M&A
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Permission granted by Tropical Smoothie Cafe
Tropical Smoothie Cafe sells to Blackstone
Terms of the transaction were not disclosed, but The Wall Street Journal reports it is worth roughly $2 billion.
By Julie Littman • Updated April 24, 2024 -
Permission granted by Tijuana Flats
Tijuana Flats files for Chapter 11, gains new owners
The fast casual chain also closed 11 restaurants after undergoing a unit-by-unit analysis of financial performance, occupancy costs and market conditions.
By Julie Littman • April 19, 2024 -
Bruce Bennett via Getty Images
4 things to know about TGI Fridays’ acquisition by Hostmore
The chain’s biggest franchisee has been reducing expenses since 2022, which should help the combined company start on stronger financial footing in the U.K.’s public market.
By Julie Littman • April 18, 2024 -
Bruce Bennett via Getty Images
TGI Fridays enters $220M agreement to combine with UK franchisee
The deal with Hostmore, worth over $220 million, will lead to TGI Fridays trading on the London Stock Exchange under “TGIF” symbol.
By Julie Littman • April 16, 2024 -
Courtesy of Jersey Mike's
Jersey Mike’s reportedly considering a sale
The sandwich chain could reap a sale worth $8 billion, but talks with Blackstone, a potential suitor, have cooled, reports The Wall Street Journal.
By Julie Littman • April 5, 2024 -
Thai Phi Le/Restaurant Dive
Delight Restaurant Group acquires 65 Wendy’s restaurants
The operator, which previously bought about 100 Wendy’s units in 2021, said it would continue to grow with new development and acquisitions.
By Julie Littman • April 2, 2024 -
Permission granted by Punch Bowl Social
Punch Bowl Social acquires 2 eatertainment concepts
The company is buying Sweet Tooth Hotel and Voicebox Karaoke to diversify its portfolio of concepts and appeal to a wider range of consumers.
By Julie Littman • April 1, 2024 -
Bob Evans rumored to be up for sale
The chain, which is owned by Golden Gate Capital, had over $800 million in systemwide sales in 2022 and reportedly mulled a sale that year, too.
By Julie Littman • March 29, 2024 -
Permission granted by Benihana/The One Group Hospitality
One Group Hospitality buys Benihana parent for $365M
The transaction will add $514 million in trailing 12-month revenue for the group, which also owns STK and Kona Grill.
By Julie Littman • Updated March 26, 2024 -
Permission granted by C3
Sam Nazarian buys Kitchen United IP, forms new virtual brand platform
Nazarian will combine these unspecified components with Nextbite and C3 to support the new concept, Everybody Eats, which has goals that echo the growth plans of failed ghost kitchen pioneers.
By Aneurin Canham-Clyne • March 14, 2024 -
Permission granted by Inspire Brands
Inspire Brands buys delivery tech firm Vromo
The parent company of Dunkin’ and Buffalo Wild Wings bought the firm for an undisclosed sum, marking its first deal since its $11.3 billion Dunkin’ buy.
By Emma Liem Beckett • Feb. 13, 2024 -
Courtesy of Taco Bell
Flynn Group reportedly seeking $5B majority stake sale
The country’s largest franchisee has about $4.5 billion in annual sales and grew much of its portfolio in recent years through various acquisitions.
By Julie Littman • Feb. 12, 2024 -
Courtesy of Craveworthy Brands
Craveworthy Brands buys major stake in Dirty Dough Cookies
This deal marks Craveworthy’s first investment in a snack brand, and reflects growing restaurant interest in concepts and menus that target diner spending between traditional dayparts.
By Emma Liem Beckett • Jan. 24, 2024 -
Justin Sullivan via Getty Images
Thai Union Group looks to sell stake in Red Lobster
The seafood group, which been a minority stakeholder in Red Lobster since 2016, said it decided to divest after ongoing financial troubles at the chain.
By Julie Littman • Jan. 17, 2024 -
Justin Sullivan via Getty Images
RBI to acquire Carrols Restaurant Group for $1B
The transaction, which is expected to close in Q2, will accelerate the pace of the franchisee’s Burger King remodels from 45 to 120 annually.
By Julie Littman • Jan. 16, 2024 -
Courtesy of Chowly
Chowly buys digital marketing platform Targetable
The addition of the marketing technology will allow Chowly to help its restaurant clients boost their online ordering traffic.
By Julie Littman • Jan. 4, 2024 -
Permission granted by Tropical Smoothie Cafe
Tropical Smoothie Cafe reportedly seeking $2B sale
This marks the second possible restaurant acquisition in progress this month, with Reuters reporting that Chuck E. Cheese’s parent company is seeking a $1 billion sale.
By Julie Littman • Dec. 21, 2023 -
Justin Sullivan via Getty Images
Chuck E. Cheese’s parent company reportedly seeking sale
CEC Entertainment is preparing for an auction with a target valuation of $1 billion, per Reuters.
By Julie Littman • Dec. 19, 2023 -
Courtesy of Subway
The 5 biggest restaurant M&A deals of 2023
M&A has been slow since the end of 2022, but a handful of large deals were struck, including Darden’s buyout of Ruth’s Hospitality and Subway’s proposed sale to Roark.
By Julie Littman • Dec. 15, 2023 -
Courtesy of Subway
FTC reportedly investigating Roark’s Subway purchase
The agency began an investigation this month, Politico reports. The FTC is concerned the deal could create a monopoly in the sandwich segment, as Roark Capital also owns Arby’s, Jimmy John’s and related chains.
By Julie Littman • Nov. 22, 2023 -
Courtesy of Chicken Salad Chick
Chicken Salad Chick buys Piece of Cake to expand dessert menu
The acquisition of the Georgia-based cake chain will likely help Chicken Salad Chick compete with the broader menus of fast casual rivals.
By Aneurin Canham-Clyne • Nov. 2, 2023 -
Permission granted by Smokey Bones
Fat Brands buys Smokey Bones for $30M
Smokey Bones is Fat Brands’ first barbecue chain and could benefit from Fat’s aggressive franchising strategy.
By Julie Littman • Sept. 26, 2023 -
Courtesy of Subway
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 -
Courtesy of Subway
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 -
Courtesy of Fogo de Chão
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
