M&A

  • An image of a small restaurant with people gathered around. Thereis 7 Brew signage.
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    Permission granted by 7 Brew
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    Why private equity is buying restaurant franchisees

    Improved conditions for financing, driven largely by lower interest rates, are fueling acquisitions.

    By Michael Brady • Nov. 19, 2025
  • An evening photo of Topfgolf with backlit lights and a white sign that says Topgolf.
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    Courtesy of Topgolf
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    Callaway sells majority stake in Topgolf for $770M

    Leonard Green & Partners purchased a 60% stake in the chain, which is valued at $1.1 billion, and will oversee its next phase of growth.

    By • Nov. 19, 2025
  • A image of a sign in red that says Cold Stone Creamery.
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    RiverNorthPhotography via Getty Images
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    MTY Food Group considering full, partial sale

    Cold Stone’s parent said it is reviewing various alternatives, but may continue to operate as normal, and made no assurances that a transaction would occur.

    By • Nov. 18, 2025
  • A photograph of a Denny's sign over some trees.
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    Justin Sullivan via Getty Images
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    Will restaurants see more M&A and IPO activity in 2026?

    Next year may be marked by a high volume of deals for both high-performing growth concepts and distressed assets, as challenger brands look for capital and ailing systems seek turnarounds.

    By • Nov. 14, 2025
  • An exterior image of a Pizza Hut with bricks and red signage
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    Courtesy of Yum Brands/Pizza Hut
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    Column

    Fueling Up: Pizza Hut might be up for sale. Could a c-store chain take a slice?

    Retailers are competing with QSRs and focusing on fresh food more than ever. Following RaceTrac’s recent deal for Potbelly, who says a c-store buyer is out of the question?

    By Brett Dworski • Nov. 14, 2025
  • An image of a gray building with a black sign that says "&pizza"
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    Permission granted by &pizza
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    Why emerging chain &pizza just bought a Tex-Mex brand

    The creation of Latitude Food Group will allow for &pizza and Tijuana Flats to share resources while they look to grow outside their regional bases.

    By • Nov. 7, 2025
  • An image of sweetgreen's automated kitchen in Naperville, Illinois
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    Courtesy of Sweetgreen
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    Sweetgreen sells Spyce to Wonder for $186M

    Sweetgreen will use the proceeds from offloading Spyce, which developed the salad brand’s Infinite Kitchen technology, to reinvest in profitability after three quarters of sales declines.

    By • Nov. 6, 2025
  • An image of Tijuana Flats
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    Permission granted by Tijuana Flats
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    &pizza acquires Tijuana Flats, creates holding company

    Latitude Food Group will oversee both the pizza and Tex-Mex chains, and could acquire additional concepts in the future.

    By • Nov. 6, 2025
  • People sit inside a store drinking coffee. The sign of the store says Starbucks Coffee.
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    DKart via Getty Images
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    Starbucks sells majority stake in China business for $4B

    Boyu Capital will form a joint venture with the coffee chain to grow the brand from 8,000 units in the country to 20,000 over time.

    By • Nov. 4, 2025
  • A photograph of a yellow sign with Denny's in red.
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    Justin Sullivan via Getty Images
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    Denny’s sells itself for $620M

    TriArtisan Capital, Yadav Enterprises and Treville Capital Group will buy the chain in an all-cash transaction that will take the casual dining chain private.

    By • Nov. 4, 2025
  • The side view of a Pizza Hut restaurant can be seen, with promotional posters and banners on the windows and walls.
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    Brandon Bell via Getty Images
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    Yum Brands may sell Pizza Hut

    After seven quarters of same-store sales declines, Yum says the brand might do better under a different structure or new ownership.

    By • Nov. 4, 2025
  • An image of a light blue building with a sign that says "The original Hooters"
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    Courtesy of Hooters Inc.
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    New Hooters owners plan restaurant revitalization

    Hooters Inc. and Hoot Owl Restaurants will upgrade 100 newly acquired company-owned locations and streamline the menu with better ingredients.

    By • Nov. 4, 2025
  • A photograph of a Potbelly sandwich shop sign.
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    Andrew Burton via Getty Images
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    Potbelly promotes COO to president following RaceTrac buyout

    Adam Noyes has become president of the sandwich chain while CEO Bob Wright will remain in his post through the end of the year. 

    By • Oct. 24, 2025
  • A beige building with Barvo! Cucina Italiana logo
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    TennesseePhotographer via Getty Images
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    R&R Brands takes over management of Bravo, Brio restaurants

    The multi-concept hospitality company will roll out a support plan spanning operations, management and technology, to improve both Italian brands.

    By • Oct. 16, 2025
  • The exterior of a Del Taco with several empty parking lots out front
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    Permission granted by Del Taco
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    Jack in the Box sells Del Taco to Yadav for $115M

    Less than four years after spending $575 million to acquire the chain, Jack in the Box is selling it to a franchisee.

    By • Oct. 16, 2025
  • A brick wall with a black sign that says Bar Louie Bar & Eatery with a logo of a martini glass
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    The image by JJBers is licensed under CC BY 2.0
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    Sun Holdings buys Bar Louie

    The multi-brand company acquired the distressed chain out of bankruptcy less than a year after it bought Uncle Julio’s in a foreclosure auction.

    By • Oct. 8, 2025
  • A zoomed in image of a white store with a red Bojangles logo.
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    Permission granted by Bojangles
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    Bojangles’ largest franchisee acquired by PE firm

    Eyas Capital bought 120 units from BOJ of WNC, a franchisee owned by Jeff Rigsby, in a sale that includes a commitment for 40 additional locations.

    By • Sept. 22, 2025
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    Retrieved from Fast Stop.
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    Fast Stop CEO acquires 9 locations for new QSR concept

    The restaurants will feature the c-store chain’s Cajun-inspired fast food menu, which includes fried chicken, seafood, po boys and southern sides.

    By Brett Dworski • Sept. 19, 2025
  • An image of a small restaurant with people gathered around. Thereis 7 Brew signage.
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    Permission granted by 7 Brew
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    Major 7 Brew franchisee bought by Franchise Equity Partners

    7 Crew, a 50-store operator with plans to open another 200 locations, will grow primarily in Texas, Florida, Oklahoma and New Mexico with FEP’s backing.

    By • Sept. 17, 2025
  • A photo of the interior of a RaceTrac site.
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    Courtesy of RaceTrac
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    RaceTrac fills a key gap with Potbelly acquisition

    The fast-growing regional chain isn’t known as a foodservice destination. That could all change quickly with this latest deal, experts said.

    By Jeff Wells • Sept. 11, 2025
  • Exterior of a Potbelly restaurant
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    Permission granted by Potbelly
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    Potbelly sold to RaceTrac for $566M

    The sandwich shop said its acquisition by the c-store retailer will help it reach its 2,000-unit goal.

    By • Updated Sept. 10, 2025
  • A photograph of Freddy's off-premise-centric prototype in Belleville, Illinois
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    Courtesy of Freddy's Frozen Custard & Steakburgers
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    Freddy’s acquired by Rhône

    The fast casual brand grew from 400 units to over 550 under Thompson Street Capital Partners and will continue its current momentum under new ownership.

    By • Updated Sept. 4, 2025
  • Person in suit holds Qdoba queso
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    Courtesy of Qdoba
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    Qdoba secures $527M fund to support growth

    The investment was led by Apollo S3, a subsidiary of the private equity firm that sold Qdoba to Butterfly in 2022.

    By • Aug. 6, 2025
  • A Philz Coffee location in a white building with ivy on it.
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    Getty Images
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    Philz Coffee sold to private equity firm

    Though terms of the deal were not disclosed by the company, San Francisco-based news outlets reported a sale price of $145 million for the popular chain. 

    By • Aug. 4, 2025
  • A photograph of Shipley Do-Nuts
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    Permission granted by Shipley Do-Nuts
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    Shipley Do-Nuts sold to Levine Leichtman

    The chain’s new owners grew Tropical Smoothie Cafe into a brand valued at $2 billion. Now they want to repeat that success with the doughnut maker.

    By • July 28, 2025