Tucker’s Farm Corporation acquires Christmas Decor

Tucker’s Farm Corporation, an investment holding vehicle, has acquired Christmas Decor (also known as The Decor Group), a franchisor of exterior Christmas and holiday decorating services.

The acquisition was completed via the Farm’s franchisor platform Wonder Franchises. Founded in 1996 by Blake Smith, Christmas Decor has approximately $75 million in system sales across approximately 200 franchisees and 240 territories. In recent years, the business has been led by Smith as CEO and Brandon Stephens as president.

In 2023, Tucker’s Farm launched Wonder, a franchise focused holding vehicle, with $30 million of committed, long-term equity capital. Wonder is dedicated to partnering with and acquiring emerging and mid-size brands.

“We couldn’t be more excited to acquire Christmas Decor and to partner with Blake and Brandon. We look at many franchise systems and two things really stood out here: the strength of the underlying franchisee businesses and the quality of the leadership team," says Adam Lewin, a partner on the private equity team at Tucker's Farm and CEO of Wonder franchises. "We believe there’s a lot of opportunity not only to add franchisees to the system, but to help existing franchisees continue to grow. Our philosophy is that, if our franchisees do well, we will too – franchisee health will be our north star. Our goal is to build on the tremendous foundation Blake and Brandon have worked hard to create, and to make this next chapter a great one for the system.”

This is the second franchise transaction for Tucker’s Farm in recent months, after portfolio company VIO Med Spa, the nation’s leading med spa franchisor, was successfully sold in September 2024, to Freeman Spogli.

“We care deeply about our franchisees, and we feel like the folks at Wonder are the perfect fit for our vision for the business," says Smith, the company's founder. "We love their core values, and they really lived them throughout this process. We value their focus on franchise businesses, with their team bringing experience across several systems of varying sizes and industries. We anticipate that this arrangement will accelerate the growth and overall health of the business, and expand our franchisees’ reach to even more markets.”

Boxwood Partners served as financial advisor and Lathrop GPM acted as legal counsel to Wonder Franchises and Tucker’s Farm. Michael Goss, Executive Managing Director of M&A at Generational Equity, served as financial advisor and Stephenson Fournier acted as legal counsel to Christmas Decor.