Restaurants & Hospitality Acquisitions

South Street Partners and TPG Real Estate formed a joint venture to acquire The King and Prince Beach & Golf Resort and its golf club on St. Simons Island, Georgia. The property is being purchased from MMI Hospitality Group, which will continue to operate the resort through its management division, MMI Hotel Group. The buyers plan to elevate the resort and club offerings through a comprehensive renovation of rooms and common spaces.

St. Cloud Capital, LLC made a growth capital investment in AIM QSR, LLC, a Miami-based franchisee of a leading chicken QSR brand, alongside AIM Capital. The investment was used to help fund AIM QSR’s acquisition of 46 restaurants in Florida and 9 restaurants in Alabama.

Levine Leichtman Capital Partners (LLCP) has completed the sale of its portfolio company Tropical Smoothie Cafe (TSC Intermediate, Inc.) to private equity funds managed by Blackstone. Tropical Smoothie Cafe is a fast-casual restaurant franchisor with more than 1,400 locations across 44 U.S. states and is headquartered in Atlanta, Georgia.

Delight Restaurant Group LLC acquired 65 Wendy's franchise restaurants located in Ohio, Pennsylvania, and West Virginia from Primary Aim LLC. Following the acquisition, Norfolk, Virginia-based Delight expands its Wendy's portfolio and now owns and operates 226 restaurants across multiple states, while Primary Aim continues operating 11 Wendy's units in Ohio.

NewSpring Franchise, a private equity strategy of NewSpring, made a strategic investment in Shake Smart Holdings, LLC, a healthy fast-casual concept focused on functional nutrition offerings. The investment will fund Shake Smart’s continued unit expansion across and beyond U.S. college campuses, while the existing management team led by CEO Kevin Gelfand continues to run the company. Tecum Capital and NorthCoast Mezzanine provided mezzanine debt financing and equity co-investment for the transaction; financial terms were not disclosed.

NewSpring Mezzanine, the private credit strategy of NewSpring, invested subordinated debt and equity in TruFit Athletic Clubs. TruFit operates a low-cost, high-value gym network with 36 locations across Texas and is expanding into the greater Nashville area.

Arcis Golf has acquired Champions Retreat Golf Club, a 27-hole private club located near Augusta, Georgia, with operations transferring on October 13, 2023. The acquisition marks Arcis Golf’s first property in Georgia and expands its multi-state portfolio of golf facilities.

Subway entered into a definitive agreement to be acquired by affiliates of Roark Capital. The deal combines Subway’s global quick-service restaurant brand and franchise network with Roark’s experience investing in restaurant and franchise business models, and is subject to regulatory approvals and customary closing conditions.

Alterra Mountain Company closed its acquisition of Schweitzer Mountain, a year-round mountain resort based in Sandpoint, Idaho. Schweitzer becomes Alterra’s 17th owned mountain destination, expanding Alterra’s presence in the Pacific Northwest and changing Ikon Pass access at the resort.

Oak View Group (OVG) announced it has acquired UK-based Rhubarb Hospitality Collection (RHC), a premium hospitality and catering provider, in a major catering industry transaction. The business was purchased from LGT Private Debt and is intended to expand OVG Hospitality’s premium food and beverage offerings across arenas, stadiums, and live entertainment venues worldwide.

Granite Creek Capital Partners, L.L.C. announced a growth investment in Pinstripes, Inc., an operator of dining and entertainment venues featuring bowling, bocce, and Italian-American cuisine. Pinstripes will use the proceeds to fund expansion, including six new locations currently under construction.

Clairvest Group Inc., together with Clairvest Equity Partners VI, partnered with ECL Entertainment to acquire NHCG, LLC and The River Property & Hospitality Group, LLC, collectively referred to as NHCG. The acquired entities operate the Lucky Moose Casino and Tavern and The River Casino & Sports Bar in Nashua, New Hampshire. Clairvest and ECL plan to continue operating the existing locations while developing a larger permanent historical horse racing facility in Nashua targeted for opening in late 2024.

Taymax Group Holdings, LP, a Planet Fitness franchisee backed by Trilantic North America, acquired Saber Fitness, a leading Planet Fitness club operator with 27 locations and development rights across California. The deal expands Taymax’s footprint to 150 Planet Fitness locations across North America and represents Taymax’s fifth acquisition since receiving a growth investment from Trilantic North America in 2018.

CenterOak Partners LLC completed the sale of Wetzel's Pretzels to MTY Franchising USA, Inc., a wholly owned subsidiary of MTY Food Group Inc., for a cash purchase price of $207 million. Wetzel's Pretzels, headquartered in Pasadena, California, is a U.S. quick-service restaurant franchisor and operator in the soft pretzel category.

MW Fitness Holdings, LLC, the parent company of Mayweather Boxing + Fitness, acquired KickHouse Fitness, LLC, a kickboxing boutique fitness franchise system. The deal brings together 65 Mayweather Boxing + Fitness franchise locations and 26 KickHouse locations under MW Fitness Holdings to strengthen shared franchise infrastructure, systems, marketing, and franchisee support.

Funds managed by Blackstone and Bourne Leisure agreed to sell Butlin's, the British seaside resort operator, to a newly formed company backed by the Harris family. Following completion, Bourne Leisure will continue operating its other holiday brands, Haven and Warner Leisure Hotels, while the Harris family returns as owner of the Butlin's brand.

Tasty Hut, LLC, a portfolio company of Triton Pacific affiliate Tasty Brands, LP, acquired a portfolio of 27 franchised Pizza Hut restaurants across the Appalachian region of the United States for an aggregate purchase price of $8.7 million plus transaction costs. The deal closed on June 15, 2022 and is positioned as an add-on investment expanding Tasty Hut’s footprint across West Virginia, Kentucky, Ohio, and Virginia.

MCR, the United States' 4th-largest hotel owner-operator, acquired the Homewood Suites by Hilton Little Rock Downtown, a six-story extended-stay hotel with 116 suites in Little Rock, Arkansas. The acquisition marks MCR’s second hotel investment in the state.

Leonard Green & Partners, L.P. acquired a majority stake in Velvet Taco, a Dallas-based fast-casual restaurant concept. The stake was purchased from L Catterton and FB Society, both of which will retain significant minority ownership and continue to support the company’s growth; financial terms were not disclosed.

The Halifax Group completed an investment in PJU Holdings, Inc. (PJ United), the largest franchisee of Papa John’s Pizza. The transaction recapitalized the business, with CEO Doug Stephens and the existing management team remaining in place, and follows PJ United’s prior ownership by TPG Growth. Financial terms were not disclosed.

Brentwood Associates entered into a definitive agreement to acquire a majority interest in SSRG Holdings, LLC (doing business as Chicken Salad Chick) from Eagle Merchant Partners. Chicken Salad Chick is a fast-casual restaurant chain with 137 locations across 16 states, and the deal was expected to close in November 2019 with terms undisclosed.

AEA Investors' Middle Market Private Equity funds closed the acquisition of Jack's Family Restaurants. Jack's is a regional quick service restaurant chain with approximately 170 company-owned locations across Alabama, Tennessee, Georgia, and Mississippi, headquartered near Birmingham, Alabama.

Anchor Fitness LLC was acquired by Sunshine Fitness Growth Holdings, LLC, a portfolio company of private equity firm TSG Consumer Partners. MFA Capital Advisors served as exclusive financial advisor to Anchor Fitness, with the transaction facilitated by MFA Securities; financial terms were not disclosed.

Wellspring Capital Management LLC has closed its acquisition of Lucky Strike Entertainment, LLC, an operator of upscale entertainment venues with 21 locations across the United States. Lucky Strike, founded by Steven Foster and Kevin Troy, is headquartered in Sherman Oaks, California, and offers premium bowling, dining, drinks, and high-tech games. Financial terms were not disclosed.

NewSpring Mezzanine (NewSpring) and Larsen MacColl Partners completed a growth investment in Turning Point Holding Company, LLC, a breakfast, brunch, and lunch restaurant concept. The investment proceeds will be used to support Turning Point’s expansion through new location openings. Transaction terms were not disclosed.

VSS announced that its portfolio company, VSS-Southern Theatres, LLC, completed the sale of Movie Tavern's assets to Marcus Theatres, a division of The Marcus Corporation. Movie Tavern will continue operating under its existing brand as part of Marcus Theatres under the "Movie Tavern by Marcus" brand.

Lindsay Goldberg acquired Affordable Suites of America, an owner, operator, and franchisor of extended-stay hotels in the Southeastern United States. The company is headquartered in Myrtle Beach, South Carolina and has a portfolio of 20 hotel properties across multiple states. Financial terms of the transaction were not disclosed.

KKR has agreed to acquire The Bay Club Company, an active lifestyle and hospitality operator headquartered in San Francisco, California. The seller group includes York Capital Management and minority investors JMA Ventures and Roxborough Group. Financial terms were not disclosed.

Millstone Capital Advisors, a St. Louis-based private equity firm, announced it has acquired the Native Foods fast-casual, plant-based restaurant chain. Native Foods’ management team, led by President Scott McDonnell, will continue operating the business as Millstone provides resources to support expansion and brand growth.