MMV acquired by COMPAGNIE DES ALPES

Flight Centre Travel Group has agreed to acquire Scott Dunn from private equity firm Inflexion. The acquisition provides Flight Centre with a scalable entry point into the UK and US luxury travel markets. Flight Centre funded the deal through a �102 million equity raise underwritten by Macquarie and UBS, plus existing cash. This marks a successful exit for Inflexion, which had owned Scott Dunn since 2014 and supported its expansion into the US and Asia via acquisitions (Aardvark Safaris, Country Holidays).

The McWin Restaurant Fund agrees to acquire a majority stake in L’Osteria. The transaction is structured as a control‑buyout in which founders Klaus Rader and Friedemann Findeis remain significant minority shareholders, alongside CEO Mirko Silz and the existing management team, ensuring continuity of leadership and brand identity. The investment is one of the flagship deployments of the McWin Restaurant Fund, underlining McWin’s conviction in the European casual‑dining sector despite near‑term macro headwinds. The partnership aims to accelerate L’Osteria’s expansion in Germany, further densify the DACH footprint, and push the concept into additional European markets, leveraging McWin’s in‑house expertise, capital, and restaurant‑platform capabilities. The deal is expected to close in Q1 2023, subject to customary regulatory approvals, and is advised on the buy‑side by Bryan Cave Leighton Paisner (legal) and KPMG (financial), while the L’Osteria side uses Ferber & Co and Deutsche Bank (M&A), Dechert LLP (legal), and PwC and Steiner & Partner (tax and financial).

The transaction represents a transformational merger between Dufry, a global leader in travel retail, and Autogrill, a global leader in travel food and beverage services. The combination was designed to create an integrated, diversified global travel experience player with an unparalleled presence across various geographies and service channels. The strategic rationale for the deal centered on redefining the industry's boundaries and creating a new leader with a comprehensive offering for travelers worldwide. For Dufry, the acquisition significantly increases its presence in core markets, particularly the United States, and facilitates a major expansion into the travel food and beverage sector. The deal was also expected to strengthen its balance sheet and generate meaningful synergies. For Autogrill, the merger provides a path for continued growth and development within a larger, more powerful entity. The combination enables a flurry of innovation in offerings, aiming to translate into more enjoyable travel experiences. The deal was structured in two main steps: an initial transfer of the majority controlling stake held by Edizione, the Benetton family's holding company, to Dufry, making Edizione the largest shareholder of the new combined group. This was followed by a mandatory public tender offer for the remaining Autogrill shares to complete the integration.

Denny's Corporation acquired 100% of the assets of Keke's Breakfast Cafe. The transaction was funded through a combination of cash on hand and borrowings from Denny's existing revolving credit facility. Strategically, the acquisition allows Denny's to enter the fast-growing "A.M. eatery" segment with a proven, higher-price-point brand that complements its core diner business without cannibalizing its existing customer base. Keke's will operate as an independent subsidiary, maintaining its own leadership team, branding, and operational strategies to preserve its unique identity and millennial appeal. Denny's intends to leverage its extensive franchising infrastructure to scale Keke's into a multi-state brand, aiming to become a leading franchisor in the premium breakfast space. This deal highlights a consolidation trend in the restaurant industry where established giants acquire niche, high-growth concepts to capture shifting consumer preferences toward daytime-only dining and premium breakfast experiences.

Less than a year after being acquired by PAI Partners, European Camping Group (Homair, Eurocamp, Roan) absorbed its direct competitor, Vacanceselect. This transaction allowed ECG to double its revenue and become the #3 European leader in the sector. The combined entity manages 45,000 mobile homes across 400 campsites, 100 of which are directly owned. The merger significantly increased ECG's "Prop-Co" footprint and marked a successful exit for Permira after 7 years of ownership.

BlueGem Capital Partners successfully completed the strategic acquisition of a 100% stake in FoodBox from Nazca Capital and its founding partners in June 2022. This high-profile transaction marks a significant consolidation in the Spanish organized catering market, as BlueGem already holds a majority position in the premium restaurant group Lateral. FoodBox serves as a powerful multi-brand platform, managing a diverse portfolio that includes the bakery chain Santagloria, the Andalusian gastro-pub Taberna del Volapié, the Italian street-food brand Papizza, and the tapas specialist MásQMenos. At the time of the sale, the group operated approximately 190 locations, the vast majority of which were run by franchisees. The primary strategic rationale behind the deal is to merge FoodBox’s extensive franchising infrastructure with Lateral’s expertise in managing high-volume, company-owned flagship restaurants. BlueGem intends to pivot the FoodBox strategy by investing heavily in proprietary units to increase the group's overall dimension and profitability while continuing to support the existing franchise network.

DeA Capital Alternative Funds, through its specialized food and beverage vehicle Taste of Italy 2, acquired a majority stake in the Spanish fast-casual restaurant chain, Pizzerías Carlos. This strategic investment is designed to provide the capital and support necessary to accelerate the company's ambitious expansion plans across the Iberian Peninsula, specifically targeting growth in Spain and Portugal. The transaction was reportedly initiated after the company's founders received multiple unsolicited offers, prompting them to engage financial advisors to explore strategic partnerships. The existing management team, led by co-founders Francesc Ros and Xavier Crespo, will continue to lead the company's day-to-day operations and strategy implementation. They will also retain a significant minority shareholding, ensuring continuity and alignment of interests. The deal represents a significant vote of confidence in Pizzerías Carlos's business model, which has demonstrated robust growth and resilience, particularly its highly effective in-house delivery service that proved successful during challenging market conditions. The acquisition marks the second Spanish investment for the Taste of Italy 2 fund, underscoring its focus on high-potential companies within the region's food and beverage sector. Financial backing for the future business plan is also being provided by Tresmares Capital.

Jack in the Box Inc. finalized its acquisition of Del Taco Restaurants, Inc. via a merger agreement, securing full ownership and delisting Del Taco from NASDAQ. Synergies stem from overlapping guest demographics, menu overlaps in variety-driven comfort foods, and aligned cultures prioritizing innovation and value—enabling shared investments in digital platforms, technology, and franchise development. Timing capitalized on post-pandemic recovery, with ambitions for unit expansion, remodels, and procurement savings projected at $15 million by fiscal 2023 end.

PureGym has secured a £300 million equity investment from KKR, marking a significant milestone in the group’s international expansion and digital development strategy. KKR joins the capital structure as a significant minority investor alongside the majority owner, Leonard Green & Partners (LGP), and the company’s management team. The investment is structured as Convertible Cumulative Preference Shares, which rank junior to the existing Senior Secured Notes and feature accruing, non-paid dividends. The strategic rationale for the deal centers on providing PureGym with a robust capital base to fund the opening of new sites in the UK and Switzerland, strengthen the existing network in Denmark, and accelerate international franchising efforts in the Middle East, Asia, and the United States. This transaction highlights the strong recovery of the fitness sector post-pandemic and the increasing institutional appetite for technology-led, low-cost health platforms.

Restaurant Brands International Inc. agreed to acquire Firehouse Subs in an all-cash transaction, integrating the sandwich specialist into its QSR powerhouse portfolio. Structure encompasses full ownership of Firehouse Restaurant Group Inc., funded by cash and debt, pending regulatory nods. Strategic fit lies in complementary sandwich category exposure, mirroring RBI's playbook of high-quality, franchise-led growth with aligned guest profiles and innovation focus. Firehouse's purpose-driven model (rooted in firefighter heritage and public safety donations) enhances RBI's community ethos, while U.S./Canada density enables digital acceleration, franchise recruitment, and international pilots. Post-deal priorities emphasize unit economics optimization, brand awareness lift, and global expansion leveraging RBI's network.