Global Franchise Group acquired by Fat Brands

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains EV $500M–1.5bn

Context

FAT Brands Inc. completed its largest-ever acquisition by purchasing Global Franchise Group from Serruya Private Equity and Lion Capital. The deal added Round Table Pizza, Great American Cookies, Hot Dog on a Stick, Marble Slab Creamery, and Pretzelmaker plus Atlanta manufacturing, doubling FAT's portfolio to 2,000+ units with $1.4 billion system-wide sales. Rationale emphasized diversification into pizza/desserts/snacks complementing FAT's burgers/chicken, leveraging GFG's resilience and synergies for $40 million EBITDA uplift to $55-60 million annually. Transaction exemplified aggressive consolidation in fragmented QSR franchising, where public operators like FAT deploy creative financing for accretive platforms amid recovery.

It is worth noting that the company had completed several external growth operations, including Round Table Pizza (2017), before being acquired by Serruya Private Equity / Lion Capital in 2018.

Global Franchise Group, which reported an EBITDA margin of [members only] in 2019, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

-> Deep-dive in Retail & Consumer market trends

Target

Global Franchise Group is a strategic brand management company headquartered in Atlanta, Georgia, United States, that franchises and operates five quick-service restaurant concepts: Round Table Pizza, Great American Cookies, Hot Dog on a Stick, Marble Slab Creamery, and Pretzelmaker. The company supports more than 1,400 franchised and corporate stores across 16 countries. Round Table Pizza specializes in dine-in pizza with California-style crusts and fresh ingredients. Great American Cookies offers gourmet cookies, cookie cakes, and cinnamon rolls. Hot Dog on a Stick features corn dogs and hand-stamped lemonade. Marble Slab Creamery provides premium ice cream mixed on frozen marble slabs with mix-ins. Pretzelmaker serves fresh-baked pretzels and gourmet dips.

Ent. Value

$500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2019

2018

Other operations with Global Franchise Group

Other operations with Global Franchise Group
Date	Acquirer	Target	Country	Sector
12/2018	SERRUYA PRIVATE EQUITY / LION CAPITAL	GLOBAL FRANCHISE GROUP	UNITED STATES	Restaurants / Chains
09/2017	GLOBAL FRANCHISE GROUP	ROUND TABLE PIZZA	UNITED STATES	Restaurants / Chains

Similar deals in Hospitality & Leisure

Similar deals in Hospitality & Leisure
Date	Acquirer	Target	Country	Sector
09/2021	BAIN CAPITAL	GAIL’S (BREAD HOLDINGS)	UNITED KINGDOM	Restaurants / Chains
08/2021	HYATT	APPLE LEISURE GROUP	UNITED STATES	Hotels & Accommodation
04/2021	INFRAVIA CAPITAL	SANDAYA	FRANCE	Hotels & Accommodation
03/2021	BLACKSTONE / STARWOOD CAPITAL GROUP	EXTENDED STAY AMERICA	UNITED STATES	Hotels & Accommodation
09/2020	BUFFALO GRILL	COURTEPAILLE	FRANCE	Restaurants / Chains
09/2020	VENDIS CAPITAL	POKAWA	FRANCE	Restaurants / Chains
07/2020	TOWERBROOK	AZZURRI GROUP	UNITED KINGDOM	Restaurants / Chains
02/2020	TUI CRUISES	HAPAG-LLOYD CRUISES	GERMANY	Hotels & Accommodation
01/2020	YUM! BRANDS	THE HABIT RESTAURANTS	UNITED STATES	Restaurants / Chains
01/2020	PUREGYM	FITNESS WORLD GROUP	DENMARK	Hospitality

REFERENCES

Valuation range: EV $500M–1.5bn

Revenue range: $100–200M

EBITDA range: $25–50M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Global Franchise Group by Fat Brands are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: global franchise group

FAQ

What transaction does this page cover?

This page covers Fat Brands’s acquisition of 100% of Global Franchise Group, an American company specialised in Hospitality, in 2021. This followed an earlier holding cycle initiated in December 2018, when the company was acquired by Serruya Private Equity / Lion Capital.

How was the acquisition of Global Franchise Group by Fat Brands valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $500M–1.5bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Global Franchise Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Global Franchise Group generated annual revenue estimated in the $100–200M range and EBITDA in the $25–50M bracket (FY 2019). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.