Diversified Restaurant Holdings Acquires Nine Buffalo Wild Wings Restaurants in Chicago

ICV Partners Acquires Diversified Restaurant Holdings

March 12, 2020

Restaurants & Hospitality

ICV Partners completed a cash acquisition of Diversified Restaurant Holdings, Inc. for approximately $130 million, including assumption of debt and transaction expenses. Concurrently, JK&T executed a 15-store area development agreement and sold certain Buffalo Wild Wings restaurants in Florida and Massachusetts to Inspire Brands; ICV will combine the remaining DRH and JK&T locations to create the largest Buffalo Wild Wings franchisee with over 80 restaurants across five states.

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.

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.

Flynn Group Acquires 32 Wendy's Restaurants in Indianapolis

November 21, 2024

Restaurants & Hospitality

Flynn Group LP, a San Francisco-based multi-brand franchise operator, acquired 32 Wendy's units in the Indianapolis, Indiana area. The deal increases Flynn’s domestic Wendy's footprint and brings roughly 40% of the brand’s local presence under Flynn as the company looks to realize operational efficiencies and drive growth in the market.

Darden Restaurants Acquires Chuy's Holdings, Inc.

October 14, 2024

Restaurants & Hospitality

Darden Restaurants completed its previously announced all-cash acquisition of Chuy's Holdings, Inc. for an enterprise value of approximately $605 million, financed in part with proceeds from senior note offerings. Chuy's—founded in Austin, Texas—operates just over 100 Tex‑Mex restaurant locations (about 101 stores) with annualized unit volumes of roughly $4.5 million; Chuy's stockholders approved the merger and the company's common stock ceased trading on Nasdaq.

Latina Boulevard Foods (The Anderson Group portfolio) Acquires Assets of Diversified Dairy Products

January 1, 2019

Food & Beverage

Latina Boulevard Foods, a portfolio company of The Anderson Group, acquired certain assets of Western New York-based Diversified Dairy Products and will integrate the business into Latina’s Cheektowaga storage and distribution operations. The deal expands Latina’s product offering in ice-cream-related products and ingredients and grows its customer base in Western New York.