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acquisitions

Financing

Fat Brands acquires Smokey Bones for $30M

 By Jonathan Maze on Sep. 25, 2023

The 18th deal for the owner of Johnny Rockets and Twin Peaks gives the company another casual-dining chain.

Financing

Ruth's Chris acquisition already paying off for Darden

 By Joe Guszkowski on Sep. 21, 2023

Adding the steakhouse chain to its portfolio will unlock $35 million in synergies and savings per year for the company, $15 million more than expected.

Emerging Brands

Chicago-based Meatheads Burgers to be absorbed by Epic Burger

By Lisa Jennings on Sep. 07, 2023

The acquisition will allow the "more mindful" Epic Burger to more than double in unit count and will bring drive-thru locations into the fold. But Meatheads will be no more.

Financing

McDonald's restaurant valuations come back down to earth

By Jonathan Maze on Sep. 05, 2023

The Bottom Line: Franchisee valuations are “plummeting,” according to the head of the chain’s independent franchisee association. The company has not been able to get many new franchisees into the system. But the market is just different now.

Financing

Roark Capital solidifies its status as the go-to fast-food buyer

By Jonathan Maze on Aug. 25, 2023

The Bottom Line: The 22-year-old private equity firm has been involved in many of the industry’s biggest deals, especially in recent years. And Subway isn’t even the biggest.

Financing

Roark Capital has a deal to buy Subway

By Jonathan Maze on Aug. 24, 2023

The private equity firm, which owns Inspire Brands and Focus Brands among other restaurant companies, won an eight-month auction for the sandwich giant.

Financing

Subway's complex sale process comes to its expected conclusion

By Jonathan Maze on Aug. 24, 2023

The Bottom Line: The lengthy sale process and the apparent deal terms in Roark Capital’s winning bid reveal just how difficult a turnaround the sandwich giant is.

Financing

The 10 biggest restaurant chain acquisitions

By Jonathan Maze on Aug. 22, 2023

Subway appears to be on the verge of completing the third-largest chain acquisition by value in history. Here are a look at the 10 biggest, at least until that one is complete.

Financing

In Bloomin' Brands, Starboard finds its next undervalued target

By Jonathan Maze on Aug. 21, 2023

The Bottom Line: The activist investor, who shook up Darden and helped get Papa Johns back on its feet, may be just what the doctor ordered for one of the most overlooked restaurant companies on Wall Street.

Financing

Subway is apparently nearing a sale

By Jonathan Maze on Aug. 21, 2023

Roark Capital is reportedly close to a $9.6 billion acquisition, though a source said that the process remains “very competitive and fluid.”

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