Several unusual words popped up today in the opening Dealmakers Week panel about deal activity, valuations and trends—“impregnable,”“blistering”and even “cooperation”among tenants, landlords and lenders—with speakers saying those bode well for restaurant operators seeking capital, especially quick-service restaurants.
The president of Tutor Doctor, Frank Milner, is “super, super excited, in case you couldn’t tell,” about the 20-year-old brand’s first acquisition, of Code Wiz. Ruth Agbaji, the Code Wiz founder, will remain at the helm.
Franchise Times today announces winners of the 2021 Franchise Times Dealmakers awards, the ninth annual project recognizing the boldest players driving mergers and acquisitions in franchising.
Stephen Kindler Jr. doesn't want to call his firm's acquisition of 16 Planet Fitness gyms in Ohio and Pennsylvania, in the middle of the pandemic, a gamble. "But definitely it took some long, hard discussions about how we wanted to continue growing our business," said Kindler, the 35-year-old president and CEO of National Fitness Partners.
Backed by Centre Lane Partners, Saladworks CEO Kelly Roddy has unveiled a new company name, WOWorks, and acquired two brands to put under the umbrella, Garbanzo Mediterranean Fresh and Frutta Bowls. Those purchases won't be the last.
Driven Brands Holdings Inc. raised $700 million in its initial public offering yesterday, selling almost 32 million shares, down from a planned 38 million, for $22 each. That's 19 percent higher than its initial range of $17 to $20. The IPO set a couple of records, too, according to BofA Securities, bookrunner on the deal.
A corporate restructuring at FAT Brands, the parent of Johnny Rockets and Fatburger plus seven other brands, will remove restrictions and allow more options to purchase franchises in 2021, said CEO Andy Wiederhorn.
Dave Hoffmann is no longer Dunkin' Brands CEO after Inspire Brands completed its acquisition Tuesday, but at least he goes out on a high note. The payout for shareholders, at $106.50 a share and $4.06 million in Hoffmann's case, is 169 percent higher than the stock's low point in 2020.
Quality Restaurant Group, led by two men who are "great, great" friends and started just three years ago, acquired 62 Sonic Drive-In restaurants and 23 real estate parcels in Florida and Alabama from Buddy McClain's MVP Sonics operation.
"This is our 10th transaction in the past two years and our sixth transaction in the past 12 months," said Matt Slaine, CEO of Quality Restaur…