Former Papa John’s CEO Steve Ritchie is overseeing Prosper Growth Partners.
By Andrew Carlo
Bain Capital has launched a new franchise platform, Prosper Growth Partners (PGP), with a focus on acquiring franchisee businesses.
Led by Steve Ritchie, the former CEO of Papa John’s, the platform will also scale leading consumer brands through a “partnership model focused on operational execution and best-in-class guest experiences,” Bain Capital said.
“The current market represents a compelling opportunity to build a franchisee platform anchored by trusted, distinctive brands that consistently attract loyal consumers and emergent concepts positioned for sustainable, scalable growth,” Ritchie said. “With proven multi-brand capabilities and a model that prioritizes long-term partnership and transparency, PGP is uniquely positioned to serve as the strategic partner of choice for tenured and fast-growing franchisors and franchisees seeking to adapt to changing consumer preferences.”
Ritchie brings more than 30 years of experience founding and leading multi-concept franchise organizations. For 23 years, Ritchie held a series of leadership roles at Papa John’s, ultimately serving as president and CEO while overseeing operations for more than 5,000 restaurants across 50 countries.
After his leadership tenure at Papa John’s, Ritchie and his wife founded Endeavor Restaurant Group, a multi-concept restaurant platform with operations spanning diverse industry segments.
He most recently served as CEO of Bluegrass Restaurant Holdings, a multi-brand franchise platform operating more than 200 restaurant and fitness locations across six brands, including Panera, Pizza Hut, and Orangetheory Fitness.
“Bain Capital’s deep experience growing restaurant and retail businesses, combined with its significant operating capabilities and network of trusted industry and franchisee relationships will enable the platform to bring a hands-on, differentiated approach to value creation,” Ritchie said. “I am excited to collaborate with the Bain Capital team to execute our shared vision to build an exceptional and differentiated portfolio of category defining brands at scale.”
“We are fortunate to partner with a proven operator and executive of Steve’s caliber who can complement our institutional capabilities and approach to brand stewardship,” said Cristian Jitianu, a partner at Bain Capital. “Throughout Bain Capital’s more than 40 years of investing in restaurants and retail, we’ve gained valuable consumer and commercial insights, and with Steve’s decades of franchisee leadership and first-hand operating experience, we are well-positioned to acquire franchisee businesses and partner with leading brands to develop new locations and fuel their growth.”
Bain Capital has partnered with numerous leading brands, including Bloomin’ Brands, Bob’s Discount Furniture, Burlington, Burger King, Canada Goose, Cuisine Solutions, Domino’s Pizza, Dunkin’ Brands Group, Fogo de Chão, GAIL’s Bakery, Pizza Express, Retail Zoo, Sizzling Platter, Skylark Restaurants, and Valeo Foods.
Bain Capital said it invests in five focus areas: private equity, growth and venture, capital solutions, credit and capital Markets, and real assets. The company has more than 1,850 employees, and approximately
