BUFFALO WILD WINGS acquired by ARBY’S RESTAURANT GROUP

Equistone Partners Europe finalized the acquisition of a majority stake in the Karavel-Promovacances and Fram groups from LBO France. The transaction was structured through a €30 million investment, providing the group with the strategic liquidity required to complete its financial recovery. This transaction represents a strategic transition from one financial sponsor to another, avoiding a trade sale to an industrial giant that might have triggered heavy restructuring. The deal involves significant management reinvestment, with the co-founders and CFO maintaining a key role in the capital structure

Apollo Global Management completed its acquisition of Qdoba Restaurant Corp. from Jack in the Box in March 2018 after a definitive agreement announced in December 2017. The all-cash transaction valued the fast-casual Mexican chain at a significant premium and was funded by Apollo funds, with Qdoba becoming a privately held portfolio company after closing. Jack in the Box used the proceeds to reduce debt and further shift toward a more capital-light business model centered on its core burger brand

Permira acquired a controlling stake in La Piadineria from the specialized fund Idea Taste of Italy (managed by Dea Capital Alternative Funds). The high valuation reflects the intense competition during the auction (bidders included Bain, Carlyle and L Catterton). The seller reinvested to keep a minority stake (10%) alongside the management team. The deal aims to accelerate store openings in Italy and establish a presence in European markets, starting with France (Nice and Marseille).

Leonard Green & Partners (LGP) has entered into a binding agreement to acquire a controlling interest in Pure Gym from CCMP Capital Advisors. This secondary buyout marks the complete exit for CCMP, which had held a majority stake since May 2013. The acquisition is a strategic entry for LGP into the UK fitness market, leveraging its extensive track record and expertise in the leisure and retail sectors. For Pure Gym, the partnership with LGP provides a new capital partner to fuel the next phase of its growth momentum following its successful rise to the top of the UK market

UK-based private equity firm TDR Capital entered into exclusive negotiations to acquire Buffalo Grill in a tertiary leveraged buyout from a consortium of financial sponsors, including majority shareholder Abénex Capital, NiXEN Partners, and Céréa Partenaire. TDR Capital secured the deal pre-emptively by submitting a swift, firm, all-cash offer within a two-week timeframe, which allowed it to bypass a formal auction process being prepared by advisor DC Advisory. This decisive bid outmaneuvered other interested parties, including Mexican strategic buyer Alsea

Global Franchise Group acquired Round Table Pizza including Round Table Clubhouse and Wings Brew concepts, boosting system-wide sales to nearly $1 billion across 1,500+ stores. The deal integrated 440 U.S. locations (70 company-owned) and 10 international sites into GFG's portfolio alongside Great American Cookies and others. GFG targeted Round Table for its $1M+ AUVs, loyal base, and "center of the plate" positioning complementing snack brands. Strategic fit included leveraging GFG's Atlanta facility for production, franchise support, and West Coast expansion while investing in menus, technology, remodeling

Freeman Spogli & Co. acquired Cafe Rio, Inc. from KarpReilly LLC, taking a majority interest in the fast-casual Mexican restaurant chain while existing management retained significant equity. The transaction marked Freeman Spogli's entry into the growing fast-casual segment, with Cafe Rio's leadership team continuing to guide operations from Salt Lake City headquarters. This deal made strategic sense as Cafe Rio's scratch-made Mexican cuisine and loyal customer base aligned perfectly with Freeman Spogli's successful restaurant investments including El Pollo Loco and other consumer concepts

BlueGem Capital Partners acquired an 80% stake in Big Fernand from its founders and the SEP family office (Riccobono family) to accelerate the brand’s global trajectory. The transaction included an immediate capital injection of at least €7 million to fund a massive scale-up, with the goal of reaching 100 restaurants shortly after the deal. The strategic rationale was focused on transitioning Big Fernand from a successful national niche player into a global gourmet burger champion. Key post-acquisition initiatives included the buyout of franchised locations in Hong Kong to bring them under direct control and the opening of several flagship locations in Paris

JAB entered into a definitive merger agreement to acquire Panera Bread Company. The transaction was unanimously approved by Panera's Board of Directors and expected to close in the third quarter of 2017, subject to shareholder approval and regulatory clearances. The strategic rationale reflects JAB's continued build-out of its coffee and quick-casual platform, adding Panera as a leading bakery-café concept with strong brand equity and innovation momentum. Panera's digital, wellness, and omni-channel initiatives align with JAB's portfolio themes, offering cross-pollination opportunities across its beverage-heavy holdings

BlueGem Capital Partners acquired a majority stake in Lateral to facilitate the next phase of the group's national development. The transaction marked a transition from a founder-led business to a private equity-backed platform, specifically targeting the high-growth premium tapas segment in Spain. The strategic rationale focused on leveraging Lateral’s high brand awareness and proven unit economics to execute a nationwide roll-out. BlueGem's investment was designed to support the existing management team in scaling the concept beyond its Madrid stronghold into other major Spanish cities