Secondary Buyout • Restaurants

Freeman Spogli Acquires Philz Coffee

On August 1, 2025, private equity firm Freeman Spogli acquired restaurant Philz Coffee from Summit Partners and TPG for 145M USD

Acquisition Context
  • This is Freeman Spogli’s 5th transaction in the Restaurants sector.
  • This is Freeman Spogli’s 8th largest (disclosed) transaction.
  • This is Freeman Spogli’s 49th transaction in the United States.
  • This is Freeman Spogli’s 7th transaction in California.

Explore All 153 Secondary Buyout Restaurants Deals - Search the Database Free


M&A Deal Summary

Date August 1, 2025
Target Philz Coffee
Sector Restaurants
Buyer(s) Freeman Spogli
Sellers(s) Summit Partners
TPG
Deal Type Secondary Buyout
Deal Value 145M USD
Advisor(s) Piper Sandler & Co. (Financial)

Target Company

Philz Coffee

Oakland, California, United States
Philz Coffee operates coffee shops across the Bay Area, Southern California, and Washington, D.C. The company specializes in custom blends and handcrafted drip coffee. Philz Coffee was founded in 2003 and is based in Oakland, California.
Explore More Deals

Browse All 215,156 Deals

FILTER BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Search Free

Buyer Overview 1

Buyer

Freeman Spogli

Los Angeles, California, United States

Category Private Equity Firm
Founded 1983
PE ASSETS 7.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Freeman Spogli & Co. is a private equity firm focused on acquiring middle-market retail, direct marketing, and distribution companies. The Firm will consider opportunities throughout North America and prefers partnering with management when pursuing acquisitions. Freeman Spogli looks to invest $75 to $300 million in transactions valued up to $750 million. Freeman Spogli was formed in 1983 and is based in Los Angeles, California with an additional office in New York City.


Deal Context for Buyer #
Overall 49 of 49
Sector: Restaurants 5 of 5
Type: Secondary Buyout 19 of 19
State: California 7 of 7
Country: United States 49 of 49
Year: 2025 1 of 1
Size (of disclosed) 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-11 Infinity Home Services

New Berlin, Wisconsin, United States

Infinity Home Services is a provider of residential roofing, siding, window, and gutter replacement in primarily the non-insurance, retail market. Infinity Home Services was founded in 1997 and is based in New Berlin, Wisconsin.

Buy -

Seller Profiles 2

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


Deal Context for Seller #
Overall 296 of 298
Sector: Restaurants 1 of 1
Type: Secondary Buyout 64 of 64
State: California 64 of 64
Country: United States 256 of 258
Year: 2025 7 of 9
Size (of disclosed) 40 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-22 NetBrain

Burlington, Massachusetts, United States

NetBrain is a provider of the first map-driven network automation solution. Hundreds of enterprises rely on NetBrain’s unique map-driven automation software to accelerate troubleshooting and prevent network outages. Netbrain was founded in 2004 and is based in Burlington, Massachusetts.

Sell $750M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-06 Ruffalo Noel Levitz

Cedar Rapids, Iowa, United States

Ruffalo Noel Levitz is a provider of fundraising, membership and enrollment management services and software for institutions of higher education and high-affinity nonprofit organizations. Ruffalo Noel Levitz was founded in 1991 and is based in Cedar Rapids, Iowa.

Sell -
SELLER

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


Deal Context for Seller #
Overall 275 of 278
Sector: Restaurants 7 of 7
Type: Secondary Buyout 40 of 42
State: California 64 of 64
Country: United States 198 of 200
Year: 2025 5 of 8
Size (of disclosed) 65 of 74
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-06-12 Q-Centrix

Chicago, Illinois, United States

Q-Centrix is a provider of outsourced quality data management solutions for hospitals and healthcare providers. Q-Centrix was founded in 2011 and is based in Chicago, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-05 Elite

New York, New York, United States

Elite is a provider of integrated practice and financial management systems for professional service firms worldwide. It provides billing systems for the legal industry to deliver a variety of products and consulting services to other professional service markets, including accounting, engineering, marketing and management and IT consulting. Elite is based in New York, New York.

Sell -