L'ORANGE BLEUE acquired by AXIO CAPITAL

Friendly Hotels has secured a new round of investment to accelerate its expansion in major Alpine ski resorts. The operation sees the historical financial sponsor, 123 Investment Managers, renewing its commitment, strategically joined by new institutional partners Bpifrance and Smalt Capital. This newly formed financial consortium provides the crucial capital required for Friendly Hotels to successfully acquire the business and real estate of a new prime hotel, alongside purchasing the underlying property of one of its historically managed assets. The primary strategic objective is to finance comprehensive renovations, elevate the brand's premium positioning, and secure a solid foundation for upcoming external acquisitions.

Antin Infrastructure Partners entered into exclusive negotiations to acquire a majority stake (>90%) in Belambra Clubs from Caravelle. The transaction marks the exit of the family holding Caravelle after a 12-year holding period. The deal is executed via Antin's Midcap I fund. The management team remains in place to execute a EUR100 million investment plan. The strategic roadmap focuses on moving upmarket, opening at least one new site per year, and notably acquiring the real estate assets ("walls") of several clubs to secure the asset base.

TriArtisan Capital Advisors, Treville Capital Group, and Yadav Enterprises completed their acquisition of Denny's Corporation. The all-cash transaction closed on January 16, 2026, following shareholder approval and regulatory clearances, with Denny's common stock ceasing Nasdaq trading. The consortium sought Denny's iconic brand, strong franchise base, and loyal customers as a platform for growth. TriArtisan's restaurant experience, Treville's capital solutions, and Yadav's operational scale align with accelerating Denny's and Keke's initiatives while supporting franchisees. Key terms delivered a premium to shareholders, with Denny's management, led by CEO Kelli Valade, retaining leadership. Advisors included Truist Securities, Morgan Lewis, Sidley Austin, and Joele Frank for Denny's; Global Leisure Partners and Ropes & Gray for TriArtisan; and Choate Hall for Treville.

Bchef acquired its direct competitor "Les Burgers de Papa" to create a group with EUR40M in revenue and 70 restaurants. The transaction was funded by Bchef's previous fundraising with Elevation Capital Partners and senior bank debt. The founder of Les Burgers de Papa, Yves Hecker, exits the business. Both brands will maintain their distinct identities.

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.

For the first time since its inception, Érigea Loisirs has opened its capital to institutional minority investors. Bpifrance and BRED Banque Populaire have provided a mix of equity and bond financing. The strategic rationale for the deal is to fund the group's ambitious organic growth plan, which aims to double the company's size by the end of 2026. This expansion includes doubling its surface area to 60,000 sqm through flagship openings in Cergy, Levallois, Gaité 2, and Montmartre. The funding allows Érigea to maintain its pace of high-quality site development while securing long-term partners who share the management’s vision of asset ownership and sustainable leisure development.

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.

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.