Five Years, Six Roles, One Platform Transformed

Areté was engaged at a family entertainment franchisor in COVID distress and stayed for five years — serving in six executive roles across finance, operations, strategy, and brand. The result: EBITDA grew 58%, enterprise value exceeded $1B, and a new brand was built from scratch.

58%

EBITDA growth, $98M to $155M

$1B+

Enterprise value at exit

$100M+

New brand value created

Executive roles held over five years

Engagement Timeline

Five Years. Four Phases. One Platform Transformed.

Phase 1 · 2020–2022

Office of CFO & Board

Interim CFO through COVID distress. ~$400M refinancing closed. Working capital stabilized. Chairman of Board throughout.

Phase 2 · 2022–2023

Office of CFO

Finance function rebuild, 8 permanent hires, board reporting, capex overhaul, park acquisitions and divestitures, exit readiness foundation.

Phase 3 · 2023–2024

Office of CEO

Cultural reset, brand consolidation, ops standardization, $11M tech investment, franchise M&A, 40% recurring revenue, full sales process execution.

Phase 4 · 2024–2025

Strategy & Brand President

1,000+ targets screened, adjacency selected, new brand designed and launched, 1,200+ presale members at opening, franchise infrastructure built.

The Situation

A Franchisor in COVID Distress, With No Clear Path Forward

A leading family entertainment franchisor with hundreds of locations entered the pandemic with significant leverage and a business model entirely dependent on in-person attendance. Revenue collapsed. The capital structure became untenable. The lender group needed a credible operator in the building — not a report on the sideline.

Areté was engaged initially to stabilize the finance function and manage the lender relationship. What followed was a five-year, multi-phase partnership that touched every part of the business.

COVID Distress In-person revenue collapsed. The business could not service its debt. A ~$400M refinancing was required to survive.

Leadership Gaps The organization lacked the executive depth to manage a restructuring while running the business. Multiple functions needed interim leadership simultaneously.

Operational Fragmentation Three brands operating under one roof with no unified standards, inconsistent franchisee performance, and a cost structure built for a different era.

Growth Without Infrastructure As the business stabilized, the path to value creation required a new brand, new technology, and a franchise system built to scale — none of which existed.

What We Did

In the Seat Across Every Phase of the Business.

Areté held six executive roles over five years — adapting to what the business needed at each stage. The engagement spanned four distinct phases, each with its own mandate — summarized in the timeline above.

Key Workstreams

Every Function. Every Phase.

~$400M Refinancing

Closed a full debt refinancing during peak COVID disruption, stabilizing the capital structure and giving the business the runway to recover and grow.

Finance Function Rebuild

Rebuilt the finance organization from the ground up — 8 permanent hires, overhauled board reporting, rebuilt capex planning, and established the financial infrastructure for a public-company-ready business.

Brand Consolidation and Operational Standardization

Consolidated three brands into one, reset the culture, and standardized operations across the franchise system. Recurring revenue grew to 40% of total revenue.

$11M Technology Investment

Designed and executed an $11M investment in new technology infrastructure to support franchisee operations, guest experience, and scalability.

New Brand Creation

Screened 1,000+ strategic adjacencies, selected the target category, designed and launched a new brand, and built the full franchise infrastructure. The first location opened with 1,200+ presale members.

Sale Process Execution

Led the full sale process from preparation through execution, positioning the business for a $1B+ enterprise value outcome.

Outcomes

From Distress to a $1B+ Platform — In Four Years.

EBITDA doubled in two years.

From $98M in 2022 to $155M in 2024 — a 58% increase — through operational discipline, brand consolidation, and franchise growth.

The capital structure was stabilized and the business refinanced.

A ~$400M refinancing closed during COVID distress. The business went from working capital crunch to a clean capital structure that supported the growth phase ahead.

The organization was rebuilt around performance.

20+ executive hires. Turnover reduced at every level. Three brands consolidated into one. Recurring revenue grew from minimal to 40% of total revenue.

A new brand was built from scratch and launched successfully.

From 1,000+ targets screened to a fully operational franchise concept — launched with 1,200+ presale members and more than $100M in new brand value created.