PIZZERÍAS CARLOS acquired by DEA CAPITAL

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

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

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...

Sun Communities has entered into a definitive agreement to acquire Park Holidays UK, the second-largest operator of holiday parks in the UK, marking the company's entry into the British market for leisure and vacation homes. The US-based group is acquiring a portfolio of holiday communities primarily located in popular coastal areas in southern England. The acquisition represents a natural extension of Sun Communities' business and is in line with its international expansion strategy. It provides a premier growth platform in a still-fragmented UK market, while further diversifying the company's geographic footprint

PAI Partners acquired a majority stake in European Camping Group from a consortium including Carlyle, Montefiore Investment, and Ontario Teachers' Pension Plan (OTPP). The deal was backed by an Ares unitranche financing. PAI's entry is intended to support an aggressive consolidation strategy, targeting 5 to 10 campsite acquisitions per year to reinforce ECG's position as the dominant pan-European platform.

Bain Capital, in partnership with EBITDA Investments, has acquired a controlling stake in Bread Holdings from Risk Capital Partners (RCP) and other shareholders. The strategic rationale is to capitalize on GAIL’s post-pandemic sales rebound and its proven "neighborhood" model, which saw profitability hit record levels despite the UK’s lockdowns. Luke Johnson, the outgoing majority owner, rolled over a 15% stake to remain on the Board, ensuring leadership continuity alongside CEO Tom Molnar. The investment is intended to fund a rapid expansion plan to increase the bakery network from 73 to over 100 sites within three years

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

Sendaya, a specialist in outdoor accommodation with more than 33 campsites under management, will welcome Infravia as its new majority shareholder alongside two new minority shareholders, following Apax Partners' decision to sell its shares.