LA PIADINERIA acquired by PERMIRA

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. he strategic rationale was to separate Qdoba from Jack in the Box and give the chain a dedicated owner focused on its next phase of growth. Qdoba brought a recognizable Mexican fast-casual concept with more than 700 restaurants, strong systemwide sales, and a large footprint across the U.S. and Canada. Apollo saw an opportunity to support the brand through operational investment, menu development, franchise expansion, and improved positioning in a highly competitive category. At the time, Qdoba was the second-largest fast-casual Mexican chain in the United States, but it had been under pressure from weaker same-store sales, creating a clear case for active ownership and performance improvement.

Arby's Restaurant Group completed the acquisition of Buffalo Wild Wings and simultaneously launched Inspire Brands as a new multi-brand restaurant platform. Following closing, Buffalo Wild Wings continued to operate as an independent brand within the Inspire structure, with its management team remaining in place to support continuity and execution. The strategic rationale was to create a diversified restaurant company with scale across multiple occasions and channels, rather than relying on a single concept. Buffalo Wild Wings added a strong casual dining and sports bar brand to Arby's sandwich-led portfolio, giving Inspire exposure to a different customer segment, a more social dining format, and a brand with national awareness and meaningful growth potential. The deal also allowed the combined group to leverage shared expertise in franchising, marketing, digital capabilities, and procurement, while preserving the operating identity of each brand. At the time of launch, Inspire oversaw more than 4,600 company-owned and franchised restaurants across 14 countries, with combined 2017 global system sales above $7.6 billion.

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. The deal values the company at a significant premium, reflecting its status as a market leader with nearly 1 million members and 189 operational sites. From a transaction facts perspective, the deal was supported by a $9.6 billion fund (Green Equity Investors VII), underscoring LGP's capacity for large-scale consumer service buyouts. This change in sponsorship signals a continued institutional belief in the scalable, low-cost "no-frills" fitness model and positions Pure Gym for potential future internationalization under Los Angeles-based ownership.

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. TDR Capital's rationale for the acquisition is to accelerate Buffalo Grill's growth. The strategy involves further expanding the restaurant footprint, with management identifying a potential for at least 60 additional locations. TDR also plans to enhance the company's digital capabilities to optimize pricing and improve margins. Furthermore, the acquisition positions Buffalo Grill as a platform for potential consolidation within the French restaurant sector, with the new ownership structure enabling it to pursue strategic bolt-on acquisitions. The transaction was subject to customary conditions, including consultation with employee representatives and approval from the French competition authority.

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. Timing capitalized on Round Table's equity growth under employee ownership.

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. Coming after KarpReilly's tenure that grew Cafe Rio from 6 Utah locations to over 100 restaurants across 11 states, the timing positioned the chain for accelerated expansion using Freeman Spogli's restaurant scaling expertise. Management emphasized leveraging the new partner's experience to enter additional markets while maintaining the company's culture of food quality and service excellence. The transaction highlighted private equity rotation in fast-casual dining, where proven growth stories attract strategic buyers seeking platform expansion opportunities.

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. Founder Steve Burggraf remained as President with a 6% equity stake to ensure brand continuity and preserve the "French touch" DNA that fueled the company’s initial success. This partnership provided Big Fernand with the institutional framework and international network required to compete in the increasingly crowded premium fast-casual market.

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. By providing institutional capital and strategic oversight, BlueGem aimed to professionalize the group’s expansion strategy while preserving the artistic and lifestyle identity that defined the Lateral brand. Oaklins' team in Spain acted as the exclusive financial advisor to the sellers in this transaction.

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. Post-deal, Panera management would retain operational independence to execute its growth plan. This transaction underscores accelerating consolidation in fast-casual, validating premium valuations for digitally mature platforms with clean-label positioning.

Caledonia Investments agreed to sell Park Holidays to Tiger Bidco (a vehicle formed by ICG). This represents a significant markup from the �172 million valuation in 2013. Caledonia realized a net IRR of 44% and a money multiple of 2.9x on its investment. The deal was driven by strong operational performance, with EBITDA jumping from �20.4m to �36.5m. The management team remained in place for this next chapter with ICG.