
CHARLOTTE, N.C. — ABACO, a premier lower middle market private equity firm led by Michael Abdy, with backing from Noah Lowy of the Lowy Family Group and Abdy, announced today its partnership with and the recapitalization of FranDevCo, a leading franchise sales organization (FSO). FranDevCo founder, Nick Neonakis, will exit the company and executives Jeff Dudan and Sung Ohm will remain involved in the business post-close with Dudan serving as chairman and Ohm as CEO.
FranDevCo provides outsourced franchise development services to national and international brands as they look to increase their footprint. FranDevCo has the exclusive development rights for 12-plus national franchisors and has successfully awarded hundreds of franchise territories since inception. Founded by industry veterans Nick Neonakis and Jeff Dudan in 2019, FranDevCo provides an unparalleled level of real-world franchise development experience to franchisors as they look to grow their footprint.
FranDevCo curates the entire franchisee sales lifecycle from initial lead generation through prospect education to deal closure. FranDevCo works with franchisors to perfect their entire development process, bring qualified franchise leads, and drive explosive growth.
“I’m proud to see FranDevCo enter into this next phase of growth with ABACO as partners,” said Neonakis. “The continued leadership and operational knowledge of Jeff and Sung ensure best-in-class support to franchisors as they build their brand. It’s rewarding to know the best-in-class services FranDevCo provides will continue to expand domestically and internationally.”
Dudan noted the opportunities this will bring FranDevCo in the FSO marketplace.
“The ABACO recapitalization and restructuring provides expanded resources that allow FranDevCo to reimagine the business and explore new, exciting competitive advantages,” Dudan said. “Our mission is to develop and implement new strategies to accelerate the growth of the outstanding franchise brands that FranDevCo represents.”
ABACO has a long history of working within the franchise community to accelerate organizational growth and position organizations for rapid expansion.
“The franchise space is a robust and enduring part of the global landscape,” said Abdy. “We are excited to partner with FranDevCo to accelerate growth while also investing in high value services that bring exceptional value to our partners and clients. With ABACO’s proven track record, we will be able to expand our capabilities through ownership of one of the leading FSOs in the U.S.”
Lowy has a long history partnering with ABACO on successful ventures and this new opportunity expands that relationship.
“Our partnership with FranDevCo gives us the springboard to support entrepreneurs in the US and abroad,” said Lowy.
Charlotte-based Carolyn Meade and Moore & Van Allen provided deal advisory services and legal representation of FranDevCo in the transaction.
ABACO is a private equity firm that invests in high-growth, lower middle market companies. The firm targets companies with $1-10 million in EBITDA and partners with management to scale the business through a combination of organic and acquisition growth strategies.
Learn more at www.ABACO.co
FranDevCo is a team of experienced franchise experts driven to provide consistent sales growth by partnering with emerging & growth-oriented franchise brands. They become an extension of franchise brands while producing rapid, sustainable growth. Their approach, coaching, and industry partnerships allow franchise businesses to tap into a team with more than 100 years of combined franchising experience that can attract top-performing franchisees to brands where they can thrive.
Learn more at FranDev.co