Restaurant M&A activity in the first half of the year was marked by several impactful deals, despite analyst predictions that buyers would focus primarily on QSRs and distressed transactions. So far in 2023, M&A was characterized by segment consolidation, such as Main Squeeze Juice Co. buying I Love Juice Bar and C3 founder Sam Nazarian buying troubled virtual brand platform Nextbite.
Darden completed what was easily the largest deal of the year so far with its $715 million buyout of Ruth’s Hospitality Group. The first half of the year still saw some distressed acquisitions, however, as Corner Bakery was bought out of bankruptcy for $15 million by SSCP Restaurant Investors.
Among the biggest deals still pending is Subway’s $10 billion sale. While some reports have said the purchase price could fall to around $7 billion, this would still be the largest deal of 2023 so far. It would also be the largest restaurant sector sale since Inspire Brands bought Dunkin’ for over $11 billion in 2020.
Check out the nine major restaurant deals that defined H1 2023, and learn more about Subway’s sale goals, below.