Neel Bhargava
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Hey Neel — similar path (IB → PE), though I went the London route. been thinking a lot about proprietary origination in multi-location services lately. would be good to connect.
Hey Neel, looks like we share a similar IB → PE path, though I was in London at CS & Greenhill not at Bain and Berkshire like you. origination was always the same story for me — clear thesis, decent relationships, but no proprietary system of record. the people, tools and ideas were never really connected. every deal virtually sourced from scratch, nothing compounding over time. curious if that's still how most funds operate or if I'm behind the times? — Russ
Hey Neel, looks like we came up through a similar IB → PE path, though I was in London doing growth equity deals at Treis not in NYC buying and scaling multi-location businesses like you. the pattern I keep seeing with most funds is weirdly consistent — strong thesis, solid network, but no proprietary system of record. the people, tools and ideas are never really connected, so every deal is virtually sourced from scratch. nothing compounds on itself. curious if that resonates or if you've built something different at NB Group? — Russ
hey Neel — no worries if the timing's off. most funds I talk to have tried some version of building origination in-house — analyst pulling from Pitchbook or Grata, maybe using ChatGPT to help qualify, dumping it into a spreadsheet. each piece kind of works, but there's no system of record tying it together. the people, tools and ideas are all disconnected so everything ends up out of sync. been helping a few funds like Mentmore work through that. curious if you've hit the same wall at NB Group? — Russ
totally get it if origination infrastructure isn't top of mind right now — most funds have 10 things ahead of it on the priority list. the funds I've seen crack it early just tend to compound deal flow in a way that's hard to replicate later. if it ever moves up the list, I'm easy to find. — Russ
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Neel — We've been building custom deal sourcing systems for funds that acquire founder and family-owned service businesses — particularly multi-location concepts. thought it made sense to reach out given the overlap with what NB Group does. also, incidentally, we share a similar-ish path — I spent time at Greenhill and then moved to the investor side at a growth equity fund in London where we did direct investment into services businesses and scaled them. so a somewhat parallel track to yours from Bain/Berkshire into building NB Group. One of our clients, Backer Group, is probably the closest comp to your setup. They're a small team sourcing service and light manufacturing businesses — the system scores targets on owner readiness and acquisition fit, finds the founder/owner contacts, then runs personalized outreach across LinkedIn, email, and even physical letters. everything integrates live with their CRM so origination just hums in the background while they focus on deals and portfolio. for a firm like yours looking across fitness, healthcare, youth enrichment, residential services — basically a bunch of multi-location verticals simultaneously — the system can map each thesis separately, score on the unit economics and profitability signals that matter to you, and keep outreach running to founders across all of them at once. LPs also tend to like seeing that a fund has proprietary ai-driven origination infrastructure. I wondered if you wanted to take a look under the hood? might be relevant given the breadth of sectors NB Group is actively pursuing. fairly free this week and next, just let me know a time that suits. very best, Russell searchloop.ai linkedin.com/in/russellt23
Prospect Research
## PROSPECT INFORMATION: Name: Neel Bhargava Title: Founding Partner Fund: NB Group Investors Background: Neel Bhargava is the Founding Partner of NB Group Investors, based in New York. He is an entrepreneurial private equity investor focused on founder and family-owned businesses within the multi-location services and healthcare sectors. His current investment thesis targets businesses with $3M+ EBITDA in categories such as youth enrichment, hospice care, pediatric behavioral health, residential/commercial services, and health and wellness. Neel positions himself as an "Independent Sponsor" who partners with founders to professionalize and scale their businesses, often moving them from being founder-dependent to founder-led. Current Focus and Portfolio: Neel is actively seeking new investments in multi-unit models, emphasizing "repeat revenue" over strictly contractual recurring revenue. His portfolio includes OnePeak Medical (where he serves as Chairman), EWC Growth (European Wax Center), and CR Fitness (Crunch Fitness), which has grown from 12 to 87 locations since his initial investment in 2017. He is also currently focused on implementing agentic AI workflows within his firm to handle target company follow-ups, NDA markups, and meeting prep. Background and Education: Neel holds an MBA from Harvard Business School and a BBA from the University of Michigan. His professional background includes roles in corporate development at The New York Times, investment roles at Berkshire Partners and Bain & Company, and operational experience as a founding team member and General Manager of foodpanda India. He also provides strategic guidance through NB Advisory to companies like Ampush and ShopKeep. Key Skills: Private Equity, Mergers & Acquisitions, Financial Modeling, Multi-unit Operations, Business Development, Strategy, and Due Diligence. Recent LinkedIn Activity and Quotes: March 10, 2026: Neel shared his transition to AI-driven operations, stating: "Just like at portfolio companies, now is the time to implement AI in our firm operations... Every week I’m adding a few more and the benefits are only going to compound—huge for a small firm like NB Group." March 5, 2026: Discussing the "AI Arbitrage" in the middle market, he noted: "Buying businesses off of trailing EBITDA and historical multiples is still the norm... Excellent AI tools are available and accelerating, but the vast majority of middle market enterprises haven’t implemented them yet." February 17, 2026: Describing the culture of working as an independent sponsor, he said: "Know a founder-led business in the health, wellness, or education space that’s looking for a partner, not a boss? Tag them below or shoot me a note." February 6, 2026: Discussing equity value after reading 'Breakneck' by Dan Wang, he warned: "If you want to build real equity value, you have to build for cash flow, sustainability and independence, not just a bigger top line." January 27, 2026: Reflecting on NB Group's 8-year journey, he wrote: "“We’re entrepreneurs like you.” That line is part of how we introduce NB Group to founders—and it’s true... We built, iterated, and refined—and that journey directly shapes how we show up today." January 16, 2026: Offering advice on franchise investments, he stated: "The FDD only tells you part of the story... High leadership turnover is a major red flag for long-term performance." December 9, 2025: On the importance of deal conviction: "Strategy isn't just about what you buy. It's also about what you turn down... If I can't look a founder in the eye and say, 'We are the best partner for you,' I shouldn't be chasing the deal." August 20, 2025: Addressing the shift in perception of his role: "When I started NB Group over 8 years ago, I hesitated to introduce myself as an Independent Sponsor... Today, the landscape looks very different... Sellers know IS principals are deeply invested in each deal." March 25, 2025: Outlining his Youth Enrichment thesis: "Over 50% (!) of the youth enrichment market remains unserved due to supply constraints. This isn't just an anecdotal experience—it's a structural market opportunity." March 11, 2025: Defining his niche: "Multi-Location Services is a business model rather than an industry... Multi-location Services businesses are naturally insulated from Amazon and e-commerce disruption. You can't get your hair removed or send your child to preschool through a website." Fund details: - Description: We are an investment firm focused on helping to grow exceptional founder and family owned businesses in the Multi Location Services and Healthcare sectors. We invest $10 to 50 million in companies with $3 to 15 million of EBITDA. Our preference is for control (51%+ ownership) or significant minority ownership, but we are highly flexible. Unlike a traditional private equity firm, we only focus on a handful of opportunities at a given time, which allows us to spend more time with our portfolio companies. We do not operate companies day-to-day - that’s for the management team and owners we invest behind. We do, however, work actively with the companies we invest in, particularly around growth initiatives. Whether it’s investing in building a sales force, ramping up marketing spend, or acquiring competitors, we look for opportunities where our firm’s skillset can help accelerate sales and profitability. - Website: https://www.nbgroup.us - Location: New York, New York, United States - Lead qualification: Research: - Query: =NB Group Investors Neel Bhargava recent investments fund thesis - Answer: NB Group Investors, led by Neel Bhargava, focuses on acquiring profitable businesses in the youth enrichment and healthcare sectors. Bhargava has a background in private equity and consulting. The firm emphasizes growth and operational improvements in its portfolio companies.