Inspire Brands finalizes deal to acquire Sonic, adds $12B QSR chain to Roark Capital portolio
Sonic is now part of the Roark Capital portfolio of restaurant companies with Inspire Brands finalizing its acquisition of the $2.3B deal for the quick-service drive-in chain. Inspire Brands is led by Paul Brown and Sonic will be led by Claudia San Pedro, serving as Sonic president, announced post-acquisition agreement. Cliff Hudson will be a senior advisor to Sonic until next March for transition purchases.
Maryland entrepreneurs enter next Cava chapter with Zoes acquisition finalized
Cava has completed the acquisition of Zoe's Kitchen, according to an announcement from Cava November 21. Zoe’s shareholders received $12.75 per share in the all-cash transaction. Panera Founder Ron Shaich had backed the deal, which was funded by his Act II Holdings investment... SWaN & Legend Venture Partners and Revolution Growth.
Sweetgreen receives $200M in new funding led by Fidelity Investments
Sweetgreen, a health-oriented fast-casual chain, serving creative salads and bowls built around proteins, grains and vegetables, has raised $200M in its latest raise, following a $35M raise just three years ago. This new round was led by Fidelity Investments. Sweetgreen plans to use the investment to further advance its digital platform, it announced... allow the 90-unit chain to advance its supply chain platform through the use of blockchain.
Bojangles accepts buyout offer from Durational Capital, The Jordan Company
Charlotte, N.C.-based Bojangles’ announced that it would be acquired by Durational Capital Management and The Jordan Company for $16.10 per share or about $594M... The buyout offer represents a 39-percent premium over the closing share price February 12, 2018, when there was initial speculation of a potential transaction, said the 766-unit chicken and biscuit chain.... a Bojangles’ sale culminated in a report by Reuters September 28 that the company was seeking strategic alternatives.
Starbucks taps ex-Hyatt executive to succeed Maw as chief financial officer
Starbucks has named Patrick Grismer executive vice president and chief financial officer, succeeding Scott Maw, who is retiring at the end November. Grismer will report to Kevin Johnson, Starbucks president and chief executive. Grismer brings global financial expertise from leadership roles in several large, consumer-facing companies, including Hyatt Hotels, KFC parent Yum Brands and The Walt Disney Company, spending more than 25 years as these hospitality and foodservice behemoths.
Ruth’s Hospitality posts strong Q2 sales, lower food costs, as Cheryl Henry assumes CEO post
Ruth’s Hospitality Group, the operator of the fine-dining Ruth’s Chris Steak House chain, reported Q2 2018 results, posting total revenue of $103.5 million, up 9.6 percent from last year. Company-operated stores posted comparable sales growth of 1.3 percent from last year, comprising a 0,1 percent decrease in traffic, offset by a 1.4 percent increase in average check. Net income rose to $9.6M, compared to $7.8M in the same period last year. .. The three buckets for the 2.0 remodel initiative are brand, capacity and bar changes. Those remodels that have addressed capacity are the most opportunistic remodels and have played a role in sales performance, noted Haak.
Popeyes Q2 2018 sales driven by unit growth, restaurant delivery
Restaurant Brands International (RBI), reported financial results for Popeyes for Q2 2018. RBI acquired Popeyes Louisiana Kitchen in an all-cash transaction for $1.8B in March 2017. Popeyes grew its sales to $937M, a 10.7-percent increase, compared to a 3.3-percent increase in the same period last year.
Pincho Factory promotes Jayson Tipp to CEO
PIncho Factory has named Jayson Tipp, chief executive officer, effective immediately. Pincho Factory serves Latin-inspired kebabs and hamburgers, and currently has five locations, with plans to add 10 stores in the Washington, D.C. market.