An affiliate of Fort Worth–based private-equity group FundCorp Inc. announced the acquisition of Gigi’s Cupcakes, the largest cupcake franchise in the U.S. with more than 100 locations nationwide.

Terms of the deal were not announced, but Judy Renfrow has been named president and COO and will manage the chain along with vice chairman Michael Poates.

Founded in 2008 by entrepreneur Gina “Gigi” Butler as a local boutique bakery in Nashville, Tennessee, Gigi’s Cupcakes offers a wide variety of high-quality, freshly baked goods, including cupcakes, cakes, cookies, and more.

“We are excited that we have found the perfect partner to lead Gigi’s through its next phase of growth,” says Butler, who will remain as the face of the brand and spokeswoman. “Sales are at an all-time high and we have new franchisees interested in joining our family, so it was critical that we find someone that not only had the resources and the expertise to take Gigi’s to the next level, but also reflected our Christian values. We found that with FundCorp.”

This is the second acquisition of a major franchise chain in the past year by FundCorp–sponsored companies, whose leadership team includes past ownership of baking and food manufacturing companies as well as executive leadership at Whataburger, Dairy Queen, Papa John’s, and other major brands. Last June the company acquired Gatti’s Pizza and is now in the process of re-energizing that legacy brand with new openings scheduled to begin this summer.

“Gigi’s Cupcakes is exactly the type of opportunity we look for,” Poates says. “It’s a strong brand with tremendous goodwill among their franchise community that we can leverage into an aggressive franchise expansion initiative. The potential for growth is unlimited.”