On the latest episode of Behind the Buyouts, TSG Consumer Partners LLC managing director Pierre LeComte discussed the firm’s investment strategy, its portfolio companies and the state of consumer dealmaking in 2025.

“The common thesis [is that] there’s a consumer brand in there somewhere, and a relationship and an emotional connection with the consumers that they serve in their particular industry,” LeComte said. “We like to find great opportunities no matter where they’re on that consumer spectrum.”

TSG backs high-growth, profitable consumer brands such as Planet Fitness Inc. (PLNT). The firm, which invests in everything from restaurants and fitness to beauty and household products, has recently gone deep into the home service sector as well.

The firm’s portfolio also includes restoration platform ATI Restoration LLC; collision repair business Joe Hudson’s Collision Center Inc.; HVAC services company Wrench Group LLC; and fitness brand CorePower Yoga LLC. It’s actively looking at more deals, despite the uncertainty surrounding tariffs and the resulting economic volatility.

“There’s a lot of uncertainty that’s happening with consumers today … [but] consumers are still using everyday services. The M&A market is there, you just got to know where to look,” LeComte said. “You can never write off a year, and I certainly wouldn’t write off 2025 just yet.”

TSG typically invests $100 million to $1 billion in equity in companies with $15 million to $20 million in Ebitda. TSG makes both control and minority investments, and an internal resource group, TSG Vantage, provides operational support to portfolio companies.

Check out the podcast with Pierre LeComte below:

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