SONIC DRIVE IN acquired by INSPIRE BRANDS
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 in 2018, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (11.0x).
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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.
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REFERENCES
Valuation range: EV 1b - 4b USD
Revenue range: 250M - 500M USD
EBITDA range: 100M - 200M USD
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: sonic drive in
Acquirer: inspire brands