Butterfly and KKR Combine Lemonade and Modern Market Eatery to Form Modern Restaurant Concepts

Butterfly Equity Acquires QDOBA and Merges It into Modern Restaurant Concepts

August 9, 2022

Restaurants & Hospitality

Butterfly Equity agreed to acquire QDOBA from funds managed by Apollo and merge the brand into Modern Restaurant Concepts (which includes Modern Market Eatery and Lemonade), creating a leading fast-casual restaurant platform of roughly 800 units. King Street Capital Management is investing alongside Butterfly; the transaction aims to accelerate franchising, system growth and catering expansion across the combined platform. Terms were not disclosed.

Thrive Restaurant Group Acquires Modern Market Eatery

September 7, 2024

Restaurants & Hospitality

Wichita-based Thrive Restaurant Group has acquired Modern Market Eatery, a Denver-originated fast-casual brand, from private equity firm Butterfly Equity. The deal transfers ownership of Modern Market’s 29-unit system (24 company restaurants and five licensed locations) to Thrive; terms were not disclosed and Modern Market COO Robin Robison will become the brand’s president under Thrive.

Butterfly Equity Acquires Milk Specialties Global from American Securities

December 23, 2022

Food & Beverage

Butterfly, a Los Angeles-based private equity firm focused on the food sector, has entered into a definitive agreement to acquire Milk Specialties Global, a vertically integrated manufacturer of dairy-based human and animal nutrition ingredients, from affiliates of American Securities. The transaction, terms undisclosed, is expected to close in Q1 2023 and the Milk Specialties leadership team, led by CEO David Lenzmeier, will remain in place.

Meal Ticket and MarketMan Merge with $100M+ Growth Investment from PSG

January 12, 2022

Cloud & SaaS

Meal Ticket and MarketMan announced a merger supported by an investment of over $100 million from growth equity firm PSG to create a global leader in software and data analytics for the foodservice industry. The combined company will operate existing product lines, accelerate product development (notably in Tel Aviv and New York), expand headcount, and integrate distributor and restaurant-facing capabilities to offer end-to-end solutions.

Boathouse Capital and Green Shoot Partners Acquire Fresh Dining Concepts

December 4, 2019

Restaurants & Hospitality

Boathouse Capital partnered with independent sponsor Green Shoot Partners to acquire Fresh Dining Concepts, a Coral Gables‑based multi‑unit franchise operator that runs over 50 Auntie Anne's, Cinnabon and Carvel locations along the U.S. East Coast. Boathouse provided participating preferred equity while affiliates of Green Shoot Partners and FDC management invested common equity; debt financing was provided by Bridge Funding Group (a BankUnited subsidiary).

Levine Leichtman Capital Partners and Management Acquire Tropical Smoothie Cafe

September 8, 2020

Restaurants & Hospitality

Levine Leichtman Capital Partners (LLCP) partnered with Tropical Smoothie Cafe's management team to acquire Tropical Smoothie Cafe, a leading franchisor of fast-casual cafes with over 870 units across 44 states. The company will continue to be led by CEO Charles Watson and the existing executive team as LLCP works with management to grow unit count, improve franchisee unit economics and expand system-wide sales; debt financing was provided by Golub Capital.