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NNN Primrose School for Sale
Primrose Schools is a privately held early education franchise founded in 1982, with 570 schools listed in Franchise Times’ 2026 Top 400. Primrose schools are franchise-operated, so the operator behind each lease matters as much as the brand. Neither The Boulder Group nor Matthews covers Primrose, so we do not quote cap rates or lease terms here.
Private
Ownership
570
Schools (2026)
1982
Founded
50,000+
Children and families served
$1.4B
System sales (2025 Top 400 data)
7%
Franchise royalty on gross revenues
Sources: Franchise Times Top 400, 2026 (units, founding, owner); Franchise Times (system sales); Franchise Chatter (2026 franchise disclosure document royalty). Neither The Boulder Group (September 2026) nor Matthews (2026) covers Primrose Schools.
Key Takeaways
Tenant & Credit Profile
Primrose Schools is a privately held early education franchise founded in 1982. Franchise Times’ 2026 Top 400 lists 570 schools and names Roark Capital Group as the owner, and we found no S&P rating (Franchise Times).
A Franchise Owner Is the Tenant
Primrose is a franchise system, so the tenant is usually a franchise owner, who pays a 7% royalty on gross revenues under the 2026 disclosure document (Franchise Chatter). The operator’s financials and the lease guarantee matter as much as the brand.
No Report Benchmarks
Neither The Boulder Group’s September 2026 profiles nor Matthews’ 2026 report covers Primrose, so we are not quoting cap rates or lease terms. Ask our team for recent comparable sales.
Investor Interest in the Sector
Reuters reported in May 2024 that Roark was exploring a sale of Primrose at nearly $2 billion including debt, and Pathlight Learning, a private equity-backed franchisee, has been buying Primrose schools (Reuters via WHTC; Pulse 2.0).
Primrose Schools NNN Lease and Pricing Data
If you’re weighing a Primrose Schools property, the same three things shape what you’ll earn: who the tenant is, how the lease is structured, and what yield you’re paying for. Here is what we can and cannot support with sourced data.
On the tenant, Primrose Schools is a privately held franchise system founded in 1982. Franchise Times lists 570 schools and names Roark Capital Group as the owner.1 We found no S&P rating for Primrose, and the school you would be buying is typically run by a franchise owner, so the franchisee is the credit to underwrite.
The operator’s economics are worth understanding. Under the 2026 Franchise Disclosure Document, a franchisee pays a 7% royalty on gross revenues, and a new-build school is estimated to cost roughly $4.3 million to $6.2 million to develop.2 That is a large investment, which is why the school’s enrollment, revenue and rent coverage are the first things to review.
On lease terms and yield, there is nothing sourced to show. Neither Boulder nor Matthews includes Primrose, and while Boulder profiles other child care operators such as KinderCare and The Learning Experience, their numbers are not a substitute. We do not estimate cap rates, rent increases or sale prices. Ask our team for comparable sales, and ask for the lease, rent schedule, remaining term and guarantor on any property.
1. Franchise Times, Top 400 2026, #61 Primrose Schools: unit count of 570, more than 50,000 children and families served, initial investment of $5,016,600 – $7,960,000, owner listed as Roark Capital Group. ↩
2. Franchise Chatter summary of Primrose Schools’ 2026 Franchise Disclosure Document, Items 5, 6 and 7: continuing services and royalty fee of 7% of gross revenues; new-build development costs of $4,254,600 – $6,202,500, in addition to the initial and real estate fees. ↩
Primrose Schools as a Tenant
How Primrose operates
Primrose Schools is a family of accredited private early childhood education centers, founded in 1982 and serving more than 50,000 children and families, according to Franchise Times (Franchise Times Top 400, 2026).
Franchise Times’ 2026 Top 400 lists Roark Capital Group, an Atlanta-based private equity firm, as the owner (Franchise Times). Reuters reported in May 2024 that Roark was exploring a sale that could value Primrose at nearly $2 billion including debt (Reuters via WHTC), so confirm the current owner when you evaluate a deal.
Primrose is a franchise system. Franchise Times lists 570 units in 2026, up from 526 schools in its 2025 data (Franchise Times 2026; Franchise Times).
Financial strength and growth
In Franchise Times’ 2025 Top 400 data, Primrose reported $1.4 billion in system sales across 526 schools, an average of about $2.66 million per school (Franchise Times). That is a system-level figure, so ask for the specific school’s revenue.
A new Primrose franchise requires an initial investment of about $5.0 million to $8.0 million (Franchise Times). Primrose also won the 2026 FUND TopScore from FRANdata for the fourth consecutive year and has been ranked a top franchise by Entrepreneur for 19 consecutive years (PR Newswire).
Franchisees are consolidating. Pathlight Learning, a franchise operator backed by Taurus Capital Partners, bought four Primrose schools in Omaha and signed a development agreement for 11 more (Pulse 2.0). That makes a multi-school operator’s financials a key part of underwriting.
Why Investors Buy Primrose Schools Properties
Primrose offers a recognizable early education brand with 570 schools and a history going back to 1982 (Franchise Times). When you buy a Primrose property you are buying the school’s lease, so the operator’s track record and the lease terms matter more than the brand alone.
The sector has drawn private equity attention. Reuters reported Roark exploring a sale of Primrose at nearly $2 billion, and Taurus Capital Partners backed Pathlight Learning, a Primrose franchisee, in 2025 (Reuters via WHTC; Franchise Times).
We do not have sourced cap rate or lease term benchmarks for Primrose, so pricing should come from recent comparable sales and the specific lease. Ask our team what we are seeing.
Risks and Market Conditions
Franchisee risk comes first. The credit behind a Primrose lease is usually the franchise owner, whose revenue depends on enrollment at one school or a handful of schools. Ask for the operator’s financial statements, how long they have run the school and what guarantee backs the lease.
Franchisor ownership has also been in play: Reuters reported a possible sale of Primrose in 2024, and operators such as Pathlight are consolidating schools (Reuters via WHTC; Pulse 2.0). Confirm the current owner and review how franchise agreements and lease renewal options line up.
Build a Diversified NNN Portfolio
Pairing a Primrose School with other net-lease brands spreads risk across tenants, industries and markets. Compare other brands we help buyers acquire:
Primrose Schools NNN FAQs
Who is the tenant on a Primrose Schools lease?
Primrose is a franchise system, so the tenant is usually a franchise owner rather than the franchisor. Ask who signs the lease, what guarantee backs it and how long the operator has run the school.
What cap rate do Primrose properties trade at?
Neither The Boulder Group’s September 2026 profiles nor Matthews’ 2026 report covers Primrose Schools, so we do not quote a cap rate range. Ask our team for recent comparable sales.
Who owns Primrose Schools?
Franchise Times’ 2026 Top 400 lists Roark Capital Group as the owner. Reuters reported in May 2024 that Roark was exploring a sale, so confirm the current owner for any deal (Franchise Times; Reuters via WHTC).
What are the main risks?
The tenant is typically a single franchise owner, enrollment drives each school’s revenue, and there are no report benchmarks for pricing. Review the operator’s financials, the lease term remaining and the guarantee.
Questions about NNN Primrose Schools Properties for Sale?
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Contact Our Team →Disclaimer
Market data, cap rates, and tenant statistics on this page come from third-party reports and company disclosures, cited in the footnotes. We believe these sources are reliable but do not guarantee their accuracy or completeness. Figures reflect the date of each source and change with market conditions, so verify current numbers before relying on them.