Restaurants & Hospitality Acquisitions in 2022

Gala Capital Partners (GCP), a Southern California private investment firm focused on emerging restaurant franchisors, has purchased Rusty Taco from Inspire Brands. The Rusty Taco management team, led by Brendan Mauri, will remain and has co‑invested in the transaction; terms were not disclosed.

Heli (heli.life), an adventure-travel marketplace, has closed the purchase of Great Canadian Heli-Skiing and the Heather Mountain Lodge in interior British Columbia. The acquisition is a vertical-integration move by Heli to own supply (a boutique heli-ski operator and lodge) while preserving the existing team and operations under the new ownership.

TSG Consumer Partners has acquired a majority stake in Radiance Holdings, a Denver-based platform that owns and operates premier beauty, wellness, and self-care brands including Sola Salons and Woodhouse Spas. Radiance's management will remain in place; financial terms were not disclosed and TSG said it will support growth through digital marketing, accelerated franchise development and strategic acquisitions.

Century Golf Partners and HKI America completed the acquisition of the Four Seasons Golf & Sports Club of Las Colinas, a landmark private sports club and two championship golf courses in Irving, Texas. Century Golf will manage the club under its Arnold Palmer Golf Management brand, and the purchase expands both buyers' portfolios of golf and sports properties.

Rosser Capital Partners completed a growth investment in Kitchen Social, a three-unit, small-box, bar-centric full-service restaurant concept based in Ohio. The funding will be used to accelerate Kitchen Social's expansion into new and existing markets; financial terms were not disclosed.

The Larry H. Miller Company has acquired a majority stake in Swig, the Salt Lake City–based drive-thru "dirty soda" concept, from Savory Fund. Financial terms were not disclosed; Savory Fund and Swig founder Nicole Tanner (with partners) will retain minority stakes as the brand pursues national expansion and new placements within LHM Megaplex Theatres.

MTY Franchising USA, a wholly owned subsidiary of MTY Food Group Inc., completed the acquisition of Wetzel's Pretzels from CenterOak Partners LLC for $207 million in cash. Headquartered in Pasadena, California, Wetzel's is a leading quick-service pretzel franchisor; CenterOak had acquired the company in 2016 and sold it as part of a successful exit.

Exeter Capital led the acquisition of FL Glaze, LLC, the largest Dunkin’ franchisee in Florida operating 100 Dunkin' units, with a capital investment from Pittco Direct Investments II, LP. The transaction establishes Exeter’s platform presence in Florida’s Dunkin’ market and provides growth capital and scale for the franchisee.

Dine Brands Global, Inc. agreed to acquire Fuzzy's Taco Shop from Experiential Brands LLC (a subsidiary of NRD Holding Company) for $80 million in cash. The purchase adds a fast-casual, largely franchised Mexican concept with 138 restaurants to Dine Brands' portfolio and is expected to be accretive to earnings while supporting Fuzzy's growth plans.

Foodtastic Inc. has entered into an agreement to acquire Quesada Burritos & Tacos, a fast-growing Canadian quick-service restaurant brand. The acquisition adds Quesada's +175 restaurants to Foodtastic's portfolio and Foodtastic plans to open about 50 new Quesada locations over the next 36 months.

Focus Impact Partners, LLC and Meaningful Partners LLC made a strategic growth investment in Skiptown to fund expansion and new location openings. The investment includes a board appointment of Steve King and will support Skiptown’s multi-unit scaling of its pet services and experiential venues; terms were not disclosed.

Cedarline Outdoor, a Halmos Capital Partners portfolio company, has acquired the Jonestown / Hershey NE KOA Campground in Jonestown, Pennsylvania. The park — which includes 86 RV sites, 3 cabins, 12 tent sites and on-site amenities — is Cedarline's third acquisition in the Northeast and serves as an add-on to expand the platform's outdoor hospitality footprint.

Greene King has acquired Hickory's, a UK BBQ smokehouse restaurant group founded by Neil McDonnell, to accelerate the brand’s national rollout. Hickory's (operating multiple restaurants across the Midlands and North West) will continue to be run by its existing management team; financial terms were not disclosed.

Sunweb Group, a Triton Fund V portfolio company, has acquired Airtours, Sweden’s fourth-largest tour operator. The deal expands Sunweb’s Nordic footprint by adding Airtours’ ~100,000 annual travellers and complementary, asset-light product offering in Sweden.

Toronto-based restaurant discovery platform Sirved Mobile Solutions, Inc. acquired AllergyEats, a U.S.-based crowdsourced guide for allergy-friendly restaurants. The deal adds AllergyEats’ database of peer-reviewed allergy accommodations and user ratings to Sirved’s AI-enhanced menu and restaurant discovery offerings to better serve diners with food allergies.

BOA Acquisition Corp. completed its business combination with Selina, with Samba Merger Sub (a Selina subsidiary) merging into BOA and the combined company commencing Nasdaq trading under the tickers SLNA and SLNAW. The transaction, approved by BOA stockholders on October 21, 2022 and closed October 26, 2022, provides Selina with committed capital including a $54 million private placement and approximately $118 million in subscriptions to convertible notes to fund global expansion and pursue profitability.

BRS & Co. and Rosser Capital Partners, together with former Texas Roadhouse COO Doug Thompson, have acquired Tumble 22 Holdings, LLC, a Texas-based, bar-centric hot chicken restaurant concept with five locations. Founders Guy Villavaso and Larry Foles (Guy + Larry Restaurants) will retain an ownership stake, and the new partners plan to provide capital and operating expertise to accelerate geographic expansion and growth.

Kasada, a real estate private equity platform focused on hospitality in sub-Saharan Africa, has acquired the Lamantin Beach Resort & Spa, a 166-key seaside resort in Saly on Senegal's Petite Côte. The acquisition is Kasada's fourth property in Senegal and includes planned renovations to enhance guest experience and ESG practices.

The Island Spot, a multi-location Jamaican restaurant operator, has acquired Bone Daddy's, a Dallas-based barbeque restaurant chain. The deal, facilitated by Benchmark International, is intended to expand The Island Spot's geographic reach and restaurant offerings across Texas.

Level 5 Capital Partners has committed $20 million of growth capital to GoDog to fund the rollout of a franchising platform and accelerate the pet services company's national expansion. Level 5 will also build an affiliated franchisee platform (L5 Pups) and serve as an anchor franchise partner as GoDog scales beyond its existing locations in the Southeastern United States.

Savory Fund has acquired a majority interest in chef Joey Maggiore’s The Sicilian Butcher and its sister concept The Sicilian Baker, committing up to $30 million to support expansion. The Maggiores will remain involved while Savory Fund joins the board and aims to rapidly scale the Arizona-based three-unit brand into new markets (Texas and Las Vegas) with a goal of 20 units over four years.

Travel Chapter, a leading UK holiday rental platform (including Holidaycottages.co.uk), has been sold by ECI to the company’s management team with backing from ICG. The transaction represents ECI's exit and positions Travel Chapter for further growth under management and ICG's investment.

Delaware North has acquired substantially all assets of Nova Guides, Inc., a Colorado-based outdoor recreation and adventure tour operator that also operates Camp Hale Weddings. Hext Capital Partners served as exclusive advisor to Nova Guides on the transaction; the acquisition expands Delaware North's parks-and-resorts tours and outdoor recreation offerings.

SPB Hospitality, a Fortress-owned restaurant operator, completed the acquisition of J. Alexander's Holdings, Inc. for approximately $220 million in cash, adding 47 polished-casual restaurants to its portfolio. The transaction was approved by J. Alexander's shareholders and expands SPB's full-service dining footprint across the United States.

MTY Food Group Inc. completed the acquisition of BBQ Holdings, Inc. through a merger, with each outstanding BBQ Holdings share converted into the right to receive US$17.25 in cash. As a result, BBQ Holdings became an indirect wholly-owned subsidiary of MTY and its common stock ceased trading on Nasdaq; the BBQ support center will continue to operate in Minnetonka, Minnesota.

TH International Limited, the operator of Tim Hortons coffee shops in China ("Tims China"), completed its business combination with special purpose acquisition company Silver Crest Acquisition Corporation and began trading on Nasdaq under the ticker THCH. The transaction provides Tims China with nearly $200 million of financing (including ~ $94.5M PIPE and a committed equity facility from CF Principal Investments LLC) to support growth as it operates over 460 stores and ~4,500 employees and targets 2,750 stores by 2026.

Seoul-based private equity firm Centroid Investment Partners has made a strategic investment in Concert Golf Partners, joining existing investor Clearlake Capital and Concert Golf management. The injection of capital is intended to support Concert Golf's portfolio expansion and club enhancement initiatives, leveraging Centroid's golf-sector expertise and partnership with TaylorMade.

Bowling Green-based Houchens Industries acquired 10 operating Slim Chickens franchise locations and the rights to develop 29 additional Slim Chickens sites across Kentucky from a group led by Tennessee franchisee Harold Wallace. The deal expands Houchens’ Slim Chickens footprint to a total of 42 locations and supports the company’s broader restaurant franchising growth in Kentucky.

Presto Automation Inc. completed its previously announced business combination with special purpose acquisition company Ventoux CCM Acquisition Corp., and the combined company began trading on Nasdaq under the ticker PRST on September 22, 2022. The transaction included approximately $120 million of cash proceeds, including a strategic PIPE investment from Cleveland Avenue, LLC, to fund expansion and product development of Presto's voice, vision and touch labor automation platform for the hospitality industry.

Funds managed by Blackstone's private equity and real estate businesses have agreed to sell Butlin's, the British seaside resorts operator, to a newly formed company backed by the Harris Family Trusts. The deal (reported at about £300m) returns the iconic brand to the founding Harris family and will allow Bourne Leisure and Blackstone to focus investment on their Haven and Warner businesses.

Gravity Haus, a Colorado-based membership-focused hospitality operator, has acquired The Ptarmigan Inn in Steamboat Springs, Colorado, expanding its resort outposts and member offerings. The Ptarmigan leadership will remain in place and Gravity Haus plans property improvements and new member-facing amenities to support growth in the region.

Alterra Mountain Company has acquired Ski Butlers, a Park City–based ski and snowboard rental delivery service that operates in ~50 resort destinations across North America and Europe. The acquisition will keep Ski Butlers as a standalone business and aims to expand guest services and equipment delivery across Alterra's resort portfolio to enhance the guest experience.

The owners of Crabby Bill's (the family-run Original Crabby Bill's restaurant group led by Matt Loder Sr.) are purchasing Dunedin waterfront restaurant Bon Appetit from longtime owners Peter Kreuziger and Karl Riedl. The sale is pending; the buyer says Bon Appetit will retain its name, concept and staff as the restaurant is folded into the group's expanding local portfolio.

PAR Technology Corporation (ParTech) has acquired MENU Technologies AG, a Switzerland-based omnichannel online ordering and eCommerce platform for restaurant brands. The deal adds MENU's online ordering and delivery orchestration capabilities to PAR's unified commerce suite, enhancing PAR's ability to offer integrated POS, payments, loyalty and back-office solutions to enterprise restaurant clients.

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.

Whitsons Culinary Group, a GenNx360 Capital Partners-backed foodservice operator, has acquired Lintons Food Service Management, a Pennsylvania-based foodservice and restaurant operator. The deal expands Whitsons' presence and capabilities across K-12, healthcare and residential dining markets, with Lintons' operations spanning Pennsylvania to Florida.

K1 Speed has acquired Pole Position Raceway, taking ownership of the two company-owned indoor karting centers in Corona, California and Las Vegas, Nevada. The acquisition expands K1 Speed's footprint in Southern California and the Las Vegas market and will convert the two locations to the K1 Speed brand while retaining existing employees.

Oak View Group's OVG Hospitality division has acquired Spectrum Catering, Concessions & Event Services, a Houston-area event food service company that specializes in sporting events, music festivals, and artist/tour catering. The deal expands OVG Hospitality's portfolio and capabilities in live-event food and hospitality services across major sports, festival and touring markets.

PAI Partners-backed European Camping Group (ECG) has reached an agreement to acquire Vacanceselect from funds advised by Permira and minority shareholders including The Ganivenq Family and Batipart. The combination brings Vacanceselect's large campsite and mobile-home operations together with ECG’s Homair/Eurocamp/Roan platform to create a leading pan‑European outdoor accommodation group and accelerate growth across key holiday markets. The transaction is subject to customary closing conditions, employee consultations and antitrust approvals.

Five Star Parks & Attractions, a portfolio company of Fruition Partners, acquired three Malibu Jack's indoor theme park locations in Lexington, Louisville and Ashland, Kentucky. The deal expands Five Star's family entertainment center platform to 16 locations across eight states; Malibu Jack's founders and leadership will remain involved to help develop and open additional parks.

Smalls Sliders, a fast-casual slider drive-thru concept with four open locations and a pipeline of 40+ restaurants across Louisiana, Texas and Mississippi, received an equity investment from 10 Point Capital. The capital will support franchise acceleration using 10 Point Capital’s Franchise Acceleration Plan as Smalls prepares for national expansion.

Angelo Gordon and Westmont Hospitality Group acquired Room Mate S.A. following the completion of the company's financial restructuring and the court-approved sale of its productive unit. The buyers agreed to maintain Room Mate's workforce of over 400 employees and assume nearly €40 million in commitments with lessors, suppliers, and clients as they pursue a turnaround and growth of the hotel brand.

H.I.G. Capital, through one of its affiliates, has completed the acquisition of Family Entertainment Group Holdings, LLC. The Itasca, Illinois–based company operates nearly 60 family entertainment locations and provides turnkey outsourced arcade and facility management services; H.I.G. will partner with founder George Smith and the existing management team to accelerate growth and expand the company's market presence.

Sunset Management Company has acquired Winter Park Lodging Company and its sister business Steamboat Lodging Company from founders Chris and Sarah Bradford. The acquisition adds more than 140 vacation rental properties across Winter Park and Steamboat Springs, Colorado to Sunset Management's portfolio and continues the legacy of local, full-service short-term rental management.

Chartwells Higher Education, a division of Compass Group, has acquired Fresh Ideas, a Columbia, Missouri–based foodservice management company. The deal expands Chartwells' regional footprint in campus dining while allowing Fresh Ideas to continue operating under its existing brand and leadership with access to Chartwells' broader tools and resources.

Gala Capital, led by Anand Gala, acquired Dunn Brothers Coffee, a 59-unit, 100% franchised coffee chain founded in 1987. The deal closed in June with Gala Capital taking control July 1; Dunn Brothers' leadership, including President Kim Plahn, will remain in place as Gala plans to grow the brand via catering, third-party delivery, e-commerce and store expansion.

Tasty Hut, LLC, a portfolio company of Tasty Brands, LP (an affiliate of Triton Pacific), acquired a portfolio of 27 franchised Pizza Hut restaurants across West Virginia, Kentucky, Ohio and Virginia for an aggregate purchase price of $8.7 million. The deal — which closed June 15, 2022 — is an add-on to Tasty Hut's existing Pizza Hut footprint and expands the platform's presence in the Appalachian region.

Blackstone has completed the acquisition of Crown Resorts Limited, acquiring three integrated resort and casino properties in Melbourne, Perth and Sydney in the firm's largest Asia Pacific transaction. Blackstone said it will work with Crown's management and employees to transform the properties into world-class entertainment destinations, improve compliance and governance, and support the Australian tourism recovery; Crown employs roughly 20,000 people.

Piper has made a £7 million minority growth investment in Rabbie's, the UK-based small-group cultural adventures travel brand founded by Robin Worsnop. The capital will support Rabbie's continued recovery and expansion across the UK and Europe while the founder and core management remain majority shareholders and Hugo Kimber joins as chairman.

Provenance Hotels sold its minority interest in the 151-room Woodlark Hotel to majority owner NBP Capital, which also acquired the hotel's management rights. Terms were not disclosed; NBP will assume operational control while Provenance will continue to partner with NBP on two other Seattle projects.