M&A

Court approves Ruby Tuesday's plan to sell itself

Goldman Sachs and TCW Direct Lending, two of the company's main lenders, are potential bidders for the casual dining company, which is trying to pay down over $50 million in debt. 

By Julie Littman • Nov. 23, 2020

Wendy's wants to buy NPC International's 393 units

The QSR put forth a consortium bid with a group of pre-qualified franchisees a week after it filed an objection to a deal proposed by stalking horse bidder Flynn Restaurant Group. 

By Julie Littman • Nov. 19, 2020

Zaxby's looks to go national as Goldman Sachs buys 'significant' stake

The partnership will help the chicken chain accelerate growth and enhance the guest experience. A spokesperson said it may potentially eye international expansion as well. 

By Julie Littman • Nov. 19, 2020

Wendy's files objections to NPC asset sale to Flynn Restaurant Group

The burger chain said in a court filing that it disapproves of costly break-up fees and Flynn's ownership of two competitors, Panera and Arby's, which would violate Wendy's franchisee agreement. 

By Julie Littman • Nov. 17, 2020

Flynn Restaurant Group makes $816M bid to acquire NPC International assets

The stalking horse asset purchase agreement for NPC's 1,300-plus Pizza Hut and Wendy's restaurants would allow the company to continue to employ 30,000 part- and full-time employees. 

By Julie Littman • Nov. 06, 2020

Aurify preps for expansion of Le Pain Quotidien brand in New York City

The company, which bought the cafe bakery chain for $3 million in June, will open at least 10 locations inside former Maison Kayser locations by early 2021.

By Julie Littman • Nov. 03, 2020

Friendly's declares bankruptcy, agrees to $2M sale

While the casual chain saw improvements after focusing on off-premise, closing unprofitable locations and reducing costs, the pandemic stifled its progress.

By Julie Littman • Nov. 02, 2020

Inspire Brands buys Dunkin' in $11.3B deal

The transaction is the largest deal of the year between two restaurant companies, but Inspire will need to strategize how to expand Dunkin' into the West as it nears saturation in Eastern markets. 

By Julie Littman • Oct. 30, 2020

Roark Capital sells Corner Bakery

The cafe chain was seeing declining sales even before the pandemic, but Boston Market owner Rohan Group sees potential alliances between the two brands.

By Julie Littman • Oct. 30, 2020

Dunkin' in preliminary talks to be acquired by Inspire Brands

The potential sale, which could value Dunkin' at $8.8 billion, would be the largest deal among two restaurant holding companies this year and suggests healthy M&A activity still exists amid the pandemic. 

By Julie Littman • Oct. 26, 2020

Sun Holdings acquires bankrupt IHOP locations

Sun Holdings subsidiary Suncakes LLC bought 41 out of 49 IHOP locations from CFRA Holdings, which filed for bankruptcy in May. 

By Alicia Kelso • Oct. 16, 2020

How Tropical Smoothie's new owner will accelerate growth

Levine Leichtman Capital Partners talks about what drew the firm to the smoothie chain, which has a pipeline of over 500 units, and how its financial resources will support nationwide expansion.

By Julie Littman • Sept. 09, 2020

Golden Gate Capital sells remaining stake in Red Lobster

The sale could help the chain recoup some capital as it looks to improve its balance sheet and pay a looming $180 million loan that is due July 2021.

By Julie Littman • Aug. 31, 2020

Seated acquires events booking platform VenueBook

The reservation app, which also raised $30 million in funding, estimates that private events generate 10% to 15% of a restaurant's revenue and up to 20% of its profit. 

By Alicia Kelso • Aug. 19, 2020

Johnny Rockets will grow via ghost kitchens, Fat Brands CEO says

Andy Wiederhorn said that Johnny Rockets gives franchisees diversified burger options and the chance to scale a new brand through virtual kitchens out of other Fat Brands restaurants.

By Emma Liem Beckett • Aug. 18, 2020

Uber buys Postmates in $2.65B deal

Uber Eats gains the fourth largest food delivery company in the U.S. just weeks after its failed merger with Grubhub. The deal gives Uber Eats the largest market share in Los Angeles and builds on its lead in Miami. 

By Julie Littman , Emma Liem Beckett • July 06, 2020

Uber reportedly bids $2.6B for Postmates

Postmates is also considering going public either through an IPO or a special purpose acquisition company.

By Julie Littman • June 30, 2020

WSJ: Chuck E. Cheese parent fielding potential buyers

New York grocery owner John Catsimatidis and a group of bondholders are among the eatertainment chain's latest suitors.

By Julie Littman • June 22, 2020

Just Eat Takeaway acquires Grubhub in all-stock deal

Grubhub shares jumped more than 7% during after hours trading on news of the deal, which will also give Amsterdam-based Just Eat Takeaway a strong foothold in the U.S.

By Julie Littman • June 10, 2020

BurgerFi to go public in $100M deal with blank-check investor

The burger chain entered into a definitive agreement with Opes Acquisition Corp. to combine on Tuesday. Its anticipated initial enterprise value is $143 million. 

By Julie Littman • UPDATED: June 30, 2020 at 10:16 a.m.

Grubhub reportedly gains two new suitors: Just Eat Takeaway, Delivery Hero

The two European food delivery companies have emerged as potential buyers of Grubhub, following growing antitrust concerns if the U.S. aggregator combined with Uber.

By Julie Littman • June 08, 2020

Luby's seeks sale of all assets to clear debt

The operator is open to being acquired in its entirety but would sell its holdings, including Luby's, Fuddruckers and a contract management company called Culinary Contract Services, separately if needed. 

By Emma Liem Beckett • June 04, 2020

Le Pain Quotidien's US arm files for bankruptcy, sold for $3M

The cafe chain, which already temporarily closed its 98 units and fired 2,000 employees due to COVID-19, said it would have faced liquidation if not for the sale to Aurify Brands. 

By Julie Littman • May 27, 2020

Potential Uber/Grubhub merger points to inevitable consolidation in delivery market

While acquisitions have been speculated for 18 months, the latest rumors signal a shift in the segment — one that might lead to steeper fees and reduced visibility for restaurants.

By Julie Littman , Emma Liem Beckett • May 18, 2020

Bankrupt Krystal sold to Fortess Investment Group for $48M

With healthy M&A all but paused during the pandemic, distressed company sales are likely to be among the handful of deals to occur this year. 

By Julie Littman • May 15, 2020