Tracked deals
16
16 tracked deals across 2018-2026.
Restaurants & Hospitality Buyers & Acquisitions in Illinois
Buyer mix
Mixed buyer set
11 strategic · 6 pe
Top trend
Volume peaked in 2025
5 tracked deals announced in 2025.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| All Access Golf Travel & Events | 1 | Curates bespoke golf travel and event experiences for pri... | Strategic |
| BroadPeak Capital | 1 | Private equity firm launched by Tariq Farid focused on co... | PE |
| Diversified Restaurant Holdings, Inc. | 1 | Publicly traded multi-unit franchise operator and one of ... | Strategic |
| Edible Brands | 1 | Platform company operating Edible Arrangements, Edible.co... | Strategic (PE-backed) |
| Fantuan | 1 | Asia-focused technology platform offering food delivery, ... | Strategic |
| Farragut Capital Partners, Inc. | 1 | Privately-held investment firm providing senior debt, sub... | PE |
| Five Iron Golf | 1 | Operator of indoor golf and entertainment venues combinin... | Strategic (PE-backed) |
| Granite Creek Capital Partners, L.L.C. | 1 | Chicago-based private investment firm focused on providin... | PE |
| H.I.G. Capital | 1 | Global private equity and alternative assets investment f... | PE |
| MCR | 1 | Hotel owner-operator that acquires, develops and operates... | Strategic |
Acquisition Volume in Restaurants & Hospitality in Illinois by Year
Last 9 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
February 26, 2026
- Buyer
- a21
- Target
- Two12
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Growth capital
a21 has acquired an equity stake in Two12, the culinary-focused talent management company founded by Scott R. Feldman, forming a strategic partnership to integrate talent representation with a21’s event production, marketing, and brand partnership capabilities. Paradigm Talent Agency will continue to support Two12, and the alliance will immediately extend across a21’s portfolio of food- and wine-focused events and planned touring platforms to expand opportunities across food, beverage, hospitality, and media.
-
September 10, 2025
- Buyer
- RaceTrac
- Target
- Potbelly
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Buyout
RaceTrac, a convenience store operator headquartered in Atlanta, has agreed to acquire Potbelly, the sandwich shop chain founded in Chicago, in an approximately $566 million all-cash transaction. The deal will be structured as a tender offer through a wholly owned subsidiary, and is expected to close in the fourth quarter of 2025 pending regulatory approvals and customary closing conditions.
-
August 27, 2025
- Buyer
- Five Iron Golf
- Target
- Golf the Green
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Addon
Five Iron Golf has acquired the indoor golf business Golf the Green in Bucktown, Chicago and reopened the venue under the Five Iron brand, marking the company’s fourth Chicago location. The acquisition expands Five Iron’s local footprint and integrates a nine-simulator venue into its technology-driven, hospitality-focused indoor golf network.
-
- Buyer
- Phoenix3 Holdings
- Target
- Infuse Hospitality, LLC
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Buyout
Phoenix3 Holdings has acquired a controlling interest in Infuse Hospitality, a Chicago-based operator of workplace dining and amenity services. As part of the transaction Phoenix3 named industry veteran Paul Fairhead as CEO and plans to scale Infuse’s culinary-led, technology-enabled workplace hospitality offerings across its portfolio.
-
March 18, 2025
- Buyer
- The Chicago Hotel Collection
- Target
- Ambassador Chicago
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Buyout
The Chicago Hotel Collection has acquired the Ambassador Chicago, a 285-room historic boutique hotel in the Gold Coast neighborhood. The acquisition expands the Collection's portfolio of independent lifestyle hotels in Chicago and will include strategic enhancements and a new guest benefits package.
-
- Buyer
- BroadPeak Capital, Edible Brands
- Target
- Rōti Modern Mediterranean
- Seller
- Ravinia Capital LLC
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Addon
Private-equity firm BroadPeak Capital (launched by Tariq Farid) acquired Rōti Modern Mediterranean out of bankruptcy in February and is transitioning the roughly 17-unit chain into a newly created platform, Edible Brands. The buyer plans to franchise Rōti aggressively, leverage cross-brand synergies with Edible Arrangements and Edible.com, and scale the concept nationally.
-
December 11, 2024
- Buyer
- MCR
- Target
- Hyatt Regency O'Hare Chicago
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Buyout
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.
-
January 24, 2024
- Buyer
- Fantuan
- Target
- Chowbus (delivery business)
- Seller
- Chowbus
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Divestiture
Vancouver-based Fantuan has acquired the delivery business line of Chicago-based Chowbus; financial terms were not disclosed. About 20 Chowbus employees will join Fantuan as the companies form a partnership to combine Fantuan's delivery network with Chowbus' restaurant management software, boosting Fantuan's U.S. penetration and pushing its U.S. market share to over 60%.
-
January 10, 2024
- Buyer
- Upper Crust Food Service, LLC
- Target
- Campus Cooks, LLC
- Seller
- Bill Reeder (Owner of Campus Cooks, LLC)
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Buyout
Upper Crust Food Service, LLC has acquired Campus Cooks, LLC, combining two leading providers of contract food service management for fraternity and sorority houses and summer camps. The combined company will serve over 550 accounts across 45 states and leverage more than 1,000 food service professionals to expand service capacity and strengthen market leadership in the Greek and camp food service segment.
-
August 1, 2023
- Buyer
- All Access Golf Travel & Events
- Target
- TripNerd
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Buyout
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.
-
- Buyer
- Granite Creek Capital Partners, L.L.C.
- Target
- Pinstripes, Inc.
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Growth capital
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.
-
- Buyer
- H.I.G. Capital (affiliate)
- Target
- Family Entertainment Group Holdings, LLC
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Buyout
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.
-
December 7, 2021
- Buyer
- REEF Technology Inc.
- Target
- 2ndKitchen
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Buyout
REEF Technology Inc. has acquired 2ndKitchen, a virtual-kitchen and hospitality foodtech platform that enables hotels, offices and venues to offer food service without onsite kitchens. The deal will fold 2ndKitchen into REEF's Hospitality division to expand REEF's virtual-restaurant footprint and connect its portfolio of brands to more hospitality venues and customers; terms were not disclosed.
-
November 17, 2020
- Buyer
- Farragut Capital Partners, Inc., Pelham S2K
- Target
- Factorial Restaurant Holdings, LLC
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Growth capital
Farragut Capital Partners provided senior debt and made an equity co-investment alongside Pelham S2K to support Factorial Restaurant Holdings, LLC's acquisition of 26 Burger King locations. The newly formed, Chicago-based platform (Factorial) will use the capital and a delayed-draw development line to remodel stores and pursue future growth across the Burger King system in the Midwest.
-
February 28, 2019
- Buyer
- Diversified Restaurant Holdings, Inc.
- Target
- Nine Buffalo Wild Wings restaurants (Chicago market)
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Buyout
Diversified Restaurant Holdings, Inc. (Nasdaq: SAUC) entered into an agreement to acquire nine Buffalo Wild Wings restaurants in the Chicago market for $22.5 million. The acquisition expands DRH’s Midwest footprint, adds scale to leverage infrastructure and marketing, and is expected to close in Q2 subject to franchisor consent and customary conditions.
-
June 18, 2018
- Buyer
- Millstone Capital Advisors
- Target
- Native Foods
- Industry
- Restaurants & Hospitality
- Location
- Illinois, United States
- Type
- Buyout
St. Louis-based private equity firm Millstone Capital Advisors has acquired Native Foods, a Chicago-based plant-focused fast-casual restaurant chain with 13 locations across California, Colorado, Oregon and Illinois. Millstone said the investment will provide resources to support Native Foods' expansion while maintaining the brand's plant-based mission and operations under existing management.
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