KBP Brands Acquires 85 SONIC Restaurants

SPB Hospitality Adds Krystal Restaurants to Portfolio

April 27, 2023

Restaurants & Hospitality

SPB Hospitality has completed a merger with Krystal Restaurants, adding nearly 300 quick-service locations and roughly 3,500 employees to SPB's portfolio. The move expands SPB's multi-brand restaurant platform (which is owned by funds managed by affiliates of Fortress Investment Group) and aims to leverage shared services and best practices across brands.

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.

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.

The Kent Companies Acquires B&B Petroleum (15 Chevron Convenience Stores)

October 31, 2025

Retail

The Kent Companies, a family-owned convenience store and fuels operator based in Midland, Texas, has acquired B&B Petroleum, LLC — a Ponchatoula, Louisiana-based operator of 15 Chevron-branded convenience stores (including Subway and Red Bird Café locations). The acquisition expands Kent's Kent Kwik footprint into Louisiana as part of a five-year strategy to grow eastward across the Southeast.

Tasty Chick'n (Triton Pacific Affiliate) Acquires Portfolio of 90 Franchised KFC and KFC/Taco Bell Restaurants

January 18, 2022

Restaurants & Hospitality

Triton Pacific Capital Partners' portfolio company, Tasty Chick'n, LLC, acquired a portfolio of 90 franchised KFC restaurants across eight U.S. states, including 15 co-branded KFC/Taco Bell locations. The transaction expands Tasty Chick'n's quick-service footprint and serves as an add-on to the firm's restaurant platform managed by Tasty Restaurant Group.

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.