Monogram Capital Partners Research
Investment Thesis
Monogram Capital Partners is a Los Angeles-based private equity firm founded in 2014 by Jared Stein and Oliver Nordlinger to help promising consumer and retail brands become category leaders. The firm has invested more than $1.8 billion of equity capital, primarily in consumer, services, and retail businesses. Monogram's differentiated approach bridges both sides of the consumer ecosystem: it partners directly with category-defining consumer brands as well as the supply chain and services businesses that power them (contract manufacturers, franchise platforms, distribution partners). The firm typically serves as a brand's first institutional investor, professionalizing and scaling family- and founder-owned businesses while preserving their entrepreneurial culture. This is a growth-equity/buyout strategy, not a venture capital model — Monogram does not fund pre-revenue startups.
Sector Focus
Monogram organizes its investing around four core verticals: Food & Beverage, Beauty & Personal Care, Pet, and Consumer/Business Services (including consumer healthcare and "4-wall" service businesses such as fitness franchises and garage-door repair). Recent portfolio activity is concentrated in functional beverages, better-for-you food, clean beauty, and multi-unit franchise/services platforms.
Stage Focus
Monogram does not invest in early-stage or venture-stage companies. Its mandate spans companies with $5 million to $250+ million of revenue, most commonly profitable, growing brands seeking their first institutional capital partner to scale operations, expand distribution, and professionalize management.
Check Size
Monogram typically deploys up to $50–75 million of equity capital per platform investment (per firm materials and third-party PE trackers). The firm does not publish a stated minimum check, but its target company revenue floor ($5M) implies smaller initial checks are possible for earlier-stage platform deals, with reserves for follow-on growth capital.
Lead Tendency
Monogram generally leads and often takes control or significant-minority control positions as the first institutional investor, then stays actively involved (e.g., Jared Stein sat on the Grand Fitness Partners board for the duration of an eight-year hold). The firm frequently partners with co-investors or larger PE firms on scaled exits (e.g., HGGC took a majority stake in Grand Fitness from Monogram in 2021 while Monogram retained a minority position).
Recent Activity
Monogram closed its oversubscribed third fund, Monogram Capital Partners Fund III, at its $350 million hard cap in November 2025, bringing total regulatory AUM to roughly $1.75–1.8 billion. Fund III will continue to execute across the firm's four core verticals and fund an expanded investment team and operating-partner program. In July 2025, Monogram reacquired Western Smokehouse, reinforcing its strategy of scaling supply-chain partners for fast-growing food and beverage brands; the firm has scaled that business from one to seven facilities and 10x'd EBITDA since first getting involved. In March 2026, Monogram and HGGC announced the sale of Grand Fitness Partners (one of the largest Planet Fitness franchisees) to Flynn Group, closing out one of Monogram's largest Fund I investments after an eight-year partnership that grew the company from 14 to 98 clubs. In August 2026, Monogram closed an Apollo S3-led, single-asset continuation vehicle to move Mountaintop Beverage — a contract manufacturer of shelf-stable and functional beverages — out of Fund II, giving existing LPs a liquidity option while Monogram continues to back the company's growth.
Portfolio Highlights
Representative and notable investments include OLIPOP (functional soda, recently valued at $1.85 billion), Chewy.com (specialty pet e-commerce, sold to PetSmart for $3.3 billion), Grand Fitness Partners (largest Planet Fitness franchisee platforms, exited 2026), Kidfresh (better-for-you frozen kids' food), Precision Tri-State (garage-door repair franchise platform), D.S. & Durga (premium fragrance), Vasco Group (K-12 sports-surfacing services), Oatly, Suja Organic, Koia, Country Archer, Tru Fragrance & Beauty, Live Tinted, Violette_FR, Tartine Bakery, Genexa, Healthy Spot, Impress, Luckyscent, Mixlab, Ellenos, Foundry Brands, Fourth & Heart, Vive Organic, Ytu Paleta, and Western Smokehouse Partners. The portfolio has achieved roughly 3x aggregate revenue growth and 600+ bps of EBITDA margin expansion across investments held five or more years, per firm-reported performance data.
Team
- Jared Stein — Co-Founder & Partner. Previously Golden Gate Capital (consumer/retail team), Huntsman Gay Global Capital, Bain Capital, and Goldman Sachs investment banking (consumer/retail and technology). Duke B.A. (economics), Stanford MBA.
- Oliver Nordlinger — Co-Founder & Partner. Previously Leonard Green & Partners (consumer/retail, including Shake Shack parent Union Square Hospitality Group, Savers, Activision Blizzard, DSW, 99 Cents Only Stores), Bain Capital, Bain & Company. Brown B.A. (political science), Harvard MBA.
- Ryan Collins — Principal, joined 2019. Previously KarpReilly (consumer growth equity) and Guggenheim Securities investment banking. Cornell B.A. (economics).
- Kristina Lee — Principal, joined 2021. Previously Berkshire Partners (private equity, including Kendra Scott and Opening Ceremony) and Goldman Sachs. Dartmouth B.A. (summa cum laude, Phi Beta Kappa), Harvard MBA.
- Michael Li — Principal, joined 2019. Previously Castanea Partners (consumer growth equity) and Nomura Securities M&A. Wharton (UPenn) B.S.
- Jillian Furber — Senior Associate, joined 2026. Previously Ares Management (services/healthcare) and Coral Tree Partners; began career at Morgan Stanley investment banking. USC B.A.
- Phillip Thoma — Associate, joined 2025. Previously Harris Williams (Consumer group, food & beverage M&A). University of St. Thomas B.A.
The team also includes additional associates, a CFO, fund controller, administrative directors, and several named Operating Advisors who support portfolio companies operationally.
Decision Process
Monogram operates as a partnership: co-founders Stein and Nordlinger originate and oversee strategy, while Principals evaluate, execute, and support deals across verticals alongside the operating-advisor bench. No solo-GP structure is indicated.
Founder Preferences
Monogram targets founder-led and family-owned consumer and services businesses with differentiated value propositions, demonstrated customer followings, and management teams with clear visions for outsized, accelerated growth. It positions itself as the "first institutional partner," explicitly courting entrepreneurs and family owners who have not yet taken on institutional capital.
Geographic Focus
Headquartered in Los Angeles (Beverly Hills), CA. Portfolio companies and investments are distributed across the United States (e.g., Grand Fitness clubs across five eastern-US states, Vasco's K-12 services nationally), with no stated international mandate.