M&A

  • A zoomed in image of Dutch Bros building signage
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    Courtesy of Dutch Bros
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    Dutch Bros acquires 20-unit coffee chain

    In its first-ever acquisition, the fast-growing drive-thru chain will convert all Clutch Coffee units across the Carolinas into Dutch Bros locations.

    By • Jan. 15, 2026
  • 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 shareholders sue over pending buyout

    Investors claim the casual dining chain’s proxy statement regarding its $620 million sale was “false and misleading” and did not contain pertinent information. Denny’s denied these claims.

    By • Jan. 7, 2026
  • An image of various doughnuts from Krispy Kreme behind a bakery counter.
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    Brandon Bell via Getty Images
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    Why Krispy Kreme’s Japan sale deal is key to its turnaround plan

    The $65 million transaction is the latest in a series of asset sales by the doughnut brand meant to shave down over $900 million in long-term debt.

    By • Dec. 22, 2025
  • An image of a building with a brick facade and a green sign that says Potbelly
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    Getty Images
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    Potbelly focuses on growth under RaceTrac

    Putting a Potbelly in every RaceTrac location isn’t on the agenda, but c-store adjacent locations could become part of the sandwich chain’s expansion plans.

    By • Dec. 22, 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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    Top M&A restaurant deals of 2025

    From Potbelly and Denny’s going private to franchisees buying Del Taco and Uncle Julio’s, restaurant consolidation increased this year and could continue into 2026.

    By • Dec. 17, 2025
  • An image of a light brown building with a small tree out front that lost its leaves. The signage says California Pizza Kitchen.
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    Permission granted by California Pizza Kitchen
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    California Pizza Kitchen sells itself

    Convive Brands will take over the global operator and master franchisor of the 120-unit pizza chain in a transaction backed by Bain Capital.

    By • Dec. 16, 2025
  • A photograph of a gray sign with a red box inside with white letters that says "Jack" under the box it says "in the box."
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    Justin Sullivan via Getty Images
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    What’s next for Jack in the Box after its Del Taco sale?

    The burger chain is in “survival” mode as it struggles to pay down debt and get back to basics, one expert said.

    By Michael Brady • Dec. 15, 2025
  • An image of a beige building wiht both Fatburger and Round Table Pizza signage
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    Permission granted by Fat Brands
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    Fat Brands risks bankruptcy as lenders demand payment on $1.3B debt

    The restaurant company defaulted on its obligations earlier this year and lacks the cash to pay its creditors up front, according to an SEC filing.

    By • Nov. 24, 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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    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