🍟 11/22/2021 – RockBox Fitness + Roark Acquires Mathnasium

Franchise Headlines

Roark Capital Acquires Mathnasium

2021 Mathnasium Cost Guide (with Local Prices) // Tutors.com

The Players

Roark Capital, the majority owner of affiliate Inspire Brands, acquired the tutoring franchise Mathnasium for an undisclosed amount. If you’re not familiar with Roark/Inspire Brands, they are the owner of massive franchises such as Dunkin’, Sonic, Arby’s, and more.

Mathnasium is a math tutoring franchise for kids in grades 2-12. After being founded in 2002, they’ve grown to an international franchise with 1,082 locations worldwide, with 927 of those within the U.S.

At 1,000+ units, this acquisition was likely in the 9-figure range 

The Scoop

Big money acquisitions are fun to talk about, but to me the real story here is the power of franchising. In less than 20 years, three founders were able to take 1 local tutoring center, and turn it into a $100M+ brand with over 1,000 locations.

An absolutely incredible story! Read the press release here

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Franchise Breakdown:

RockBox Fitness

RockBox Fitness to add up to five Louisville locations - Louisville  Business First

Fast Facts


  • Founded in 2017
  • Based in North Carolina; 33 units open as of 2021
  • The brand operates boxing, kickboxing, & functional strength training fitness studios

Fees + Investment

  • Royalty: 7% of gross sales
  • Brand Fund: 1% of gross sales
  • Franchise Fee: $49,900
  • Initial Investment: $235K – $464K

Financial Performance

  • The below table illustrates the gross revenue, gross profit, and net income from 3 RockBox affiliate studios that operated the entire 2019 calendar year

The Wolf’s Take  🍟

Boutique fitness has been an area of insane growth over the last 10 years, and the public markets seems to have just learned that fact after the IPO’s of Xponential Fitness and F45 this year.

The pre-covid financials from RockBox affiliate locations show a solid return, with an average net income of $158,261 between the 3 units. This shows a 3:1 investment to profit ratio, which is not easy to find for franchises.

I also like RockBox because it’s a niche concept even within the world of boutique fitness, where it has minimal competitors. The main ones would be Rumble and Title Boxing, however both of those brands have initial investments that are larger than RockBox’s (Rumble’s is up to $4 Million/location).

If you want to jump on the boutique fitness wave, RockBox is a great brand to look at specifically because of the stage they’re at – founded just 4 years ago and already have 33 units open. The first franchisees are in and have taken the biggest risk, and now you can determine how they’ve performed thus far before deciding if RockBox could be right for you!

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