ERIGEA LOISIRS acquired by BPIFRANCE & BRED BANQUE POPULAIRE

The transaction follows a period of operational headwinds and strategic reassessment under prior ownership (JACK IN THE BOX), resulting in a materially reset valuation and positioning the deal as both a divestiture and a turnaround opportunity. The transaction follows a period of operational headwinds and strategic reassessment under prior ownership (JACK IN THE BOX), resulting in a materially reset valuation and positioning the deal as both a divestiture and a turnaround opportunity. The transaction follows a period of operational headwinds and strategic reassessment under prior ownership (JACK IN THE BOX), resulting in a materially reset valuation and positioning the deal as both a divestiture and a turnaround opportunity.

The tour operator Groupe Partir-Visiteurs organizes a managerial transition through an LBO led by B & Capital. The historic founders, Didier Rabaux and Didier Blanchard, hand over the operational leadership to the current General Manager, Patrice Arezina, while retaining a minority stake. B & Capital enters as the majority shareholder to support this succession. The deal aims to accelerate the group's development by opening new destinations, diversifying into new segments, and strengthening its CSR commitments.

RaceTrac completed the acquisition of Potbelly Corporation on October 2025. The purchase gives RaceTrac full control of Potbelly’s 445+ sandwich shops, its franchise‑development pipeline, and its proven franchisee‑partner network, while RaceTrac pledges to preserve the Potbelly brand and its operational model. The integration is designed to capture synergies across real‑estate selection, franchising best practices, food innovation, operations and marketing, with Potbelly adding a fast‑casual, made‑to‑order foodservice platform to RaceTrac’s convenience and fuel network and reinforcing the group’s move toward more frequent, higher‑ticket food‑driven visits. Adam Noyes, formerly COO of Potbelly, was appointed President of the Potbelly brand under RaceTrac, while CEO Bob Wright remained in place through the end of 2025 to ensure continuity. The transaction was financed through RaceTrac’s balance sheet and debt facilities, with BofA Securities and Kilpatrick Townsend & Stockton advising on the buy‑side and Piper Sandler and Kirkland & Ellis on the sell‑side, marking a significant expansion of RaceTrac’s consumer‑facing portfolio and signaling continued consolidation at the intersection of convenience retail and fast‑casual dining.

Rhône have acquired Freddy’s Frozen Custard & Steakburgers from Thompson Street Capital Partners, taking full control of the brand. The deal is structured as a full‑ownership transfer, with Thompson Street fully exiting its position after a roughly five‑year hold during which the chain grew from about 400 to over 550 units and significantly improved average unit volumes, digital capabilities, and franchisee support. Rhône, known for its transatlantic‑style, buy‑and‑build playbook in consumer and restaurant assets (including the earlier take‑private and subsequent sale of Fogo de Chão), intends to support Freddy’s expansion into new U.S. and international markets, build on existing franchise‑development momentum, and continue investing in innovation, operations, and digital guest experience.

McWin Foodservice Fund and TriSpan’s Rising Stars programme jointly secure a co‑control majority stake in FI Holdings Limited (Flat Iron), partnering with founder Charlie Carroll and CEO Tom Byng. The transaction is structured as a co‑control buy‑in, with Piper (a minority investor that put £10 million into the business in 2017) exiting the business, while the Flat Iron management team remains in place. The group currently operates 18 locations across London, Manchester, Leeds, and Cambridge, with a strong brand identity built around simple, high‑quality steak, fast‑service dining, and exceptional value for money. McWin positions the Flat Iron deal as the first investment from its new McWin Foodservice Fund, which continues the firm’s lower‑mid‑market foodservice investment strategy, while TriSpan adds its restaurant‑growth playbook and transatlantic perspective. The partnership aims to deepen Flat Iron’s footprint within the UK, drive operational excellence, and take the brand into its first international markets, leveraging both sponsors’ scale, operating insight, and experience in multi‑unit restaurant expansion.

Freeman Spogli agreed to acquire a majority stake in Philz Coffee. This partnership makes sense because Freeman Spogli has deep experience in restaurants like El Pollo Loco, Popeyes, and First Watch, which helps Philz open new stores while keeping its unique handcrafted coffee focus. Philz picks Freeman for their track record in consumer growth and collaborative style, especially as the company plans more cafes over the next two years without closing any locations. Customers and staff benefit from job security, same pay and benefits, promotion paths, and even thank-you bonuses. The deal supports Philz's mission by funding expansion in the specialty coffee market, where demand for personalized brews remains strong. It builds on a decade of private equity support, positioning the brand for U.S. growth and potential wholesale/digital gains.

A consortium led by Montefiore Investment has entered exclusive negotiations to acquire a majority stake in Karavel Groupe from Equistone Partners Europe. Financing for the deal is supported by a unitranche debt facility provided by Arcmont Asset Management and Alpha Wave Global. Management, led by Cyrille Fradin and Folco Aloisi, will retain a significant equity stake. This deal follows a seven-year holding period by Equistone, during which the group survived the COVID-19 pandemic thanks to a €30M equity injection. The strategic goal of this new chapter is to bolster Karavel’s key assets, pursue an active M&A strategy, and internationalize its customer base.

L’Osteria (backed by McWin Capital Partners) agrees to acquire a majority stake in Pizza Pilgrims. The transaction is structured as a strategic partnership: Pizza Pilgrims will remain an independent brand, with founders Thom and James Elliot staying involved full‑time, while Gavin Smith and Sophie Gilchriest are promoted to CEO and CFO, respectively, to lead the next phase of growth. L’Osteria intends to use its experience in Italian casual dining, multi‑country operations, and supply chain / site‑roll‑out knowledge to support Pizza Pilgrims’ “measured expansion” in the UK and its international ambitions in Europe, including potential new markets and additional sites. The group aims to grow Pizza Pilgrims from 25 to around 38 locations by 2027. The founders describe the partnership as a “one‑plus‑one‑equals‑three” model, emphasizing strong cultural alignment and shared passion for Italian‑style hospitality.

The transaction involves the acquisition of a majority interest in Crunch Fitness by Leonard Green & Partners (LGP) from TPG Growth and other minority shareholders. This leveraged buyout marks a significant platform investment within the fitness and wellness sector, occurring after a period of substantial scale-up under previous ownership. The strategic rationale for LGP is predicated on the target's robust business fundamentals, including its successful hybrid model of corporate and franchised locations which offers significant operational leverage. The investment is designed to accelerate global footprint expansion and capitalize on the resilient consumer demand for affordable, high-quality health services. Post-deal objectives focus on further densifying presence in domestic markets while exploring untapped international territories through the recently optimized design protocols.

PAI Partners agreed to sell a significant minority stake in European Camping Group to a subsidiary of ADIA. PAI Partners retains majority ownership of the group. The transaction, officially celebrated during the 2025 "Choose France" summit, marks a new phase of development for ECG to pursue geographic diversification and organic growth. The investment by ADIA reportedly totaling EUR600 million for the stake—underscores the attractiveness of the outdoor hospitality sector and ECG's position as its leading pan-European platform.