Kelly’s Roast Beef has a new owner: private equity firm AAM15 Management Group. The deal includes the acquisition of four Kelly’s flagship locations in Massachusetts. The 15-unit Massachusetts-based franchise has reached icon status in the state throughout its 70-year history. AAM15’s portfolio consists of residential real estate, restaurant and hospitality properties. "We're proud to take on the responsibility of continuing Kelly's legacy and ensuring it thrives for generations to come,” AAM15 CEO David Masse said in an announcement of the deal. "Our goal is to preserve everything that has made Kelly's Roast Beef an icon in Massachusetts while identifying opportunities to innovate and grow. We are dedicated to ensuring Kelly's remains a symbol of excellence for decades to come."
It’s no longer a secret: Maple Park Capital Partners is the new majority owner of Rita’s Italian Ice & Frozen Custard. Terms of the sale, which was first reported last month with Argosy Private Equity’s exit but without the buyer identified, were not disclosed. Pennsylvania-based Rita’s was founded in 1984 and has grown to more than 575 shops around the world. In a statement, CEO Linda Chadwick said the Italian ice concept is eager to partner with Maple Park given its experience in scaling businesses. “This investment marks an exciting milestone in Rita’s journey and positions us well for continued strong growth and expansion with our franchise partners,” she said.
With offices in Dallas and New York City and founded in 1984, Maple Park specializes in investing in service-oriented businesses within the experiential economy. Its target sectors for investment include location-based entertainment, dining, travel and hospitality. “We are excited to partner with the Rita’s team to provide growth capital and operational resources to support the company on its continued growth plan,” Alexander Blankfein, co-founder and managing partner at Maple Park said in a statement.
Regis Corporation acquired Alline Salon Group, its largest franchisee, in a transaction valued at $22 million of initial consideration with the ability for ASG to earn an additional $3 million ($1 million annually) through earnout payments over the next three years. Alline owns 314 salons operating under the Supercuts, Cost Cutters and Holiday Hair brands across five states, primarily in Michigan, Ohio and Pennsylvania. The company posted $83 million in revenue for the trailing 12-month period in October and $5.8 million in EBITDA.
Under the terms of the agreement, Regis will acquire all of Alline's issued and outstanding membership interests for $22 million in a cash and stock, of which $19 million of the initial consideration was delivered in cash, in addition to shares of Regis common stock valued at $3 million. Cash and stock were delivered at closing December 19. Regis funded the $19 million cash portion of the purchase price with $15 million in proceeds from an upsize of Regis' credit agreement with existing lenders, and $4 million from available cash on hand. As of September, Regis franchised or owned 4,359 locations under the names of Supercuts, SmartStyle, Cost Cutters, Roosters and First Choice Haircutter.
The parent company of Savvy Sliders bought BurgerFi in December. Savvy Sliders with 52 locations primarily in Michigan, acquired 85-unit BurgerFi, which filed for Chapter 11 bankruptcy protection last year along with its sister brand Anthony’s Coal Fired Pizza. Trew Capital Management, led by Jeff Crivello, bought both brands out of bankruptcy last fall. The acquisition adds BurgerFi to the portfolio that includes Fat Boy’s Pizza, Savvy Sliders and Happy’s Pizza. A Burger King franchisee, Kuljeet Singh, bought the 51-unit Anthony’s in December.
Mera Global purchased five TGI Fridays units at the Dallas-Fort Worth International Airport and several in Maryland following a bankruptcy court ruling in North Texas. A judge ruled in the TGI Fridays Chapter 11 bankruptcy case that Mera and its owner, Rafael Aguirre, were the highest bidders at $34.5 million. The casual dining brand filed for Chapter 11 bankruptcy protection in November; it has more than 400 locations in the United States and internationally. Cancun, Mexico-based Mera franchises brands Margaritaville, Johnny Rockets, Bubba Gump and Panda Express. Ray Blanchette, the former Fridays CEO, and his Sugarloaf Concessions company, also bid on the units.
California Pizza Kitchen's first domestic franchisee acquires 3 units as part of a larger development deal with the brand.
Former Division 1 volleyball player and coach Rose White acquired a Richmond, Virginia, area Pool Scouts location. White was a D1 volleyball player in college and coached the sport at St. Mary’s College and Virginia State University. Virginia Beach-based Pool Scouts has 76 territories in 18 states.
Yum Brands re-acquired the master franchise rights in Germany for KFC and Pizza Hut from the owner of IS Holding in December. The move is related to Yum Brands’ termination of its franchise agreements with franchisee IS Gida A.S., the owner and operator of all KFC and Pizza Hut restaurants in Turkey, after a failure to meet company standards. IS Gida was a master franchisee in Germany for two years. The termination in Turkey affects 283 KFC restaurants and 254 Pizza Hut restaurants. Yum Brands anticipates a pre-tax special charge of approximately $60 million in the fourth quarter of 2024 consisting primarily of transaction costs associated with the German acquisition and termination-related costs associated with the Turkey business. The Turkey closures will be reflected as a reduction in Yum’s reported unit counts at the end of the first quarter of 2025.
Four Points RV Resorts added a fifth Yogi Bear’s Jellystone Park to its franchise portfolio with the acquisition of LeBleu Lakes RV Resort in Lake Charles, Louisiana. Four Points owns and operates Yogi Bear-themed camps in Bloomington, Indiana; Mansfield, Pennsylvania; Monticello, Iowa and Pittsfield, Illinois. With more than 75 franchised locations in the U.S. and Canada, Yogi Bear’s Jellystone Park Camp-Resorts operates in partnership with Warner Bros. Discovery Global Experiences.
Wade and Julie Pannell acquired the South Sound Running locations in Olympia and Puyallup, Washington, with plans to rebrand them as Fleet Feet stores this month. The Pannells own six Fleet Feet stores in Washington. Founded in 1976, Fleet Feet has 275 Fleet Feet stores in 40 states and a national headquarters in Carrboro, North Carolina.
Franchisees Rachel and Mike Davis increased their portfolio of PrimoHoagies to six locations by buying an existing store in Tannersville, Pennsylvania. The couple’s other PrimoHoagies in northeast Pennsylvania are located in Wilkes Barre, Edwardsville, Dickson City and Pittston. Founded in 1992 and headquartered in Westville, New Jersey, PrimoHoagies has franchise locations in Colorado, Delaware, Florida, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina and Texas.
First-time franchisees Codie Culley and Ashleigh Foor purchased the SpringGreen lawn care and outdoor services franchise location in Middleton, Pennsylvania, and Tyler Bock assumed ownership of the SpringGreen location in Galesburg, Illinois.
ERA Prime Real Estate Group acquired Southgate, Michigan-based GAP Realty Group. ERA Prime Real Estate Group also has offices in Farmington and Grand Blanc, Michigan. Financial terms of the deal were not disclosed. GAP Realty Group was founded in 2015 by Alex Pandoff and has 50 agents. Pandoff will serve as an associate broker for the company. ERA Prime Real Estate was founded in 2017 by Willie Ray III. In addition to real estate brokerage services, the firm also offers mortgage and title services. This is Ray’s third acquisition since affiliating with ERA in 2023. He acquired the operation of another Southeast Michigan-based ERA broker-owner in 2023 and Compass Realty Pro in July.
Clarion Capital Partners acquired dance studio franchisor Arthur Murray International with Stellus Capital Management and its affiliates providing senior debt financing and an equity co-investment for the sale. Gary Edwards succeeds Philip Masters as Arthur Murray’s CEO after serving as an ambassador for 20 years. Founded in 1912, Arthur Murray has 300 dance studios.
Yohann and Maria Connell are the new owners of the Pet Butler location in Seattle. Pet Butler, the pet waste removal and pet care services franchise, is owned by Spring-Green Enterprises, the parent company of Spring Green and SGE Marketing Services. It spans 104 territories across 28 states with 41 owners.
Dallas-based brokerage United Real Estate expanded its footprint in the Midwest with the merger of Kansas City-based United affiliate partner Platinum Realty and SunWest Real Estate Advisors. United Real Estate is a division of United Real Estate Group and operates in 33 states with 159 offices and more than 21,000 agents. The company produced more than 70,000 transactions and $27.8 billion in sales in 2023.
Five Iron Golf acquired and rebranded Thr3 Jack, a golf and dining venue in Minneapolis. It’s the brand’s first location in Minnesota. The company was founded in 2019 by siblings Lucy Robb and Bo Massopust.
Aiman Abdelmajid and Tarik Silwadi are the new owners of the Always Best Care location in Northwest Chicago. Always Best Care was founded by Michael Newman in 1996 and now has more than 225 franchised territories across the country.
Hidden River Strategic Capital invested in Restoration Alliance, a franchisee within the ServiceMaster Restore franchise system. Hidden River partnered with existing management and Taurus Capital Partners to recapitalize the business and provide growth capital. Headquartered in Seattle-Tacoma, Washington, Restoration Alliance does business as ServiceMaster of Tacoma. With more than 800 franchised locations across 14 countries, ServiceMaster Restore is one of the largest disaster restoration brands.
