Restaurants & Hospitality Acquisitions in Pennsylvania

RCI Hospitality Holdings, Inc. (Nasdaq: RICK) closed the acquisition of Platinum Plus Gentlemen's Club in Allentown, Pennsylvania for $2.0 million ( $1.5M cash and $0.5M seller financing). The 15,000-square-foot club will operate under RCI's nightclub portfolio and expand the company's presence in the Northeastern U.S.; executive management from the acquired club will remain in place.

Florida-based Virtual Dining Concepts (VDC) has acquired Empanadas United, an empanada-focused virtual restaurant brand founded by Victor Tejada. VDC will manage external market development and strategic partnerships while Tejada remains involved in daily operations as the brand scales its virtual footprint and aims for national expansion.

Oak View Group announced that its Rhubarb Hospitality Collection (RHC) has merged with Philadelphia-based Brûlée Catering, retiring the Brûlée brand and integrating its staff and client portfolio into RHC. The move expands RHC/OVG Hospitality’s premium event and catering presence in Philadelphia by combining Brûlée’s 25-year local relationships with RHC’s international hospitality capabilities.

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.

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.

SPB Hospitality, a portfolio company backed by affiliates of Fortress Investment Group, has acquired the Amada and Village Whiskey restaurant brands (and their locations) from 3BM1 operating as Ideation Hospitality. The deal transfers ownership of Amada’s three locations and Village Whiskey’s Philadelphia location to SPB as part of a plan to scale the Amada concept nationally, with Chef Jose Garces remaining as the public face of the brands.

Verlinvest and Mistral Equity Partners purchased a majority ownership stake in Insomnia Cookies for a total enterprise value of $350 million, with the transaction closing on July 17, 2024. Krispy Kreme received $127.4 million (plus an expected $45 million following a refinance), will retain ~34% minority ownership, and Insomnia Cookies founder Seth Berkowitz will remain CEO.

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.

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.

NewSpring Franchise, a dedicated strategy of private equity firm NewSpring, completed a growth equity investment in Philadelphia-based Federal Donuts to support the brand's expansion. The capital will be used to open new locations across the Mid-Atlantic and provide infrastructure, technology, and board support while Federal Donuts' founders remain owners and continue to operate the business.

NexPhase Capital has partnered with Metz Culinary Management, a family‑driven outsourced food service and environmental services provider based in Dallas, Pennsylvania. Terms were not disclosed; NexPhase said it will support Metz’s growth across hospital, senior care, education and other institutional channels, including expansion of meal delivery to seniors at home.

Vail Resorts, Inc. has closed its acquisition of Seven Springs Mountain Resort, Hidden Valley Resort and Laurel Mountain Ski Area in Pennsylvania from Seven Springs Mountain Resort, Inc. and affiliates for approximately $118 million. The deal adds three regional ski areas (including lodging and conference facilities) to Vail's portfolio and will make the resorts available on select Epic Pass products to expand Vail's presence in the Pittsburgh and surrounding markets.

NewSpring Franchise, a strategy of private equity firm NewSpring, completed the acquisition of Duck Donuts, a fast-growing made-to-order donut franchise headquartered in Mechanicsburg, Pennsylvania. Charlotte-based Free Fenix partnered on the deal to provide additional capital; Duck Donuts will use the proceeds to accelerate growth, expand its franchise footprint, and strengthen corporate and franchise operations.

Zuul Kitchens acquired key technology assets from online food-ordering platform Ontray and appointed Ontray co-founder Tyler Wiest as Chief Technology Officer. The deal integrates Ontray’s ordering tools into Zuul’s ghost-kitchen offerings to give restaurant members affordable online ordering and improved delivery operations.

Argosy Private Equity and MTN Capital acquired a controlling stake in Rita's Franchise Company, the world's largest Italian Ice concept, from Falconhead Capital. Rita's, headquartered in Trevose, Pennsylvania, operates over 600 franchise locations across 30+ states and several countries; the investors said they will work with management to continue systemwide growth and geographic expansion.