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Roark Capital, Warburg Pincus Both Near a Million Employees at Their Portfolio Companies Following Recent Acquisitions

April 23, 2021

In the last six months, a few private equity buyouts have dramatically increased the number of people working for private equity-owned companies.

In October 2020, Roark Capital acquired Dunkin’ Brands, which has 330,000 people working at its Dunkin’ Donuts and Baskin Robbins stores. This, along with other acquisitions last year, pushed the total number of people working at Roark-owned companies or their franchisees to close to 1 million.

In March 2021, private equity firm Warburg Pincus purchased the security company G4S, which has over 533,000 employees worldwide. Warburg Pincus already owned the security firm Allied Universal which has 300,000 employees. Together with a several smaller companies, Warburg Pincus-owned companies now employ over 850,000 people.

Based on PESP’s review of portfolio companies, the top five US private equity firms by employees are:

  1. Roark Capital – 950,000+ employees
  2. Warburg Pincus – 850,000+ employees
  3. Apollo Global Management – 497,000+ employees
  4. KKR – 417,000+ employees
  5. Cerberus Capital – 365,000+ employees
Roark Capital – 950,000+ Total Employees (including employees of franchises) 
CompanyIndustry# of EmployeesYear Acquired
Inspire Brands (Arbys, Baskin Robbins, Buffalo Wild Wings, Dunkin, Jimmy Johns, Rusty Taco, Sonic)Food service650,0002011-2020
CKE Restaurants (Carl’s Jr., Hardee’s, Green Burrito)Food service75,0002013
Cheesecake Factory (17% stake) (Also Flower Child, North Italia)Food service46,2502020
Service Master (AmeriSpec, Furniture Medic, Merry Maids, Service Master)Facility Management46,0002020
Massage EnvyRetail35,0002019
Culver Franchising System (minority interest)Food service25,0002017
Focus Brands (Auntie Annes, Carvel, Cinnabon, Jamba, McAlister’s Deli, Moe’s Southwest Grill, Schlotzsky’s, Seattle’s Best)Food service10,2002001-2020
Anytime FitnessGyms10,0002014
CarstarAuto Services8,0002015
Miller’s Ale HouseFood service8,0002013
Orange Theory FitnessGyms7,3002016
AbraAuto Services5,0002019
Primrose SchoolsChildcare/ Early Ed3,6502006
Batteries + BulbsRetail3,0002007
Nothing Bundt CakesFood Service2,1002021
Automotive Training InstituteAuto Service1,6002019
Pet ValuRetail1,6002009
Great Expressions Dental CentersHealth care9002016
800-RaditaorAuto Services5002015
Divisions Maintenance GroupFacility Management5002020
MaacoAuto Services5002008
Pet SupermarketRetail5002015
IMO Car Wash GroupAuto Services2502017
Solterra RecyclingFacility Management2002014
Warburg Pincus – 830,000+ Total Employees
CompanyIndustry# of EmployeesYear Acquired
Allied Universal/ G4SSecurity833,0002018, 2020
Gabe’s/ Rugged WearhouseRetail6,3002017
Sotera HealthHealthcare3,0002015
Service LogicFacility Management3,0002020
KKR – 450,000+ Total Employees
CompanyIndustry# of EmployeesYear Acquired
Envision HealthcareHealthcare-Patient transportation, Staffing69,0002018
Brightspring/ PharmericaHealthcare-Home care, Pharma56,0002019
Fiserv (13% stake)Information Technology44,0002019
Global Medical ResponseHealthcare-Patient transportation38,0002017
Laureate Education (LAUR) (11% stake)Education32,0002007
U.S. Foods (10% stake)Foodservice Distributor26,0002020
Apple Leisure GroupLeisure facilities, Travel25,0002017
Academy Sports + OutdoorsRetail22,0002011
Brightview Landscapes (BV) (48% stake)Facility management19,7002013
Heartland Dental CareHealthcare-Dental13,0002018
Fleet FarmRetail8,0002016
USI Insurance ServicesInsurance8,0002017
BMC SoftwareInformation Technology6,7852018
Cardenas MarketsRetail-Grocery6,6302016
PetVet Care CentersVeterinary4,0002018
The Nature’s Bounty Co.Food Manufacturing4,1502017
Epic GamesInformation Technology5,0002018
Bay ClubGyms4,0002018
Focus Financial Partners (10% stake)Wealth management4,0002017
Borden DairyFood Production3,3002020
Apollo Global Management – 497,000+ Total Employees
CompanyIndustry# of EmployeesYear Acquired
AloricaCall Centers100,0002019
SwissportAirline Service45,0002020
LifePoint HealthHealthcare-Hospitals60,0002018
Venetian Resorts and Sands ExpoHospitality/ Leisure11,2002021
Constellis GroupSecurity22,0002016
Tech Data/ SYNNEXInformation Tech22,000 
ADTElectronic Security20,5002016
ClubCorpLeisure facilities20,0002017
Continuum Global SolutionsBPO-Call Centers17,0002019
CEC Entertainment
(Chuck E Cheese)
Food service16,4002014
QdobaFood service16,0002018
The Fresh MarketRetail-Grocery13,0002016
Smart & Final StoresRetail-Grocery11,2002019
Apollo Education GroupEducation18,5002017
New Holland ApparelApparel9,0002016
Diamond ResortsHospitality/ Leisure8,2502016
Lumileds LightingManufacturing7,0002017
Maxim Crane WorksConstruction3,7502016
McGraw Hill EducationEducation2,9002013
Sun Country AirlinesTransportation1,7002018
Cerberus Capital – 390,000+ Total Employees
CompanyIndustry# of EmployeesYear Acquired
Albertsons (32% stake)Retail-Grocery300,0002006, 2013
WFS GlobalAirline service23,0002018
Electrical Components InternationalManufacturing20,0002018
Kellermeyer Bergensons ServicesFacility management11,0002019
ABC TechnologiesManufacturing7,5002016
National DentexDental4,0002020

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