Despite a small flurry of acquisitions in December, last year marked an M&A slowdown in the restaurant industry. Inflation and increased costs of capital were the prime culprits for the slump, with both private equity firms and restaurant groups pulling back on their purchases. Of the industry acquisitions Restaurant Dive tracked in 2022, transactions by restaurant groups were more common than PE firm purchases. Dave & Buster’s made the largest acquisition with its $835 million buyout of Main Event in April.
Fast casual Mexican concepts also drew quite a bit of interest — Butterfly Equity bought Qdoba, Inspire sold Rusty Taco and Dine Brands acquired Fuzzy’s Tacos for $80 million. Dine Brands’ purchase is particularly notable since it is the first buyout the company has made since its formation in 2007 and brings its platform to three brands total.
Check out the biggest restaurant deals announced in 2022.