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finance

Financing

The Fed sneezes and restaurant stocks get a cold

The Bottom Line: Shares of restaurants were hit hard on Thursday as the Federal Reserve plans more rate hikes. It’s been a tough year for the sector, overall.

Technology

Big tech supplier NCR is splitting into two companies

It will separate its point-of-sale and ATM businesses, concluding a strategic review and ending the possibility of a sale.

The company, which also owns the Tony Sacco’s concept, blamed the impact of the pandemic as well as high labor and food costs.

Advent International, which owns three-quarters of the breakfast-and-lunch chain's stock, will sell at least 4.5 million shares in a secondary offering.

Equal Ventures, Gutter Capital and Version One Ventures led the round. The company offers technology that helps restaurants gather more customer data.

The Bottom Line: The activist investor and owner of Steak n Shake has tried several times to get on the family-dining chain’s board, with no success. It’s not stopping him from trying again.

The private equity firm, which owns Modern Restaurant Concepts, now has $4 billion in assets under management.

Earnings Roundup: Chuy's sales hurt by the Texas heat and Fat Brands looks for more acquisition targets.

The company’s merger with Ventoux will now be funded with $100 million in private equity as the SPAC market slows.

Single-unit Vietnamese concept Saigon Hustle was the winner of the Million Dollar Restaurant Launch sponsored by Mercato Partners’ Savory Fund.

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