Offering further evidence that the mergers-and-acquisitions market is picking up, the private-equity firm Bain Capital is reportedly in talks to acquire franchise operator Sizzling Platter for more than $1 billion.
Reuters first reported the potential deal earlier this week, citing unnamed sources.
Salt Lake City-based Sizzling Platter is the franchise operator of more than 750 restaurants across eight brands, including Little Caesars, Jamba, Wingstop, Dunkin’, Jersey Mike’s, Cinnabon, Red Robin and Sizzler.
The mega-franchisee is owned by CapitalSpring, which has been working with investment bankers at UBS and Deutsche Bank on a sale process for several months, according to the report.
Bain Capital acquired the casual-dining chain Fogo de Chao last year, and was reportedly in talks to acquire Subway at one point, but the sandwich chain was sold in the end to Roark Capital for nearly $10 billion.
Neither CapitalSpring nor Bain Capital immediately responded to requests for confirmation or more detail.
If the Sizzling Platter sale comes to fruition, it will be in good company.
Freddy’s Frozen Custard and Steakburgers is also reportedly exploring a sale. The private-equity firm Blackstone took a majority stake in the sandwich chain Jersey Mike’s after acquiring Tropical Smoothie earlier this year.
And a number of chains have been sold out of bankruptcy this year, including Red Lobster, BurgerFi, Anthony’s Coal Fired Pizza and Rubio’s.
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