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QDOBA Completes Whole Business Securitization, Providing Additional Liquidity to Supercharge Growth
QDOBA Restaurant Corporation (“QDOBA”), the leading fast-casual Mexican restaurant franchisor and portfolio company of Butterfly Equity (“Butterfly”), today announced the closing of its inaugural $305 million whole business securitization through Qdoba Funding LLC.
The transaction optimizes QDOBA’s capital structure for ongoing growth and provides meaningful interest expense savings. Proceeds from the transaction will be used primarily to refinance QDOBA’s existing senior debt facilities and provide liquidity to invest meaningfully in general corporate initiatives, such as remodeling more than 80 corporate restaurants and adding digital menu boards to...
McDonald's to Acquire Carlyle's Stake in McDonald's China
McDonald's Corporation (NYSE: MCD) and global investment firm Carlyle (NASDAQ: CG) today announced that McDonald's has agreed to acquire Carlyle's minority ownership stake in the strategic partnership that operates and manages McDonald's business in mainland China, Hong Kong and Macau.
The CITIC Consortium, mainly through its equity affiliate CITIC Capital, will maintain its controlling ownership stake. Upon completion of the transaction, the CITIC Consortium will continue to own 52%, and McDonald's will remain a minority partner while increasing its stake from 20% to 48% ownership...
Wonder Announces Closing of Blue Apron Acquisition to Enhance its Leading Platform for Mealtime
Wonder Group, a company founded by entrepreneur Marc Lore that is redefining at-home dining and food delivery, today will close its previously announced acquisition of Blue Apron (Nasdaq: APRN), the pioneer of the meal kit industry in the United States.
The acquisition will further enhance Wonder’s creation of the super app for mealtime, serving a broad range of dining occasions that feature cuisines from some of the world’s best chefs and restaurants.
Having pioneered a new category of “Fast Fine” dining through its collection of...
Authentic Restaurant Brands Completes Acquisition of Fiesta Restaurant Group
Authentic Restaurant Brands (“ARB”), a portfolio company of Garnett Station Partners, LLC (“Garnett Station” or “GSP”), a New York-based principal investment firm, today announced the completion of its previously announced acquisition of Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical® restaurant brand.
“Our distinct vision for Pollo Tropical is to amplify the fundamental aspects of the brand that customers love and expand its capabilities to deliver high-quality, affordable food in a casual setting,” said Alex Macedo, Chairman of Authentic Restaurant...
Cal-Maine Foods, Inc. to Acquire Egg Production Assets of Fassio Egg Farms, Inc.
Cal-Maine Foods, Inc. (NASDAQ: CALM) (“Cal-Maine Foods” or the “Company”), the largest producer and distributor of fresh shell eggs in the United States, today announced a definitive agreement to acquire substantially all the assets of Fassio Egg Farms, Inc. (“Fassio”), related to its commercial shell egg production and processing business. The assets to be acquired, subject to the completion of this transaction, include commercial shell egg production and processing facilities with current capacity of approximately 1.2 million laying hens, primarily cage-free, feed mill...
Eataly Appoints New CEO North America
Eataly (‘the Group’), the international Italian restaurant and retail group, today announces the appointment of Tommaso Brusò as the new CEO of North America with effect from 2 October 2023.
Tommaso Brusò joins from Colourful Standard (part of RTG Group), the sustainable essentials clothing brand, where he was Group CEO. He was previously global COO for Benetton Group, where he spent a significant period of time in the US. Prior to that, he was CEO of Diesel North America from 2013-2017, CEO of Furla Americas from 2008-2013...
FAT Brands Announces Acquisition of Smokey Bones Barbecue Chain
FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today announces it has acquired the Smokey Bones Bar & Fire Grill restaurant chain from an affiliate of Sun Capital Partners, Inc. The acquisition marks the Company’s first foray into barbecue and expands FAT Brands’ portfolio of polished dining chains, which currently includes Twin Peaks. The purchase is expected to increase annual adjusted EBITDA by approximately $10 million, and bring 61 new corporate locations under FAT Brands’ umbrella. The $30 million transaction was funded from the Company’s...
Minerva Foods' Acquisition of Marfrig's Plants to Expand its Capacity by About 44%
Minerva Food’s acquisition of most of Marfrig’s cattle slaughtering and deboning plants in South America will expand its capacity by about 44%, according to the company. Prior to the $1.54 billion deal, which was announced Monday, Minerva Foods could process 29,540 head of cattle per day.
After Brazilian meatpacker Marfrig sold 16 of its slaughtering plants to its rival Minerva, Minerva's cattle slaughtering and deboning capacity swelled to 42,439 head per day. This will result in an excess of Brazilian real (BRL) 50 billion to the company's current...
ALDI to Acquire Winn-Dixie and Harveys Supermarket to Continue Growth in the Southeast
ALDI today announced it has entered into a definitive agreement to acquire Winn-Dixie and Harveys Supermarket as part of a larger divestiture of Southeastern Grocers to various entities. The acquisition continues the growth of ALDI, expanding its ability to serve the region with great products at the lowest possible prices.
"Like ALDI, Winn-Dixie and Harveys Supermarket have long histories and many loyal customers in the Southeast and we look forward to serving them in the years to come," said Jason Hart, CEO, ALDI. "The...
Fogo de Chão to be Acquired by Bain Capital Private Equity from Rhône Capital
Fogo de Chão (“Fogo”), the internationally renowned restaurant brand from Brazil, today announced that it has entered into a definitive agreement to be acquired by Bain Capital Private Equity (“Bain Capital”) to accelerate its growth and expansion. Fogo will continue to operate under its current management team, led by Chief Executive Officer Barry McGowan. Funds affiliated with Rhône Capital (together with certain of their affiliates, “Rhône”) have owned Fogo since taking the company private in 2018. Financial terms of the private purchase were not disclosed...
Mars Completes Acquisition of Nutritious Meal Company Kevin’s Natural Foods
Today Mars, Incorporated, a family-owned, global leader in confectionery, food, and pet care products and services, announced the successful completion of its acquisition of Kevin’s Natural Foods, a high-growth, nutritious meal company. Kevin’s Natural Foods joins the Mars Food & Nutrition segment, complementing its portfolio of leading food brands and recent product innovations. Kevin’s will play a key role in Mars Food & Nutrition’s ongoing journey to enable delicious, healthier eating to be part of consumers’ daily lives, while Mars will help Kevin’s to continue to grow...
BAADER Acquires Majority Stake in Food Processing Software Company
Food processing machinery giant BAADER has acquired a majority stake in EMYDEX Technology, a company involved in software solutions in the same sector.
Specifically, EMYDEX creates scalable Manufacturing Execution System (MES) software for the food processing sector.
“Combining the strengths of both companies will mean enhanced digital capabilities for BAADER and accelerated growth and market reach for EMYDEX,” BAADER said in a press release.
Petra Baader, CEO of BAADER Global SE, expressed her delight at the successful acquisition, stating, "This significant step promises to enhance our portfolio offerings...
National Convenience Distributors Announces Acquisition of Colonial Wholesale Distributing, Inc.
National Convenience Distributors (“NCD”), the 4th largest wholesale distributor to the convenience industry, today announced the acquisition of Colonial Wholesale Distributing, Inc., one of the Southeast region's largest full-line wholesale distributors to the convenience and grocery store industries. Financial terms were not disclosed.
Colonial Distributing, founded in 1998 and located in Tampa, Florida, will join NCD as a newly created division and expand NCD’s geographical reach along the east coast from Maine to Florida. National Convenience Distributors now services thirteen (13) states...
Imperial Dade Acquires Atlantis Packaging, Adds Scale in Southern California
Imperial Dade, a leading distributor of foodservice packaging supplies and janitorial supplies, today announced the acquisition of Atlantis Packaging (“Atlantis” or the “Company”). The transaction represents the 67th acquisition for Imperial Dade under the leadership of Robert and Jason Tillis, Chairman and CEO of Imperial Dade, respectively. Financial terms of the private transaction were not disclosed.
Owned and operated by Eric Rodriguez, Atlantis Packaging is a premier distributor of industrial products throughout Southern California and the United States. Eric’s father founded the business over 50-years ago and the Company...
MamaMancini’s Acquires Remaining Interest in Chef Inspirational Foods
MamaMancini's Holdings, Inc., a leading national marketer and manufacturer of fresh Deli prepared foods, today announced that it has purchased the remaining 76% interest in Chef Inspirational Foods, Inc. (“CIF”), a deli prepared food sales agent, following up on the June 2022 acquisition of a 24% minority interest in CIF.
The remaining 76% interest in CIF was purchased for $3.65 million at an implied enterprise value of $4.8 million. $2.15 million of the purchase price is payable in cash in two tranches, one due immediately...
Sysco-owned FreshPoint Acquires BIX Produce
Sysco’s specialty produce company FreshPoint has acquired fellow produce firm BIX Produce.
BIX serves as a produce specialty and fresh-cut distributor based in Minnesota. The company was founded in 1930 and boasts a broad range of restaurant and other foodservice customers in Minnesota, Wisconsin, the Dakotas, Illinois and Iowa.
FreshPoint will retain all BIX Produce colleagues and the current management team will remain in place.
Sysco noted that the acquisition provides a strategic opportunity for FreshPoint to:
- Expand its geographic footprint in an area of the country where it does not currently...
Vertical Cold Storage Closes MWCold Acquisition
Vertical Cold Storage, a developer and operator of temperature-controlled distribution centers sponsored by real estate investment firm Platform Ventures, finalized the purchase of MWCold, operator of two strategically located temperature-controlled warehouse facilities in central Indiana. Terms of the deal were not disclosed.
“We are excited to welcome the MWCold team to Vertical Cold and provide them with the opportunity to continue to grow personally and professionally as we serve our customers by embracing the unique complexities of the temperature-controlled supply chain. We are a team of cold storage veterans focused on...
Darden Restaurants Completes Acquisition of Ruth's Hospitality Group
Darden Restaurants, Inc., announced today that it has completed its acquisition of Ruth's Hospitality Group, Inc. ("Ruth's"). The Ruth's Chris Steak House brand now joins and complements Darden's portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Cheddar's Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V's and Bahama Breeze.
Ruth's Chris features signature USDA Prime steaks served sizzling on 500-degree plates, New Orleans-inspired sides and an award-winning wine list. Ruth's Chris has 155 locations around the globe, including 81 company-owned or company-operated restaurants...
Ben E. Keith Foods Announces Acquisition of Orrell's Food Service
Ben E. Keith Foods proudly announces the purchase of Orrell's Food Service, Inc. The acquisition, includes all assets of Orrell's Food Service - - including the 106,000 square foot distribution center in Linwood, NC, as well as JEM Foods, Inc., a meat processing plant, also located in Linwood. This acquisition will create the tenth division of Ben E. Keith Foods across 19 states.
"The acquisition of Orrell's allows Ben E. Keith Foods to continue its expansion into North Carolina, serve new and existing customers, and provide additional opportunity for our employees...
STX Beef Co. Announces Purchase of Missouri Prime Beef Packers, LLC
Today, STX Beef Company, LLC (STX) announced the purchase of Missouri Prime Beef Packers. STX will take over operatorship immediately.
Missouri Prime Beef Packers is located approximately 20 miles north of Springfield in Pleasant Hope, Missouri. The plant, which sits on 256 acres, currently processes approximately 750 head of cattle per day in its 88,000 square foot facility.
"STX prides itself on taking care of our customers while offering customized solutions, and developing long-lasting commercial relationships," Terry Maul, STX Beef Company CEO said. "Missouri is...
Darden Restaurants Acquires Ruth's Hospitality Group for Over $700 Million
Darden Restaurants, the parent company of Olive Garden and LongHorn Steakhouse, has entered into a merger agreement with Ruth’s Hospitality Group.
The deal will see Darden acquire all the outstanding shares of Ruth’s for $21.50 per share in a fully-cash transaction with an equity value of approximately $715 million.
Darden said Ruth’s Hospitality Group, which owns and operates Ruth’s Chris Steak House, “will complement Darden's portfolio of differentiated brands which currently includes Olive Garden, LongHorn Steakhouse, Yard House...
Garnett Station Partners Acquires and Recapitalizes Firebirds Wood Fired Grill
Garnett Station Partners, LLC (“Garnett Station”), a New York-based principal investment firm that manages ~$2 billion of assets, today announced that it has acquired and recapitalized Firebirds Wood Fired Grill (“Firebirds” or the “Company”), a leading polished-casual dining chain. Financial terms were not disclosed.
Founded in 2000 in Charlotte, North Carolina, Firebirds has grown to 56 locations across 20 states, offering guests a unique dining experience and bold menu offerings featuring its signature wood-burning grill and award-winning FIREBAR®. Firebirds has a long history...
IRI and NPD Rebrand as Circana, the Leading Advisor on the Complexity of Consumer Behavior
Following their merger in August 2022, Information Resources, Inc. ("IRI") and The NPD Group ("NPD") today unveiled a new combined company name and brand identity: Circana.
Circana™ is the leading advisor on the complexity of consumer behavior. Through unparalleled technology, advanced analytics, cross-industry data and deep expertise, Circana provides clarity that helps clients take action and unlock business growth.
“We are proud to begin this new chapter together as Circana, a name that conveys our 360-degree, full-circle...
Miami Beef Announces Two Add-On Acquisitions
Miami Beef Company Inc. (“Miami Beef” or the “Company”), a portfolio company of Trivest Partners, LP (“Trivest”), announces the acquisition of Brooklyn Burger and Devault Foods.
Brooklyn Burger is a frozen burger brand primarily serving grocery and retail customers across the United States. Brooklyn Burger’s products include Original Steakhouse Burgers, Wagyu Beef Burgers, Premium Blend Burgers and All Natural Angus Steakhouse Burgers.
Since 1949, Devault Foods has been a leading supplier of burgers, meatballs, and steaks to restaurants across the Northeast and Midwest. Devault expands Miami Beef’s presence in foodservice through one...
MPS Egg Farms Expands to Southeast U.S. with Acquisition of Country Charm
Two multi-generation egg producers with a shared focus on excellence in customer relationships are now one, as MPS Egg Farms (MPS) of North Manchester, Ind., today announced the acquisition of Country Charm Eggs (Country Charm) of Gillsville, Ga. This is MPS’s first expansion into the southeast United States.
MPS, a sixth-generation family egg producer now under the leadership of co-CEOs and brothers Sam Krouse and Dan Krouse, has been deliberate in its work to expand the business through acquisition and development. The purchase of Country...
Tyson Foods Signs Agreement to Acquire Williams Sausage Company
Tyson Foods, Inc. (NYSE: TSN) has signed an agreement to acquire Williams Sausage Company, Inc. of Union City, Tenn., both companies announced today.
Williams Sausage Company employs approximately 500 team members and provides fresh and fully cooked sausage, bacon, and sandwiches to retail and foodservice customers.
“The addition of Williams Sausage Company aligns with our strategic intent of expanding our capacity to serve our customers,” said Stewart Glendinning, Group President, Prepared Foods for Tyson Foods. “We also look forward to welcoming Williams’ dedicated team members to the Tyson Foods family...
Mintec and Urner Barry combine to create a market leading Price Reporting Agency and Data Provider
The combined company will be a global market leader focused on the Agri/Food and FMCG end-markets, offering a set of proprietary data including benchmark prices, price forecasts, cost modelling and market insights, delivered through an innovative SaaS platform.
Mintec, the leading global provider of price data, analytics, and forecasts for agri-food, today announced the acquisition of AgriBriefing, which includes the brands Urner Barry, Strategie Grains, FeedInfo and Tropical Research Services. Building on previous acquisitions by Mintec – Kairos Commodities and CommoPrices – this establishes the combined company as the largest agri-food-focused PRA and global information provider with a unique portfolio of feed-to-food commodity prices, forecasts, cost modeling tools and fundamental market data, serving over 5,000 customers in 50 countries.
Heritage Capital Group Advises St. Johns Food Service on Sale
Heritage Capital Group, Inc., an investment banking and financial advisory firm serving middle-market and emerging growth companies in the U.S. and worldwide, is pleased to announce that its client, St. Johns Food Service, has been acquired by an investor group led by the owners of Alhambra Theater and Dining.
St. Johns Food Service was founded in 1949 by a local veterinarian, Dr. Ronald F. Jackson, who rented frozen locker space to local restaurants. Dr. Jackson saw the need for food service products, and began adding product lines...
SpartanNash Acquires Great Lakes Foods
Food solutions company SpartanNash (the “Company”) (Nasdaq: SPTN) announced that it has acquired Great Lakes Foods, an independent grocery wholesaler, including its 300,000-square-foot distribution center in Menominee, Mich. The warehouse serves approximately 100 independent grocery customers across the Midwest and employs 125 Associates. SpartanNash will continue to employ the Great Lakes Foods team while investing in capital and IT updates to the facility and expanding service offerings to customers.
“This acquisition represents SpartanNash’s ongoing commitment to optimize our supply chain network, drive growth through geographic expansion, and serve our customers more efficiently,” said...
Albertsons Companies Provides Updates on Legal Proceedings Surrounding Special Dividend
Albertsons Companies, Inc. (NYSE: ACI) (“Albertsons Cos.” or “the Company”) announced that on December 19, 2022, the State of Washington Supreme Court set a date for the review of the temporary restraining order (“TRO”) against the Company’s previously announced $6.85 per common share Special Dividend (the “Special Dividend”). The Washington Supreme Court, sitting en banc, will review the appeal of the Attorney General of the State of Washington on February 9, 2023. The TRO will remain in effect until there is a further order...
Albertsons Companies Issues Statement Regarding Washington Supreme Court’s Decision
Albertsons Companies, Inc. (NYSE: ACI) (“Albertsons Cos.” or “the Company”) today announced that the State of Washington Supreme Court has continued the temporary restraining order (“TRO”) against the Company’s previously announced $6.85 per common share Special Dividend (the “Special Dividend”) while the Washington Supreme Court considers if it will hear the state’s appeal. The TRO will remain in effect until there is a further order issued by the Court.
Albertsons Cos. has filed a motion to expedite the Washington Supreme Court’s review.
Albertsons Cos. continues to believe...
Bojangles Signs Development Agreement to Expand Atlanta Footprint with Top Music Executives
Bojangles, one of the nation’s leading restaurant franchises famous for its chicken, biscuits and tea, announced today it has signed a franchise development agreement with Melanbo, a franchise group partly owned by prestigious music executives, Mel Carter and Kevin “Coach K” Lee. Carter and his ownership group will develop 14 new locations in Greater Atlanta, building upon their acquisition of 18 existing Bojangles restaurants in Georgia, North Carolina, and South Carolina. The acquisition and size of the multi-unit development agreement makes Melanbo the largest Black controlled franchisee...
ANALYSIS: Turkey Cold Storage: Less Than What Meets the Eye
PODCAST: Episode 2 of Agri-Food for Thought Now Available!
Urner Barry’s Market Briefing Provides Insights on Commodity Protein Markets
ANALYSIS: A Turkey Production Puzzle
ANALYSIS: Strong Retail Demand, Bird Flu Outbreak Send Egg Prices Soaring to Seven-Month Highs