ICV Partners Acquires Diversified Restaurant Holdings

ICV Partners Invests in JK&T Wings (Buffalo Wild Wings Franchisee)

November 4, 2019

Restaurants & Hospitality

ICV Partners made a significant investment in JK&T Wings, a leading Buffalo Wild Wings franchisee that owns 42 restaurants across Michigan with additional locations in Massachusetts and Louisiana. The capital will support facility remodels, additional store openings and potential acquisitions of other franchisees, with JK&T management (Kent Ward and Brian Carmody) remaining as investors.

Diversified Restaurant Holdings Acquires Nine Buffalo Wild Wings Restaurants in Chicago

February 28, 2019

Restaurants & Hospitality

Diversified Restaurant Holdings, Inc. (Nasdaq: SAUC) entered into an agreement to acquire nine Buffalo Wild Wings restaurants in the Chicago market for $22.5 million. The acquisition expands DRH’s Midwest footprint, adds scale to leverage infrastructure and marketing, and is expected to close in Q2 subject to franchisor consent and customary conditions.

Restaurant Brands International Acquires Remaining Stakes in Burger King China

February 18, 2025

Restaurants & Hospitality

A subsidiary of Restaurant Brands International (RBI) acquired the equity interests in Burger King China from TFI Asia Holdings BV and Pangaea Two Acquisition Holdings XXIII, Ltd (Cartesian) for approximately $158 million in cash, bringing RBI's ownership to nearly 100%. RBI said it will engage advisors to identify a new local operating partner to inject capital and become the controlling shareholder as part of a strategy to support long-term growth in China.

Restaurant Brands International Acquires Carrols Restaurant Group

May 16, 2024

Restaurants & Hospitality

Restaurant Brands International (RBI) completed an all-cash acquisition of Carrols Restaurant Group on May 16 for approximately $1.0 billion (at $9.55 per share). RBI said it will invest an additional $500 million to reimage more than 600 restaurants and plans to refranchise most of the acquired units over the next seven years; Carrols operated 1,023 Burger King restaurants across 23 states and 59 Popeyes restaurants in six states.

Cinven Acquires Majority Stake in Restaurant Brands Iberia

July 28, 2021

Restaurants & Hospitality

International private equity firm Cinven has agreed to acquire a majority stake in Restaurant Brands Iberia (RB Iberia) in a transaction valued at more than €1 billion. RB Iberia — the master franchisee for Burger King in Spain and Portugal and for Popeyes and Tim Hortons in Spain — will retain its founders and Burger King Europe as minority shareholders and will continue to be led by the incumbent management team as Cinven backs growth and further restaurant expansion across Iberia.

Darden Restaurants Acquires Ruth's Hospitality Group

May 3, 2023

Restaurants & Hospitality

Darden Restaurants agreed to acquire all outstanding shares of Ruth's Hospitality Group, the owner/operator of Ruth's Chris Steak House, in an all-cash transaction valued at about $715 million ($21.50 per share). The deal, which closed June 14, 2023 via a tender offer and short-form merger, brings roughly 155 Ruth's Chris locations and nearly 5,000 team members into Darden's portfolio of restaurant brands.