Sonic Drive in acquired by Inspire Brands

UNITED STATES Hospitality & Leisure / Hospitality / Restaurants / Chains EV $1–10bn

Context

Inspire Brands completed the acquisition of Sonic Corp. on December 7, 2018. After closing, Sonic continued to operate as an independent brand under the Inspire umbrella, with Claudia San Pedro leading the brand and Cliff Hudson serving as senior advisor during the transition. The strategic rationale was straightforward: Sonic offered a highly distinctive and nationally recognized concept with a loyal customer base, strong systemwide sales and meaningful room for operational and geographic growth. Inspire saw value in Sonic's drive-in model, beverage innovation, breakfast traffic, and broad consumer appeal, all of which complemented its existing restaurant assets. The acquisition also fit Inspire's broader strategy of using centralized expertise in franchising, digital investment, and brand building to support large-scale restaurant concepts. At the time, the combined company became the fifth-largest restaurant group in the United States, with more than 8,300 restaurants and annual systemwide sales above $12 billion.

Sonic Drive in, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

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Target

Sonic Corp. is a U.S. drive-in fast-food chain founded in 1953 in Shawnee, Oklahoma, and headquartered in Oklahoma City, Oklahoma, United States. The company operates a drive-in format centered on made-to-order burgers, hot dogs, sandwiches, breakfast items, slushes, shakes, and sides, with carhop service delivered directly to parked vehicles. Sonic is known for its broad beverage innovation, extensive snack menu, and flexible daypart appeal. Most of Sonic's restaurants were franchised, supported by a network of company-owned stores and a strong national marketing platform. Sonic built its identity around convenience, customization, and a nostalgic drive-in experience that differentiated it from conventional quick-service restaurant chains.

Ent. Value

$1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

15x–25x

EV / EBIT

15x–25x

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2018

2017

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REFERENCES

Valuation range: EV $1–10bn

Revenue range: $250–500M

EBITDA range: $100–200M

EV/Revenue range: 4x - 10x

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 Sonic Drive in by Inspire 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: sonic drive in

FAQ

What transaction does this page cover?

This page covers Inspire Brands’s acquisition of 100% of Sonic Drive in, an American company specialised in Hospitality, in 2018.

How was the acquisition of Sonic Drive in by Inspire Brands valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $1–10bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 4x - 10x range. Exact figures are available to members.

What were Sonic Drive in’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Sonic Drive in generated annual revenue estimated in the $250–500M range and EBITDA in the $100–200M bracket (FY 2018). 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.

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