From refranchising deals to transactions between operators, restaurant franchisees were active buyers and sellers in the first half of 2026. Most of the transactions involved expanding their portfolios, while others, like Red Robin’s sale of company-owned units, led to operators gaining a foothold in primarily corporate-owned systems.
Check out the biggest franchisee deals that occurred during the first half of this year.
Mas Restaurant Group sells 87 Taco Bells
The Taco Bell operator divested itself of dozens of restaurants across two transactions, with Southpaw buying 43 restaurants in greater Columbus, Ohio, and Ghai Restaurants purchasing 44 restaurants in the Houston area.
Southpaw said the deal helps it expand into a high-growth market of the sort where the chain typically thrives. Southpaw has been particularly active in growing its portfolio through acquisitions, including a 40-unit buyout in Georgia in 2023 and 16-unit transaction in Shreveport, Louisiana in 2024.
With its transaction, Ghai more than doubled its Taco Bell unit count — it previously operated 35 Taco Bell restaurants.
Red Robin refranchises over 100 units
As part of its First Choice turnaround plan, Red Robin sold at least 116 company-owned units across three transactions totalling $96 million. The transitions will result in Red Robin having 263 restaurants and 206 franchised units upon their completion, based on its Q1 2026 unit count.
Op Burgers bought 69 units in Kentucky, Indiana, Maryland, Ohio, North Carolina, Pennsylvania and Virginia for $62.5 million while Kuber Oregon bought 17 units in Oregon and Washington for $10 million. Red Robin also sold 30 units to Evergreen Dining for $23.5 million.
Red Robin targeted experienced operators who could deliver strong guest experiences and possess the ability to grow. Red Robin will use the proceeds from these transactions to pay down outstanding debt.
JRI expands Freddy’s portfolio
JRI Hospitality acquired HCI Hospitality, an operator of 43 Freddy’s Frozen Custard &Steakburgers’ units, in March. The operator now owns about 130 Freddy’s across 18 states and is one of the chain’s largest franchisees with one-fifth of its roughly 580 restaurants.
JRI also appointed HCI’s CEO Cam Blakely as president of Freddy’s operations to help with the integration of the two operators’ systems.
In the transaction, JRI also bought two brands operated by HCI, JC’s BBQ & Grill and Powercat Sports Grill. Booth Creek Wagyu and other concepts that were previously under HCI were not included in that transaction.
KBP buys 78 Sonic restaurants
KBP Brands expanded its Sonic Drive-In portfolio by 78 units following a February transaction. It now has about 164 units. The newly acquired units are in Ohio, Kentucky, North Carolina, Tennessee and Virginia and were previously owned by Sonic. KBP has been an Inspire Brands franchisee since 2021, when it added Arby’s to its portfolio.
KBP owns and operates over 1,100 units with a portfolio including Sonic, KFC, Taco Bell and Arby’s restaurants across 32 states.
OneRyan Global acquires Mr. Gatti’s
OneRyan Global, a family investment office of G. Brint Ryan, bought a majority stake in Mr. Gatti’s Pizza chain in January. The operator originally invested in the chain last October when it purchased a company-owned Mr. Gatti’s in Austin, Texas. Last September, OneRyan Global bought a minority stake in Mr. Gatti’s.
Mr. Gatti’s, which has 200 units, will maintain its headquarters and leadership team. The brand has a path toward adding dozens of restaurants to its system through non-traditional channels, including a 92-unit deal with Walmart.
Franchises have been particularly active in buying brands in recent years, including Jack in the Box’s sale of Del Taco to Yadav Enterprises last year. Sun Holdings also has acquired several brands of late, including Uncle Julio’s, Bar Louie and Freebirds World Burrito.
