Restaurants & Hospitality Acquisitions in 2023

Abu Dhabi-based ADNEC Group has agreed to acquire Karavel, a leading French tourism group, from Equistone Partners Europe. The deal is intended to accelerate ADNEC Group's international expansion in the tourism sector and support Karavel's growth into new markets; completion remains subject to regulatory approvals.

Vail Resorts, Inc. agreed to acquire Crans-Montana Mountain Resort in Valais, Switzerland from CPI Property Group, taking an 84% stake in Remontées Mécaniques Crans Montana Aminona (CMA) SA, an 80% stake in SportLife AG, and full ownership of 11 restaurants. The acquisition expands Vail's European resort network and will include Crans-Montana on select Epic Pass products; Vail expects to invest in capital projects and grow EBITDA through network synergies and Epic Pass inclusion.

Authentic Restaurant Brands (an ARB platform backed by Garnett Station Partners) completed a take-private acquisition of Fiesta Restaurant Group, Inc., the parent of the Pollo Tropical restaurant brand, in an all-cash transaction valued at $8.50 per share. The deal (supported by a $115 million senior secured credit facility provided by Comvest Credit Partners) brings Pollo Tropical into ARB's portfolio to expand and strengthen its regional restaurant platform.

General Atlantic has agreed to acquire a majority interest in Joe & the Juice from Valedo Partners, which will fully exit its investment. The investment will support Joe & the Juice's international expansion (notably in the U.S., UK, Europe, Middle East and beyond), accelerate digital and franchise channels, and reduce debt to enable an unlevered store rollout.

Concert Golf Partners has acquired Northgate Country Club Management, LLC (dba Northgate Country Club) in Houston, Texas; the transaction closed on November 1, 2023. Generational Equity advised the seller; Concert Golf — a boutique owner-operator of private golf and country clubs headquartered in Lake Mary, Florida — will add the two Northgate clubs to its portfolio and invest in the properties.

Savory Fund has made a growth investment in Houston TX Hot Chicken (also referred to as Houston’s Hot Chicken), marking the private equity firm’s 11th portfolio brand. Savory plans to help scale the fast-casual Nashville hot chicken concept through a mix of corporate and franchised openings across existing and new U.S. markets.

Brentwood Associates and Sixth Street completed a significant growth investment in Far West Services, a Costa Mesa–headquartered franchisee operating over 100 Wingstop restaurants across the western United States. The investment was made alongside Far West’s existing management team, who will remain significant shareholders as the company pursues continued expansion through new openings and strategic acquisitions.

Topgolf Callaway Brands Corp. acquired certain assets related to the BigShots Golf business from Invited, Inc., including four U.S. venues (one owned, three franchised), development rights and related assets. The deal, with an initial purchase price of approximately $29 million, also includes a preferred vendor agreement with Invited to feature Topgolf Callaway Brands' products at Invited's club portfolio, expanding the company's off-course golf footprint and strategic partnerships.

Arcis Golf has acquired Champions Retreat Golf Club, a 27-hole private club near Augusta, Georgia; the transaction closed Oct. 12, 2023 and Arcis assumed operations on Oct. 13. The property, previously owned by Bill Forrest, hosts the first two rounds of the Augusta National Women’s Amateur and expands Arcis Golf’s portfolio into Georgia as it grows its collection of private, resort and daily-fee clubs.

Balance Point Capital provided a follow-on equity investment in ABTB Mid-Atlantic Holding Company, LLC to support the acquisition of 39 Taco Bell restaurants in the Greater Atlanta metro. The stores will be operated by experienced QSR operator SWN LLC (Southpaw), which currently runs 180+ Taco Bell and Dunkin' locations and partners with Balance Point to expand its footprint.

FAT Brands Inc. has acquired the Smokey Bones Bar & Fire Grill restaurant chain from an affiliate of Sun Capital Partners for $30 million. The purchase adds 61 corporate Smokey Bones locations across 16 states, is expected to increase adjusted EBITDA by about $10 million, and expands FAT Brands' polished dining portfolio.

Elior North America has acquired Cater To You Food Service, a New York City–based provider of private school dining services. The Trentacosti family will remain in leadership as Cater To You joins Elior NA's Education segment, expanding Elior's presence in the NYC metro and adding contract catering capacity for independent schools.

Paradies Lagardère (part of Lagardère Travel Retail) has acquired airport food & beverage operator Tastes on the Fly from H.I.G. Capital. The acquisition expands Paradies Lagardère’s North American dining footprint by adding Tastes on the Fly’s 25 concepts across five major airports; terms were not disclosed and the existing management team will remain in place.

Subway has entered into a definitive agreement to be acquired by affiliates of Roark Capital. The deal pairs Subway's global quick-service restaurant footprint with Roark's franchise and multi-location leadership to support growth, restaurant modernization and franchisee initiatives.

Equistone-backed CH&CO has completed two bolt-on acquisitions, buying workplace caterer Blue Apple and education caterer Pabulum to expand its workplace and education portfolios in the UK. Financial terms were not disclosed; Blue Apple serves 58 locations with turnover of £14m and nearly 300 employees, while Pabulum (based in Fleet, Hampshire) operates in over 100 schools with turnover of £28.5m and over 800 employees.

Alterra Mountain Company has completed its acquisition of Schweitzer Mountain Resort in Sandpoint, Idaho, expanding Alterra’s portfolio of year-round mountain destinations to 17 properties. Schweitzer’s existing CEO Tom Chasse will remain in place, and the MKM Trust/Capital will retain non-ski real estate and development holdings while Alterra assumes resort operations.

Bain Capital Private Equity has entered into a definitive agreement to acquire Fogo de Chão from funds affiliated with Rhône Capital. The transaction, expected to close in September 2023, will keep Fogo's existing management in place and aims to accelerate the restaurant chain's growth and global expansion.

TDR Capital has acquired a stake in the master franchise rights of Popeyes UK from current owners Ring International Holdings. The investment will accelerate Popeyes UK's restaurant opening programme across the United Kingdom, supporting further store roll-out and job creation.

All Access Golf Travel & Events has acquired TripNerd, a fan concierge and event services company, to expand its event and travel offerings. TripNerd CEO Jason Driscoll will join All Access as President of All Access Events as the combined business aims to deliver elevated golf travel and fan-experience services.

Bowlero Corp. entered into a definitive agreement to acquire Mavrix and Octane Raceway, two entertainment venues located in Scottsdale, Arizona, in an all-cash transaction expected to close at the end of August 2023. The acquisitions expand Bowlero’s footprint in Arizona (its 19th and 20th locations in the state) and add go-kart, arcade, laser-tag and full-service restaurant amenities to its portfolio.

Troon, the Scottsdale-based golf and club management company, has acquired Applied Golf Management, a New Jersey-based golf and hospitality management firm. The deal brings Troon responsibility for Applied Golf's 13 public and private facilities across New York, New Jersey and Florida and expands Troon's management footprint and capabilities in the Northeast.

DCA Partners has made a significant minority growth investment in Smash Park Entertainment Group to accelerate the company’s U.S. venue expansion. Smash Park, an indoor/outdoor eatertainment brand anchored by pickleball and multiple games, currently operates locations in West Des Moines and Pella, Iowa, with additional sites under construction in Minneapolis and Omaha.

Krystal Growth Partners has made a growth investment in Circle Wellness to provide capital for construction and the launch of Circle Wellness’ flagship private thermal spa on Granville Island in Vancouver. The funding will support buildout and opening of six private Circuits at the new location; CDC Construction helped convert shipping containers into the facility’s spa spaces.

Copley Equity Partners has made a significant minority investment in Upper Crust Food Service, a Columbia, Missouri–based contract food service provider focused on sorority and fraternity houses and summer camps. Terms were not disclosed; the capital will support growth following Upper Crust's recent merger with College Chefs and its service footprint of more than 400 locations.

Curated Events, a portfolio company of private equity firm Dubin Clark, has acquired Sugarplum Tent Co., a Boyds, Maryland-based provider of tent and event rental services. The add-on deal — terms not disclosed — brings Sugarplum’s high-end tenting and under-tent offerings into the Curated Events platform; founder Barbi Richardson sold the business and was represented by Fred Hageman of Rental Business Advisors.

MGG Investment Group has made an investment in 42 Shari's Restaurants locations in Oregon, representing roughly half of the chain's 85 restaurants. Terms were not disclosed; Gather Holdings (Shari's parent) said the capital infusion will support recovery from COVID-19 and that MGG brings experience in video lottery gaming operations present at the Oregon locations.

Dallas-based Arcis Golf has acquired Pacific Life’s golf portfolio of three premium daily-fee and resort properties: Grayhawk Golf Club (Scottsdale, Arizona), Angel Park Golf Club (Las Vegas, Nevada), and Tijeras Creek Golf Club (Rancho Santa Margarita, California). The transaction expands Arcis’s national footprint and membership/amenity offerings as the company continues to scale its portfolio of public, resort and private clubs.

Limerston Capital portfolio company Largo Leisure Holidays has acquired Cruachan Farm, a holiday park adjacent to Largo Leisure's Loch Tay property, as its first bolt-on under an acquisitive growth plan. The sites will remain separately branded but will benefit from operational synergies and shared optimisation efforts across Largo Leisure's Scottish park portfolio.

Oak View Group (OVG) has acquired UK-based Rhubarb Hospitality Collection (RHC) from LGT Private Debt. RHC, a premium hospitality and catering operator with around 2,000 employees and forecasted nine-figure revenues in 2023, will be integrated into OVG Hospitality to expand and elevate food & beverage and premium hospitality services across OVG-owned and third-party venues worldwide.

Bowlero Corp. agreed to acquire substantially all assets of Lucky Strike Entertainment, LLC, adding 14 upscale Lucky Strike bowling centers across nine U.S. states in an all-cash transaction valued at approximately $90 million. The acquisition expands Bowlero’s national footprint and launches the company into several major U.S. cities, increasing its portfolio of bowling and entertainment locations.

Granite Creek Capital Partners, a Chicago-based private investment firm, has made a growth investment in Pinstripes, Inc., an operator of dining and entertainment venues combining bowling, bocce, and Italian-American cuisine. The capital will be used to finance Pinstripes' expansion—the company operates 13 venues with six additional locations under construction across multiple states.

TriSpan's Rising Stars restaurant program has invested in L'Atelier Entrecôte & Volaille alongside CEO Hubert Lansac to support a planned European rollout. Terms were not disclosed; the investment expands TriSpan's portfolio of restaurant investments across Europe.

Bruin Capital has taken a majority interest in Proof of the Pudding, an Atlanta-headquartered catering, food service and event management company. Proof’s CEO Adam Noyes and the leadership team will continue to run the business with meaningful ownership as Bruin looks to scale premium hospitality and venue food-service capabilities across its sports and entertainment portfolio.

Meritage Hospitality Group Inc. acquired 25 Wendy's franchised restaurants located across North Carolina and Virginia, adding approximately $42.0 million in annual sales. The acquisition is part of Meritage's five-year growth plan to expand its Wendy's operating base and will be integrated into the company's operating and remodeling programs.

[solidcore], a Washington, DC–area boutique fitness studio operator, received a strategic growth investment led by Kohlberg & Company with participation from existing investors VMG Partners and Peterson Partners. The undisclosed investment will be used to accelerate studio openings and expand the brand into new U.S. markets and internationally.

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.

Mohari Hospitality has completed the acquisition of Tao Group Hospitality, purchasing the company from Sphere Entertainment Co. and other limited partners. The deal brings Tao's global portfolio of restaurants, nightclubs and entertainment venues into Mohari's luxury hospitality platform and is supported by debt financing led by Monarch Alternative Capital.

Clairvest Group Inc., together with its Clairvest Equity Partners VI co-investment vehicle and gaming operator ECL Entertainment, acquired NHCG, LLC and The River Property & Hospitality Group, LLC — operators of the Lucky Moose Casino & Tavern and The River Casino & Sports Bar in Nashua, New Hampshire. The buyers plan to continue operations at the existing sites while developing a large-scale permanent historical horse racing (HHR) facility in Nashua, targeted to open in late 2024.

Hyatt Hotels Corporation agreed to acquire London-based travel club and booking platform Mr & Mrs Smith for an enterprise value of £53.0 million, purchasing 100% of the asset-light platform. The acquisition is intended to strengthen Hyatt’s luxury distribution and loyalty capabilities by adding Mr & Mrs Smith’s curated collection and more than one million members to World of Hyatt; over 100 Mr & Mrs Smith colleagues are expected to join Hyatt’s Commercial Services team.

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.

Urban Egg, a Colorado-based daytime restaurant concept, received a significant growth investment from the Growth Fund of L Catterton to accelerate expansion into existing and new markets. Terms were not disclosed; the capital will support unit growth and operational scaling of the nine-unit brand.

Bluegreen/Big Cedar Vacations LLC, a joint venture between Bluegreen Vacations Holding Corporation and Bass Pro Shops, has acquired Branson Cedars Resort in Ridgedale, Missouri. The approximately 80-acre property adjoins the Wilderness Club at Big Cedar Resort and will be renovated and master-planned for additional vacation ownership units and expanded amenities to grow Bluegreen's footprint in the Branson area.

Movement Climbing, Yoga and Fitness has acquired four Summit Climbing, Yoga and Fitness locations in the Dallas–Fort Worth area — Summit Grapevine, Summit Plano, Summit Denton and Summit Fort Worth — and has also acquired Team Texas and the Summit Carrollton location for use as a team training facility. The deal expands Movement's presence in the DFW market and brings the company's climbing, yoga and fitness offerings to a larger local community.

Laguna Beach-based Soul Community Planet (SCP) has acquired the Albion River Inn, a 22-room oceanfront boutique hotel in Albion, Mendocino County, California. The property will be renamed SCP Mendocino Coast Lodge, undergo renovations, and be integrated into SCP's wellness- and sustainability-focused coastal portfolio.

Garnett Station Partners, a New York-based principal investment firm, has acquired and recapitalized Firebirds Wood Fired Grill, a polished-casual dining chain founded in Charlotte, North Carolina. Financial terms were not disclosed; Garnett Station said the recapitalization will provide strategic capital to accelerate Firebirds' growth and development across its 56 locations in 20 states.

Bowlero Corp. has acquired two bowling centers in Cape Coral, Florida—Bowland Cape Coral (33 lanes) and HeadPinz Cape Coral (18 lanes)—and will rebrand them as Bowlero locations. The acquisitions expand Bowlero's Florida footprint to 31 centers and add family-entertainment, arcade and event-space capabilities in the Cape Coral market.

Court Square Capital Partners has made a strategic capital (growth) investment in Five Star Parks & Attractions to support the company's expansion and optimization of its family entertainment center portfolio. Terms were not disclosed; existing shareholders Fruition Partners, Taubman Capital, and management will remain significant minority investors.

Xperience Restaurant Group (a portfolio company of Z Capital Partners) acquired The RM Restaurant Group, a six-unit Fort Worth, Texas restaurant group (Rio Mambo and THE RIM), with the transaction closing on February 27, 2023. XRG intends to integrate the concepts into its portfolio and expand the brands while keeping the existing leadership team intact.

FranchiCzar has acquired upscale paint-and-sip franchise Pinot's Palette, bringing the combined portfolio to over 100 franchise locations across the United States and Canada. Founders Craig Ceccanti, Charles Willis and Beth Willis have handed the brand to FranchiCzar leadership, with Shauna Garner named brand president and David Graham serving as CEO to drive further growth.

Bowlero Corp. has expanded its portfolio with the acquisition of Sabre Lanes in Menasha, Wisconsin and the acquisition of The Big Event in Cherry Hill, New Jersey. The transactions are part of Bowlero's ongoing unit expansion strategy, increasing its footprint in Wisconsin and New Jersey and adding large multi-entertainment centers to its national network.