What Roark deal means for Subway franchisees

Under its new owner, the sandwich chain could see more rapid expansion, but operators may still be challenged by low store-level profitability.

By Julie Littman • Aug. 31, 2023

Subway to be acquired by Roark Capital

After a monthslong sales process, Roark emerged as the winning bidder with a reported purchase price over $9 billion. 

By Julie Littman • Aug. 24, 2023

Fogo de Chão to be acquired by Bain Capital

Rhône Capital is selling the full-service chain after it bought it in 2018 for $560 million. Under new ownership, Fogo de Chão plans to aggressively expand. 

By Julie Littman • Updated Aug. 15, 2023

Fiesta Restaurant Group will sell to Authentic Restaurant Brands

Fiesta will go private as part of the roughly $220 million deal, and its leadership team will continue to operate fast casual chain Pollo Tropical as an independent brand.

By Emma Liem Beckett • Aug. 7, 2023

Top restaurant M&A deals of H1 2023

From industry consolidation to Subway looking to sell itself, the first half of the year saw healthy transaction activity across multiple restaurant segments.

By Julie Littman • July 5, 2023

Pinstripes partners with SPAC to go public

The 13-unit eatertainment concept could go public in a deal with Banyan Acquisition Corp., with the combined companies worth $520 million.

By Julie Littman • June 23, 2023

C3 founder Sam Nazarian buys Nextbite

Nextbite’s delivery-only brands, and its partnerships with restaurants like IHOP and Nathan’s Famous, will continue under SBE Hospitality’s umbrella.

By Julie Littman • Updated June 14, 2023

Nextbite sells Ordermark US business to Indian software firm UrbanPiper

The transaction comes just a few weeks after Nextbite laid off an undisclosed number of employees, with some workers reporting the company would restructure. 

By Julie Littman • June 10, 2023

Southpaw acquires 40 Taco bell units in Atlanta

The franchisee, which operates 180 restaurants, said this transaction will add geographic diversity and grow its Taco Bell network.

By Julie Littman • June 9, 2023

Corner Bakery accepts $15M bid from SSCP Restaurant Investors

SSCP, which bought the company’s debt earlier this year, outbid stalking horse bidder Wexford Capital during an auction held last week. 

By Julie Littman • June 5, 2023

Activist investor may pressure Yelp to sell, reports say

TCS Capital Management wants Yelp to explore strategic alternatives, such as selling itself, as a way to boost shareholder value, per The Wall Street Journal. 

By Julie Littman • May 23, 2023

Private investor seeks $12M buyout of bankrupt Corner Bakery

The stalking horse bidder, an affiliate of Wexford Capital, has proposed to buy the company during an auction expected to occur next week. 

By Julie Littman • May 23, 2023

Deliverect acquires ChatFood, offers dine-in ordering

Deliverect will roll out new products in the coming months so restaurants can offer ordering via social media and QR codes for dine-in guests.

By Julie Littman • May 10, 2023

Darden to buy Ruth’s Hospitality Group for $715M

This deal is likely the largest restaurant acquisition in the U.S. so far this year, as other transactions have involved small chains or companies that didn’t disclose financial terms. 

By Aneurin Canham-Clyne • May 3, 2023

SPB Hospitality completes merger with Krystal Restaurants

The QSR, which will continue to operate independently, will join SPB’s portfolio that includes J. Alexander’s and Logan’s Road House. 

By Julie Littman • April 27, 2023

Yum completes exit of Russia with sale of KFC units

The sale to local operator Smart Service includes all 1,112 Russian KFC units and the trademark for the Rostik’s brand, which KFC bought in 2011. 

By Julie Littman • April 18, 2023

Port of Subs acquired by private equity firm

Area 15 Ventures looks to grow franchise sales in its portfolio, which includes Daddy’s Chicken Shack alongside Port of Subs, by 140% in 18 months.

By Aneurin Canham-Clyne • April 4, 2023

Main Squeeze Juice Co. acquires I Love Juice Bar

The deal will almost double Main Squeeze’s unit count of 28 stores and give it a strong presence in Texas and Tennessee. 

By Julie Littman • March 28, 2023

Firebirds Wood Fired Grill acquired by private equity firm

Garnett Station Partners bought the polished-casual chain, which has 56 locations in 20 states, with plans to help it accelerate growth. 

By Julie Littman • March 27, 2023

Toast buys Delphi Display Systems adding to QSR product suite

Delphi offers digital display and drive-thru technology designed for QSRs and comes a year after Toast bought Sling to enhance employee scheduling. 

By Julie Littman • Feb. 16, 2023

How Chowly’s Koala buy will broaden online ordering access for SMBs

With Koala’s enterprise-level digital ordering capabilities, Chowly will be able to offer a user-facing tool for its small and mid-size restaurant clients. 

By Julie Littman • Feb. 2, 2023

Chowly makes first acquisition with Koala buy

The purchase adds machine learning capabilities to Chowly’s platform, allowing it to give recommendations to restaurants to increase digital basket sizes.

By Julie Littman • Feb. 1, 2023

Subway reportedly mulling $10B sale

This price tag would near Inspire’s mammoth $11.4 billion purchase of Dunkin’ in 2020, but it may be difficult to find a restaurant or private equity buyer in uncertain economic times. 

By Emma Liem Beckett • Updated Jan. 12, 2023

The 10 biggest restaurant deals of 2022

Expensive capital and inflationary pressure slowed M&A last year, with both private equity firms and restaurant groups pausing their acquisition goals. 

By Julie Littman • Jan. 3, 2023

Distressed deals, QSR buys may drive 2023 restaurant M&A

Buyers are attracted to models with strong off-premise sales that require lower building expenses and fewer employees, experts said.

By Julie Littman • Jan. 3, 2023