Hooters Inc., whose owners are the founders of the original Hooters restaurant and bar concept, finalized its acquisition of Hooters of America. The company began updating its locations as a first step in the planned “re-Hooterization” of the brand, which includes scrapping the bikini-style shorts adopted under the prior ownership in favor of more modest orange jogging shorts. Following the closing of the transaction on October 31, Hooters Inc., along with Hoot Owl Restaurants, own about 140 of the 198 domestic Hooters restaurants. These domestic restaurants, along with the 60 international locations, represent approximately $700 million in systemwide sales.
Hooters of America filed for bankruptcy in March as part of a strategic plan to address $376 million in debt and to sell all of its company-owned restaurants to a franchise group backed by the chain's original founders. A Texas court approved the bankruptcy exit plan in September.
TGI Fridays CEO Ray Blanchette’s company, Sugarloaf TGIF Management, bought about 50 Fridays locations in the United Kingdom. Last year, U.K.-based Hostmore was set to buy the franchisor, but the deal fell through in September 2024 after TGI Fridays lost control of most of its assets. The franchisor filed for Chapter 11 bankruptcy two months later in November. Hostmore closed more than 30 locations and also filed for bankruptcy around that time. The remaining stores were sold to private equity firms Calderon and Breal Capital, which sold the locations to Sugarloaf. Blanchette held the CEO role for about five years before he left in 2023 and, earlier this year, he returned to the head position.
Yum Brands is buying 128 Taco Bell stores in the Southeast for $670 million, a move that will give it more than 600 corporate-owned locations in the U.S. Yum, the parent company of Taco Bell, KFC, Pizza Hut and Habit Burger & Grill, announced the planned acquisition November 4 and said it expects to complete the deal in the fourth quarter. During Yum’s third quarter earnings call, CFO Ranjith Roy said the stores are expected to bring about $70 million in incremental EBITDA, or earnings before interest, taxes, depreciation and amortization, to the company. The acquisition, added Yum CEO Chris Turner, is not meant to signal a shift in the company’s franchisee-led model, but rather it is a “unique opportunity to accelerate development and profitability within the region.” Taco Bell does plan to initiate company-owned development in the market in 2027. The global Taco Bell system is 94 percent franchised. Yum did not disclose the seller or sellers.
WJ Partners is the latest investor to get in on the 7 Brew Coffee growth push. The private investment firm created a new franchisee entity, Piedmont Beverage Co., and acquired two 7 Brew locations in Greenville, South Carolina. City National Bank provided financing for the transaction. Under Piedmont, WJ Partners plans to open roughly 100 new units of the drive-thru coffee chain in North Carolina, Georgia and South Carolina. The firm hired Mark Robinson, a former vice president at hotel operator OTO Development, as CEO of Piedmont. WJ Partners, based in Spartanburg, South Carolina, owns breakfast franchise Eggs Up Grill.
7 Brew, a Blackstone-backed chain that opened its 500th location last month, continues to attract investors and large franchisees. Franchise Equity Partners acquired the second-largest 7 Brew franchisee in September, and in October, Flynn Group announced a 160-unit development agreement.
Home services platform company Evive Brands bought Pacific Lawn Sprinklers. Pacific Lawn started in 1980 in Queens, New York, and now has 80 service areas in 10 states. The acquisition brings Evive's portfolio to six brands: Maid Brigade, The Brothers That Just Do Gutters, Grasons, Assisted Living Locators and Executive Home Care.
Angry Chickz raised growth capital from Saratoga Investment Corp. to expand nationally. The Nashville hot chicken concept has 33 locations in California, Arizona and Texas. Saratoga Investment is a publicly traded business development company that provides financing to middle-market companies across a range of industries. Its portfolio also includes Lee’s Famous Recipe Chicken and Pepper Palace. Founded in 2018 in Los Angeles, Angry Chickz finished 2024 with 28 locations and $55.6 million in sales, marking a 35.4 percent year-over-year increase.
In-home senior care brand Always Best Care received a strategic investment from NexPhase Capital. Terms of the transaction were not disclosed. Founded in 1996 and headquartered in Rocklin, California, Always Best Care operates about 280 territories in more than 30 states and Canada. The company offers non-medical personal care, assisted living placement and skilled home health services.
Rita’s Italian Ice & Frozen Custard acquired franchise locations in Savannah, Georgia, converting them into the brand’s first corporate-owned shops in more than 15 years and signaling a new phase of strategic investment and growth. The acquisition is part of a broader initiative to accelerate expansion outside of its core markets, targeting high-growth regions in the South through a mix of franchise roll-ups and new drive-thru builds. Founded in 1984, Rita's has more than 575 shops.
Mr Gatti’s Pizza became a fully franchised system after OneRyan Global’s acquisition of the 61-year-old chain’s flagship location and last corporate store in South Park Meadows, Texas. OneRyan is the family office of Dallas businessman G. Brint Ryan and his wife, CEO Amanda Ryan. The acquisition comes as the couple plans to open a Mr Gatti’s Pizza in Big Spring, Texas, this month. Fort Worth, Texas-based Mr Gatti’s has about 90 locations.
Four Corners Property Trust, a real estate investment trust primarily engaged in the ownership and acquisition of restaurant and retail properties, acquired an Outback Steakhouse for $2.4 million. The property is located in a high-traffic corridor in Missouri and is under a triple net lease with approximately eight years of term remaining. The transaction was priced at a 6.8 percent cap rate on rent as of the closing date and exclusive of transaction costs.
EoS Fitness, a non-franchised gym chain, acquired 23 Gold’s Gym locations in California from franchisees Angel and Willy Banos. With plans to open 250 gyms by 2030, EoS debuted in Southern California with five gyms in 2015. With the acquisition, Southern California is now EoS Fitness’ largest market in the country with 46 locations. The company has plans to have 50 gyms in the region by the end of 2025.
Annex Brands—a franchisor in the packing, shipping, and office services industries—sold a Pak Mail location in Hazel Park, Michigan, to Hemang Trivedi. Annex Brands licenses and franchises more than 800 locations in the United States, Canada and Mexico under the brands PostalAnnex, Pak Mail, AIM Mail Centers, Parcel Plus, Sunshine Pack & Ship, Navis Pack & Ship and Handle With Care Packaging Store. Headquartered in San Diego, Annex Brands has been providing business ownership opportunities since 1985.
Tim and Christine Ruffner bought a SpringGreen territory in Kersey, Pennsylvania, from Tim’s parents, Cheryl and Don Ruffner. The elder Ruffners ran the business for almost 40 years.