
Brentwood Associates has a proven track record of successful investments in the lower middle market. They have a strong focus on making strategic investments in businesses that have significant growth potential.
One key aspect of their investment strategy is their ability to partner with experienced management teams to drive growth and expansion. This approach has allowed them to achieve significant returns on their investments.
Brentwood Associates has a long history of making strategic acquisitions, with a focus on expanding their portfolio of companies. They have a strong network of industry experts and advisors who help them identify and evaluate potential investment opportunities.
Their investment strategy is centered around creating value through operational improvements, strategic acquisitions, and organic growth initiatives. This approach has enabled them to achieve significant returns on their investments and build a strong portfolio of companies.
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About Brentwood Associates
Brentwood Associates is a private equity firm founded in 1972 by Frederick Warren, B. Kipling Hagopian, and Timothy M. Pennington III. They are based in Los Angeles, California.

The firm focuses on long-term investments in middle-market growth companies, specifically targeting consumer-related businesses. Brentwood's preferred equity investment size is between $50 to $200 million.
Brentwood Associates primarily invests in services companies and consumer products across various subcategories, including apparel, lifestyle brands, food & beverages, pet, retail, and more. They look for exceptional brands with strong customer relationships and product differentiation.
Here are the key criteria Brentwood Associates uses to select companies to invest in:
- Revenue: $20M to $500M
- 10%+ Growth
- EBITDA: up to $50M
- 10%+ EBITDA Margin
Overview
Brentwood Associates is a private equity firm that's been around since 1972. Frederick Warren, B. Kipling Hagopian, and Timothy M. Pennington III founded the company.
They're focused on making leveraged buyouts, which means they invest in businesses with the goal of helping them grow and become more successful. Brentwood Associates primarily invests in services companies and consumer products.
These investments span across various subcategories, including apparel, lifestyle brands, food & beverages, pet, retail, and many more. To qualify for investment, companies must meet certain criteria.
Here are the key criteria Brentwood Associates looks for:
- Revenue: between $20M and $500M
- 10%+ Growth
- EBITDA: up to $50M
- 10%+ EBITDA Margin
The firm's headquarters is located in Los Angeles, California, USA.
About Sixth Street

Sixth Street invests internationally and has in excess of $70 billion in assets under management and committed capital.
They support companies across all stages of growth, which is a testament to their flexibility and adaptability as an investment firm.
Sixth Street has more than 500 team members, including over 200 investment professionals operating globally.
This large team allows them to provide a wide range of services and expertise to their portfolio companies, which can be a huge advantage for entrepreneurs and businesses looking for support.
Kayvan Heravi, managing director at Sixth Street, said that they look for companies with strong leadership teams, operational expertise, and a premier position within a best-in-class franchise system when considering investments.
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Investment and Expansion
Brentwood Associates has invested in Far West Services, a franchisee owning more than 100 Wingstop restaurants, alongside global investment firm Sixth Street.
Far West Services operates fast-casual Wingstop restaurants in California, Nevada, Washington, Colorado, and Utah, with a presence that spans over 20 years.
The investment has enabled Far West to expand its operations, with the existing management staying on and remaining significant shareholders in the business.
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Franchisee Seeks Expansion Funding

Far West Services, a franchisee owning more than 100 Wingstop restaurants, has secured backing from major private equity and global investment firms.
Brentwood Associates and Sixth Street have invested in Far West Services, partnering with the company's existing management who will remain significant shareholders.
Far West Services was founded 20 years ago and operates fast-casual Wingstop restaurants in California, Nevada, Washington, Colorado, and Utah.
The company has grown through organic growth, new restaurant openings, and strategic acquisitions, emphasizing excellence in operation and guest experiences.
Far West Services' existing management will stay on at the company, ensuring continuity and stability in the business.
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Fast-Casual History
Brentwood has a long history of involvement in the fast-casual restaurant market, which is growing rapidly.
The global fast-casual market was estimated at $169.92 billion in 2022, according to Straits Research.
Brentwood has invested in several high-profile fast-casual and fast-food brands in the past, including Chicken Salad Chick and Blaze Pizza.
Rahul Aggarwal, a partner at Brentwood, has mentioned that the firm previously invested in these types of brands.
The fast-casual market is expected to continue growing, with a projected market value of $407.26 billion by 2031, reflecting a compound annual growth rate of 10.2% from 2023 to 2031.
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Private Equity Firm

Brentwood Associates is a private equity firm that has been around since 1972. It's based in Los Angeles.
The firm has a strong focus on long-term investments in middle-market growth companies. It typically targets investments in consumer-related businesses.
Brentwood's preferred equity investment size is $50 to $200 million. This suggests that the firm is looking for companies with a certain level of scale and growth potential.
In the last 3 years, Brentwood Associates has acquired 3 companies and invested in 2 others. This indicates that the firm is actively looking for new opportunities to grow its portfolio.
Brentwood's most common sectors for investment are restaurants (19%) and retail (17%). This suggests that the firm has a strong interest in the food and retail industries.
Here are some key statistics on Brentwood's investment activities:
Brentwood's most common exit type is trade sale (40%). This suggests that the firm is often looking to sell its investments to other companies.
The firm's largest disclosed acquisition occurred in 1998 when it acquired Bell Sports for $215M. This is a significant deal that demonstrates the firm's ability to make large investments.
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Why Invest

Brentwood Associates has a long history of successful investments, with a track record of delivering strong returns to their investors. Founded in 1972, the firm has been making smart investment decisions for over 40 years.
Their investment strategy focuses on making control investments in middle-market companies, which has proven to be a winning formula. By taking a hands-on approach, they're able to drive growth and increase value in the businesses they invest in.
With a team of experienced professionals and a strong network of industry contacts, Brentwood Associates is well-equipped to identify and capitalize on investment opportunities.
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Why
The "Why" question is a crucial one to answer properly during interviews. It's a chance to show your passion and research about the firm.
Meeting people who work at the firm through networking efforts can make a big impact on your decision to apply, so be sure to mention them and how they've made a positive impression on you.
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This is the right time to share your personal connection to the firm, whether it's through a mutual acquaintance or a shared interest.
Brentwood Associates is a great example of a firm that can inspire a strong "Why" answer, especially if you've met people who work there and have made a positive impact on your decision to apply.
Loyalty for Smarter Invests
Having a long-term investment strategy can lead to more stable and consistent returns. This is because you're less likely to make emotional decisions based on short-term market fluctuations.
Investing in a diversified portfolio can help you ride out market downturns and avoid costly mistakes. For instance, a study found that investors who stuck with their original investment plan outperformed those who made frequent changes by a significant margin.
Building loyalty to your investment strategy means being consistent and patient, even when the market gets tough. This can be challenging, but the rewards are well worth it.
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Research shows that investors who adopt a long-term approach tend to have higher returns and lower fees than those who don't. By staying the course, you can reduce the impact of fees on your portfolio and increase your chances of success.
Investing is a marathon, not a sprint. By focusing on the long-term and staying loyal to your strategy, you can achieve your financial goals and enjoy the freedom and security that comes with it.
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Career and Salary
If you're considering a career at Brentwood Associates, it's essential to know what to expect in terms of salary. The estimated total pay for associates at Brentwood Associates is $103,199 per year.
Keep in mind that this figure is based on Glassdoor's record and can vary depending on your level of experience, education, and skills.
Salary & Compensation
When considering a career at Brentwood Associates, it's essential to understand the salary and compensation package. According to Glassdoor's record, the estimated total pay for associates at Brentwood Associates is $103,199 per year. This figure represents the median, but it can still vary depending on the candidate's level of experience, education, and skills.
Interview Questions

Interview questions at investment firms like Brentwood Associates can be challenging, but knowing what to expect can help you prepare.
You can expect a combination of behavioral questions, fit questions, and technical/investing questions from the interviewers.
Researching the firm beforehand is a good practice, and I highly recommend listening to interviews with its founders, investors, and key personnel to get a better understanding of the company's culture and values.
Brentwood Associates typically conducts 4 to 6 rounds of interviews, with the HR team or junior investment professionals leading the initial rounds and the more senior staff taking charge of the later rounds.
The entire interview process usually extends over multiple weeks, unless it's "on-cycle" or "on-campus" recruiting.
Case Studies
Case studies are a common part of interviews at Brentwood Associates, where firms assess both communication skills and technical knowledge of candidates.
Interviewees often encounter case studies during interviews.
Firms like Brentwood Associates use case studies to evaluate candidates' abilities.
Most case studies at Brentwood Associates center around investment recommendations and financial modeling.
For junior roles, a cold calling case study may be required as well.
Brentwood Associates uses case studies to get a better understanding of candidates' skills.
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Frequently Asked Questions
What is the revenue of Brentwood Associates?
Brentwood Associates' revenue ranges from $20M to $500M, with significant annual growth. The company's EBITDA is up to $50M, indicating strong profitability.
Sources
- https://www.ttec.com/articles/brentwood-associates-leverages-loyalty-smarter-investments
- https://mergr.com/investor/brentwood-associates
- https://flaia.org/companies/Brentwood-Associates
- https://growthequityinterviewguide.com/brentwood-associates
- https://www.franchisewire.com/brentwood-associates-and-sixth-street-invest-in-major-wingstop-franchisee/
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