Restaurants & Hospitality Acquisitions in 2024

Sixth Street has signed a definitive agreement to become the majority shareholder in Lemon Pepper Holdings, the master franchisee that operates Wingstop in the United Kingdom and Ireland. The investment will support Wingstop UK’s rapid expansion — the company operates 57 sites (expected), has created over 2,500 jobs and expects revenue in excess of £150 million this year, with a target of 200 locations within five years.

Fortress Investment Group has acquired 100% of Vine Acquisitions Limited (trading as Punch Pubs & Co.) from Patron Capital Partners, with existing management retaining an equity stake. The transaction is equity-funded by Fortress-managed funds; Punch operates c.1,300 pubs across the United Kingdom and Fortress says it will support the management team's plan to invest in long-term growth and value creation.

Michigan-based Savvy Sliders has acquired Florida-based BurgerFi, adding the chef-driven fast-casual chain to its portfolio alongside Happy's Pizza and Fat Boy's Pizza. BurgerFi will continue to operate under its own name across its locations, and the combined restaurant portfolio will total 206 stores.

Five Iron Golf has acquired Thr3 Jack, a 9,000 sq ft golf and dining venue in Minneapolis’ North Loop, and will reopen the site as its 26th location and first in Minnesota. The acquisition brings Five Iron’s Trackman simulator technology, instruction, and entertainment-forward hospitality to the former Thr3 Jack space to serve both consumer guests and corporate events.

Blue Water Development has acquired Santee Lakes KOA Journey, a 167-site family-friendly campground on Lake Marion in Summerton/Santee, South Carolina. Blue Water plans a $4.0 million renovation to upgrade RV sites and amenities to position the property as a premier KOA RV resort along the I-95 corridor.

Marriott International has acquired the Postcard Cabins brand (formerly Getaway Outposts), a portfolio of 29 outposts with over 1,200 cabins, and will integrate the brand into Marriott’s planned outdoor-focused collection in 2025. Marriott also entered a long-term agreement to add Trailborn’s portfolio to its platforms; financial terms were not disclosed.

Value Foodservice LLC (VFS), backed by BlackBern Partners LLC, has acquired 11 Kentucky Fried Chicken restaurants in Kentucky and Tennessee—mostly in the greater Nashville area—bringing VFS's total KFC count to 59 locations nationwide. The deal is an add-on acquisition for the PE-backed VFS platform as it continues geographic expansion and consolidation in the quick-service restaurant market.

MCR has acquired the 11-story, 1,095-room Hyatt Regency O’Hare Chicago in Rosemont, Illinois, marking MCR’s first Hyatt Regency-branded hotel and its fifth property in Illinois. The hotel, located adjacent to the Donald E. Stephens Convention Center and five minutes from O'Hare International Airport, features extensive meeting space and recent guestroom renovations.

Therme Group has acquired Therme Erding, the world’s largest wellbeing destination near Munich, Germany, and deployed alongside its own equity a €320 million financing package provided by Macquarie Capital Principal Finance and arranged by Deutsche Bank. The acquisition expands Therme Group’s portfolio—taking it past 3.5 million annual visitors—and establishes the group as the world’s largest operator of wellbeing infrastructure.

Troon, the Scottsdale-based golf and club management company, has purchased The Club at Cordillera, a private 54-hole mountain golf club in Edwards, Colorado, from Wind Rose Holdings LLC. The deal closed December 10, 2024; Troon will retain the existing management team and employees and plans capital improvements including a bunker renovation in 2025.

Indigenous Gaming Partners (IGP), a consortium formed by five Nova Scotia First Nations in partnership with Sonco Gaming and supported by VICI Properties, has acquired PURE Canadian Gaming from ONCAP (Onex) following regulatory approvals. PURE, based in Edmonton, Alberta, operates four casinos across Alberta with approximately 1,100 employees; financial terms were not disclosed.

Dart, the Cayman Islands–based family investment group, acquired the 77-room Zemi Beach House Anguilla resort from the Goldstein family of New York. The purchase expands Dart’s luxury hospitality portfolio and deepens its investments in Anguilla’s tourism sector.

CCMP Growth Advisors has acquired Combined Caterers, a premium event management and catering services provider headquartered in Charlotte, North Carolina. Stellus Capital Management provided senior debt financing and an equity co-investment to support the transaction, while Falfurrias Capital Partners exited its investment; Combined Caterers' management (CEO Justin King and CFO/COO Melissa Sutherland) will remain significant shareholders.

Goode Partners LLC has made a strategic growth investment in Wings 'N More Restaurants LLC, with debt financing provided by Gladstone Capital Corporation, to accelerate the Texas-based chain's growth and geographic expansion. The deal partners Goode with founder Mark Dennard and will support expansion of the brand, which currently operates seven restaurants in College Station/Bryan, Corpus Christi and Houston.

Maple Park Capital Partners has made a majority growth investment in Rita's Italian Ice & Frozen Custard, with Argosy Private Equity exiting its investment. The transaction positions Rita's to receive growth capital and operational support to scale its franchise network across the U.S. and internationally.

Flynn Group LP, a San Francisco-based multi-brand franchise operator, acquired 32 Wendy's units in the Indianapolis, Indiana area. The deal increases Flynn’s domestic Wendy's footprint and brings roughly 40% of the brand’s local presence under Flynn as the company looks to realize operational efficiencies and drive growth in the market.

Modern America Campgrounds, the largest RV park owner in the Northeast, acquired Winding River Campground in Exeter, New Hampshire. The purchase expands Modern America Campgrounds' portfolio as part of an aggressive growth plan (29 park acquisitions in 24 months) and supports new guest programs such as the Freedom Trail Pass and an upcoming Loyalty Rewards Program.

Private equity firm Blackstone has agreed to acquire a majority ownership position in Jersey Mike's Subs, with founder and CEO Peter Cancro retaining a significant equity stake and remaining CEO. The partnership is intended to accelerate Jersey Mike's U.S. and international expansion and support investments in technology and digital transformation; the transaction is expected to close in early 2025 pending customary approvals.

Alterra Mountain Company has closed the purchase of Arapahoe Basin, adding the legendary Colorado ski area to its portfolio of mountain destinations. Alterra will retain A-Basin's leadership team and maintain existing pass access while working with the resort on a 10-year master development plan.

Craveworthy Brands has acquired Fresh Brothers Pizza, a Los Angeles–based pizza chain with more than 20 locations across Southern California. The acquisition expands Craveworthy's restaurant portfolio and provides a West Coast brick-and-mortar pizza concept the company plans to grow through franchising.

Compass Holding Norway AS (part of Compass Group) has agreed to acquire 4Service Holding AS and its subsidiaries from Norvestor VII, L.P. 4Service is a leading Norwegian provider of food and facilities management services with over 6,500 employees and NOK 4.4 billion in revenue in 2023; the transaction is subject to competition approval.

Morgan Street Holdings, LLC has acquired Continental Services, a Midwest corporate foodservice provider, from New Heritage Capital. The transaction represents an exit for New Heritage Capital after a period of organic and inorganic growth at Continental, which operates across multiple states and employs more than 1,500 people.

Wonder, the delivery-first food hall and mealtime platform founded by Marc Lore, will acquire Grubhub from Just Eat Takeaway.com for an enterprise value of $650 million (including $500 million of senior notes and $150 million cash). The acquisition will integrate Grubhub’s large marketplace and logistics network into Wonder’s app to accelerate Wonder’s ‘super app for mealtime’ strategy; the deal is expected to close in Q1 2025 and Jefferies served as Wonder’s financial advisor.

Nautic Partners will acquire Davidson Hospitality Group from an affiliate of KSL Capital Partners, in partnership with Davidson's management team. Davidson, a 50-year-old third-party hospitality management company with roughly $2 billion in revenue under management and 86 hotels, will be positioned for further growth under Nautic's ownership.

Modern America Campgrounds, the largest RV park owner in the Northeast, acquired Thomas Point Beach & Campground, an 80-acre oceanside park in Brunswick, Maine that had been family-owned since 1956. The buyer plans upgrades and expects the park to be open by mid-May 2025; the acquisition expands Modern America's portfolio as it targets 33 parks by next season.

Blue Marlin Partners and Trive Capital have acquired a majority stake in Mo' Bettahs Hawaiian Style Food from Savory Fund, with Savory and the company's founders retaining minority ownership. The investment will support Mo' Bettahs' next phase of growth and geographic expansion as the fast-casual Hawaiian chain continues to scale across the mainland U.S.

A&W Revenue Royalties Income Fund and A&W Food Services of Canada completed a strategic combination to create A&W Food Services NewCo, a publicly traded, growth-focused quick-service restaurant franchisor. The transaction resulted in the Fund units being delisted from the TSX and the common shares of A&W Food Services NewCo beginning trading on the TSX under ticker "AW" on October 18, 2024, providing a more conventional capital structure to finance growth initiatives.

Darden Restaurants completed its previously announced all-cash acquisition of Chuy's Holdings, Inc. for an enterprise value of approximately $605 million, financed in part with proceeds from senior note offerings. Chuy's—founded in Austin, Texas—operates just over 100 Tex‑Mex restaurant locations (about 101 stores) with annualized unit volumes of roughly $4.5 million; Chuy's stockholders approved the merger and the company's common stock ceased trading on Nasdaq.

Patriot Capital provided a debt and equity co-investment in Quality Brand Group to support QBG’s acquisition of another Dunkin' franchisee and to refinance the company's debt. Quality Brand Group, formed by MRE Capital and Blue Marlin Partners, is a multi‑unit franchisee operating over 180 Dunkin' and Buffalo Wild Wings GO locations across Arizona, Florida, Colorado, Nevada and Texas.

NewSpring Franchise, the franchise-focused strategy of NewSpring, completed an investment in Great Harvest Holdings, LLC, a franchised fast-casual bakery and café with approximately 175 locations across the United States. Proceeds will be used to accelerate franchise development, strengthen supply chain capabilities, and expand marketing to drive growth.

Peakstone served as exclusive advisor to the owners of a multi-unit Altitude Trampoline Park franchise in New England on the sale of their portfolio of parks in New Hampshire and Massachusetts to another Altitude franchisee. The sellers (franchisee owners) were represented by Chris Klebba; the buyer group (represented by Brian Eddings) is an undisclosed Altitude franchisee. No purchase price was disclosed.

Beach Point Capital Management LP has completed an investment to acquire a majority stake in Metro Franchising, the largest Dunkin' franchisee in the New York City metro region with 105 units, from Quilvest Capital Partners. Quilvest exits after growing Metro from 44 to 105 units; Beach Point's capital will support Metro's next phase of growth under new ownership.

Oravel Stays, the parent of global travel technology company OYO, agreed to acquire G6 Hospitality—the franchisor of Motel 6 and Studio 6—from Blackstone Real Estate in an all-cash transaction valued at $525 million. The purchase will expand OYO's U.S. footprint and leverage OYO's technology and distribution to strengthen the Motel 6 and Studio 6 brands; the deal is expected to close in Q4 2024.

San Antonio-based Ace Mart Restaurant Supply has acquired Curtis Restaurant Supply of Tulsa, Oklahoma, effective September 28. The acquisition expands Ace Mart's geographic reach and distribution capabilities while Curtis staff will join Ace Mart and continue supporting customers with increased inventory and operational resources.

Flynn Group LP has acquired 13 Panera Bread cafés from Blue Ridge Bread Inc., adding 11 locations in Virginia (Flynn's first Panera presence in the state) and two in West Virginia. The deal increases Flynn's Panera footprint to 145 cafés as the franchising operator continues regional expansion of its multi-brand portfolio.

National Fitness Partners, a portfolio company of Argonne Capital Group, acquired more than 20 Planet Fitness franchise clubs in Indiana, Ohio and Tennessee from the Baker Group. The deal increases National Fitness Partners' footprint to 172 clubs across 13 states; terms were not disclosed.

Tailwind Hospitality (dba Tailwind Concessions) has acquired Oakwells, a Winter Park, Florida-based regional airport concessionaire, and also closed on a majority stake in four food & beverage concessions at Phoenix-Mesa Gateway Airport previously owned by Kind Hospitality. Oakwells founder Mike Reilly will join Tailwind post-close along with his more than 100 employees. The deals expand Tailwind’s footprint in small- and mid-size U.S. airports and follow its 2021 recapitalization by Palladin Consumer Retail Partners.

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.

Happy Belly Food Group Inc. has acquired 100% of Toronto-based QSR brand IQ Foods Co., including all four of its downtown Toronto locations. The acquisition expands Happy Belly's healthy/clean-eating platform, adding an estimated $4.0M in system sales and supporting the company's strategy of consolidating emerging food brands and growing its franchising footprint.

Polish traveltech company eSky Group has acquired the Thomas Cook brand from Fosun Tourism Group to accelerate Thomas Cook's recovery and give eSky a stronger foothold in Western Europe. The deal combines Thomas Cook's brand heritage with eSky's flight inventory, dynamic packaging technology and performance marketing as eSky pushes to expand from a flight platform into a virtual tour operator offering package holidays.

KBP Brands has acquired 85 SONIC restaurants across six states (Delaware, Georgia, Kentucky, North Carolina, South Carolina and Virginia), expanding its portfolio to more than 1,000 restaurants and increasing annual revenue to over $1.5 billion. The transaction broadens KBP's footprint in the southeastern United States and deepens its relationship with SONIC's owner, Inspire Brands; Mark Everett will lead operations for the new SONIC locations.

L Catterton led a strategic growth investment into Open Road Resorts, joined by THOR Industries, Long Light Capital, and Chesapeake Partners, to scale the RV-park and campground platform across the United States. The capital will support ORR’s acquisition of additional parks, investments in amenities and infrastructure, and marketing and brand-building to expand its geographic footprint.

Sycamore Partners has acquired Playa Bowls, the rapidly expanding superfruit bowl franchise, from Tamarix Equity Partners and other investors including Pacific General. The transaction gives Sycamore control of the brand as it plans to accelerate franchise growth and open dozens of new locations nationwide; financial terms were not disclosed.

Hyatt Hotels Corporation announced it will acquire the brands and most affiliates of Standard International, the parent company of The Standard and Bunkhouse Hotels, forming a new dedicated lifestyle group headquartered in New York City. The asset-light transaction covers management, franchise and license contracts for 21 open hotels (about 2,000 rooms) and includes a $150 million base purchase price with up to $185 million of contingent consideration.

South Street Partners and TPG Real Estate formed a joint venture to acquire The King and Prince Beach & Golf Resort on St. Simons Island from MMI Hospitality Group and the Sturdivant family. The investors plan a comprehensive renovation and repositioning of the 142-key beachfront resort and golf club to elevate amenities and drive growth in the supply-constrained Golden Isles market.

Harvest Hosts, the North America-focused RV membership network based in Vail, Colorado, has acquired Escapees RV Club, a long-standing RV membership organization providing community, events, education, mail services and campgrounds. Escapees' leadership and staff will remain in place and members will continue to receive benefits as the two organizations integrate to expand offerings and the RV community footprint across North America.

Franchisees Andrew Feghali (AMF Restaurants) and Michael Khalil acquired several Little Caesars franchise locations, and NFL star Cam Jordan has joined as a partner/investor in the deal. The move expands Feghali and Khalil's Little Caesars footprint and leverages Jordan's brand affinity and community ties to support growth and local engagement.

Linked Eats, the restaurant delivery revenue-management software arm of Virtual Dining Concepts, has acquired Sauce Technologies, an AI-powered dynamic pricing and revenue-management platform for digital ordering. The deal brings Sauce's machine-learning pricing, marketing automation and demand-forecasting capabilities into Linked Eats' platform to expand product features and accelerate digital revenue tools for thousands of restaurant operators.

Meaningful Partners, a Los Angeles- and Austin-based private investment firm, has closed its acquisition of Fitness Ventures, LLC, the second-largest Crunch Fitness franchisee that operates 47 locations across 25 states. The investment (debt financed by Ares Management’s Credit Group) will support Fitness Ventures’ de novo and M&A growth strategy to scale its multi-location Crunch Fitness operations.

Piper, a UK private equity investor, has made a growth investment in Martin Randall Travel, the UK's leading small-group cultural tours operator. The funding will back CEO Fiona Charrington (with founder Martin Randall remaining a shareholder) to expand the brand’s presence across the UK, the US and Australia and support continued growth of its curated arts-focused tours.