The following is a summary of the major acquisitions that occurred in the food and beverage industry in 2020.


  • Date: The date the buyer acquired the target or brand, as reported in public sources.
  • Price: The price paid for the company being acquired.
  • Buyer: The company that acquired the target or brand.
  • Target: The company or brand that was acquired. For example, if Ford Motor Company acquired Audi, Ford Motor Company is the buyer, Volkswagen is the seller, and the target is Audi.
  • Location: The location of the target (i.e., the company or brand that was acquired).
  • Seller: The company that owned the target company or brand that was acquired. For example, if Volkswagen sold Audi, Volkswagen is the seller, and the target is Audi.
  • Purpose: The primary reason the buyer acquired the target or brand.
  • Details: Specific details regarding the transaction, such as the form of consideration (e.g., cash, stock, notes, etc.) and/or any contingent payments (e.g., earnouts, etc.).

Food Manufacturing – General

Mondelez International Inc. Acquired Give and Go Prepared Foods Corp (Bakery Products)

Date:April 1, 2020
Price:$1.2 Billion
Buyer:Mondelez International Inc. – An American multinational confectionery, holding, food, beverage, and snack food company headquartered in Chicago.
Target:Give and Go Prepared Foods Corp. – A leading producer of mini treats in retail in-store bakeries across North America.
Location:Toronto, Canada
Purpose:“As we continue to establish foundations in fast-growing snacking adjacencies, this is an important acquisition for our company that supports our ambition to lead the future of snacking,” said Glen Walter, Executive Vice President and President of North America for Mondelēz International. He added, “We look forward to working with the Give & Go management team as they build on their leading position in the large and fast-growing in-store bakery channel.”

Nestlé USA Acquired Freshly (Healthy Food Delivery)

Date:October 30, 2020
Price:$950 Million
Buyer:Nestlé USA – Produces and distributes nutritious food and beverage products.
Target:Freshly – A provider of fresh-prepared meal delivery services. 
Location:New York, USA 
Purpose:This move combined Nestlé’s strong understanding of how and what people eat at home and its world-class research and development skills with Freshly’s distribution network and highly specialized consumer analytics platform to promote growth opportunities within the Freshly business and across Nestlé’s portfolio.
Details:The deal valued Freshly at $950 million with potential earnouts of up to $550 million contingent to the successful expansion of the business.

B&G Foods Acquired Crisco (Oils and Shortening)

Date:December 1, 2020
Price:$550 Million
Buyer:B&G Foods, Inc. – An American branded foods holding company based in Parsippany, New Jersey.
Target:Crisco – An American brand of Oils and Shortening 
Location:New Jersey, USA
Seller:The J. M. Smucker Co. – An American manufacturer of food and beverage products.
Purpose:The divestiture aligned with Smucker’s goal to leave the U.S. baking category and focus its resources on areas such as coffee, pet food, and snacking.
Details:The transaction was subject to a customary adjustment based upon inventory at closing. B&G Foods also acquired a warehouse and manufacturing facility in Cincinnati, Ohio as part of the acquisition. 

Universal Corporation Acquired Silva International, Inc. (Fruits, Vegetables, and Herbs)

Date:October 1, 2020
Price:$170 Million
Buyer:Universal Corporation – One of the world’s leading tobacco merchants.
Target:Silva International, Inc. – A privately-held, natural, specialty dehydrated herb, vegetable, and fruit processing company.
Location:Illinois, USA
Purpose:The acquisition expands Universal’s plant-based ingredients platform and will enable Universal to offer customers a single source for vegetable and fruit ingredients solutions. 
Details:Universal funded the transaction with existing borrowing capacity and cash on hand.

Black Ridge Oil & Gas, Inc. Acquired S-FDF LLC (Frozen Fruits and Vegetables)

Date:October 7, 2020
Price:$5.9 Million
Buyer:Black Ridge Oil & Gas, Inc. – A natural gas and oil production and exploration company.
Target:Certain Assets of S-FDF LLC – Produces and sells freeze-dried fruits and vegetables to national and local retail partners and directly to consumers.
Location:Texas, USA
Purpose:Developments to advance the company’s growth included establishing a new management team, adding new board members, and moving the corporate headquarters to Irving, Texas. 
Details:As per the terms of consideration, Ira Goldfarb and Claudia Goldfarb, owners of S-FDF, received $1.12 million common shares of Black Ridge, subject to certain adjustments.

Curaleaf Holdings, Inc. Acquired Virginia’s Kitchen, LLC (Cannabis Chocolates and Gummies)

Date:July 9, 2020
Price:$3.5 Million
Buyer:Curaleaf Holdings, Inc. – A leading recreational and medical marijuana dispensary in the U.S.
Target:Virginia’s Kitchen, LLC – Produces cannabis chocolates and gummies.
Location:Colorado, USA
Details:Curaleaf was given access to Virginia’s Kitchen’s 8,400-square-foot processing facility and kitchen in Denver to further grow its line of select cannabis edibles, including gummies. 

Tillridge Global Agribusiness Partners Acquired Freshstone Brands Inc. (Food Manufacturer)

Date:May 22, 2020
Price:Undisclosed Amount
Buyer:Tillridge Global Agribusiness Partners – A private equity firm. 
Target:Freshstone Brands Inc. – A Canadian manufacturer of private label packaged prepared food products with two divisions, Keybrand Foods Inc. and Fresh Selections.
Location:Ontario, Canada
Details:The financial terms of the transaction were undisclosed.

Engage Brands Acquired Boston Market (Fast-Casual Restaurant Chain)

Date:April 29, 2020
Price:Undisclosed Amount 
Buyer:Engage Brands – A Washington, DC-based Online Brand Management Agency specializing in customer engagement and reputation management through emerging media. 
Target:Boston Market – An American fast casual restaurant chain based in Golden, Colorado, known as Boston Chicken until 1995.
Location:Colorado, USA
Seller:Sun Capital Partners – An American private equity firm specializing in leveraged buyouts.
Purpose:Boston Market CEO Eric Wyatt in a statement. “Engage Brands brings an enthusiastic, experienced, and successful ownership group to Boston Market, as well as access to resources that we need to continue to operate our business in this challenging environment.”
Details:Terms of the deal were undisclosed. Boston Market CEO, Eric Wyatt stated that the acquisition brought the necessary financial resources to the restaurant chain as it continues forward in a challenging environment. 

Halo Labs Inc. Acquired Outer Galactic Chocolates, LLC (Cannabis-Infused Chocolates)

Date:August 4, 2020
Price:Undisclosed Amount
Buyer:Halo Labs Inc. – A leading cannabis cultivation, distribution, and manufacturing company that grows, processes, and extracts quality cannabis flowers, concentrates, and oils.
Target:Outer Galactic Chocolates, LLC – Manufacturer of cannabis-infused chocolates in Mendocino, California. The company offers dark, milk, and sugar-free chocolates.
Location:California, USA
Purpose:The acquisition gave Halo a license to produce infused and edible cannabis products adjacent to the Mendo Distribution and Transportation LLC (“MDT”) facility in Ukiah, California.
Details:The Halo Shares were subject to restrictions on transfer such that the number of Halo Shares sold through any stock exchange may not exceed 10% of the total daily trading volume of all Halo common shares for the preceding trading day.

Buitoni Food Company Acquired North American Buitoni (Pasta)

Date:June 9, 2020
Price:Undisclosed Amount
Buyer:Buitoni Food Company – A leading manufacturer of refrigerated pasta, cheese, and sauces.
Target:North American Buitoni – Pasta Business of Nestlé USA Inc. 
Location:Connecticut, USA
Seller:Nestlé USA, Inc. – Produces and distributes nutritious food and beverage products.
Purpose:Henk Hartong III, Chairman and CEO of Brynwood Partners, said, “The Danville, VA facility will enable us to quickly invest in new culinary and eating trends so that we can build on the strong foundation of current Buitoni offerings. We look forward to innovating and growing the Buitoni brand as more consumers seek out high-quality meals that can be easily prepared at home.”
Details:The transaction included a 240,000-square-foot manufacturing facility in Danville, VA. The terms of the deal were undisclosed. 

Food Manufacturing – Snacks

Mars Acquired Kind North America (Healthy Snacks)

Date:November 17, 2020
Price:$5 Billion 
Buyer:Mars – An American multinational manufacturer of pet food, confectionery, and other food products, as well as a provider of animal care services, with $40 billion in annual sales in 2021.
Target:-Kind North America – A snack food company headquartered in New York City and founded in 2004 by Daniel Lubetzky.
Location:New York, USA
Purpose:Founder Daniel Lubetzky retained an ongoing financial stake and remained focused on upholding and expanding the KIND Promise to grow the health and wellness platform. 
Details:The terms of the deal were undisclosed, although The New York Times cited people familiar with the matter, reporting Kind was valued at approximately $5 billion. 

Lassonde Industries Acquired Sun-Rype (Fruit-Based Snacks)

Date:January 3, 2020
Price:$89.3 Million Canadian
Buyer:Lassonde Industries Inc. – A Canadian agri-food company founded in 1918. 
Target:Sun-Rype Products Ltd. – A Canadian fruit-based beverage and snack manufacturer along with two U.S. affiliates of The Jim Pattison Group for $89.3 million Canadian according to the satisfaction of the closing conditions.
Location:Kelowna, British Columbia
Purpose:According to Jean Gattuso, President and Chief Operating Officer, Lassonde Industries Inc., “Completion of Lassonde’s acquisition of Sun-Rype is a major milestone in the growth of our respective companies. This acquisition paves the way for the pooling of talent, expertise and competence of food industry professionals, who share common values and are joining forces to continue to serve our customers’ current and future needs.”
Details:Lassonde’s existing credit facility financed the transaction, estimated at $1.5 million.

Utz Quality Foods, LLC Acquired H.K. Anderson (Peanut Butter Pretzels)

Date:September 29, 2020
Price:$10 Million
Buyer:Utz Quality Foods, LLC – A major American snack food company headquartered in Hanover, Pennsylvania.
Target:H.K. Anderson – A brand of peanut butter filled pretzels from Conagra Brands.
Location:Nebraska, USA
Seller:Conagra Brands
Purpose:“The approximate $100 million filled segment of pretzels is ripe for innovation and growth,” said Dylan Lissette, Chief Executive Officer of Utz Brands, Inc. He added, “As we look to increase our share in the rapidly expanding salty snack category through new products and geographic growth, this type of acquisition is tailor made for the synergies and growth opportunity afforded by our platform.”
Details:The acquisition included intellectual property specific to the H.K. Anderson brand, but did not include the employees, equipment, or facilities. 

Sire Bioscience Inc. Acquired Amino Balls Inc. (Plant-Based Protein Snacks)

Date:July 22, 2020
Price:$8.8 Million Canadian
Buyer:Sire Bioscience Inc. – A mid-sized production company that uses less space and water to produce more predictable cannabis product outcomes.
Target:Amino Balls Inc. – A plant-based on-the-go snacking company representative of the thoughtful decisions savvy snackers make.
Location:Ontario, Canada 
Purpose:“We’re excited about moving this acquisition forward since the plant-based market is exploding,” said Sire CEO Brian Polla. He continued, “With the extensive channel partners we gained with the Fusion Nutrition Inc. acquisition, we’ll be able to quickly execute and scale Amino Balls real estate.”
Details:The company issued 8.8 million common shares to complete the transaction, and the payment shares were subject to a 12-month escrow provision.

Alcoholic Beverages

Diageo Acquired Ryan Reynolds-Backed Aviation Gin (Distillery)

Date:August 17, 2020
Price:£466m ($610 Million) 
Buyer:Diageo – A multinational alcoholic beverage company headquartered in London, England.
Target:Ryan Reynolds-backed Aviation GinOriginally produced in 2006 in Portland, Oregon, by founders Ryan Magarian and Christian Krogstad.
Location:Oregon, USA
Purpose:The deal happened when gin consumption was rising in the U.S. According to the Distilled Spirits Council, American distillers sold almost 10 million nine-liter cases of gin in 2019, producing $918 million in revenue, which was a 3% increase from 2018.
Details:Reynolds, the Canadian star of the Deadpool films, bought a stake in Aviation gin in February 2018 and will retain an interest in the business.

Anheuser-Busch InBev Acquired Craft Brew Alliance, Inc. (Brewery)

Date:September 30, 2020
Price:$379 Million 
Buyer:Anheuser-Busch InBev – A multinational brewing and drink company based in Leuven, Belgium.
Target:Craft Brew Alliance, Inc. – A beer brewing company originally consisting of five beer and cider brands. 
Location:Oregon, USA
Purpose:Craft Brew’s portfolio of regional breweries and lifestyle brands will help fuel the growth of the craft beer sector in the competitive U.S. beer industry.
Details:The acquisition was completed by A-B’s U.S. subsidiary, Anheuser-Busch Companies, LLC, which already retained a minority ownership position Although the shareholders approved the deal in February, the transaction had to be restructured to comply with an antitrust review by government officials over the year.

PV Brewing Partners LLC Acquired Kona Brewing Co., Inc. (Brewery)

Date:June 11, 2020
Price:$16 Million 
Buyer:PV Brewing Partners – A Delaware limited liability company with headquarters in Overland Park, Kansas. 
Target:Kona Brewing Co., Inc. – A brewery on Hawaii’s Big Island in Kailua-Kona.
Location:Hawaii, United States
Seller:Craft Brew Alliance, Inc. – A beer brewing company originally consisting of five beer and cider brands.
Purpose:The proposed settlement required conditions that enabled PV Brewing to compete, including the sale of Kona brewing facilities, a perpetual, exclusive license of the Kona brand in Hawaii, and other interests.
Details:CBA agreed to sell to PV Brewing Partners, LLC 100% of the outstanding membership interests of Kona Brewery LLC for an aggregate purchase price of $16 million in cash, of which $5 million was payable at the closing. The buyer paid the remaining $11 million upon CBA’s achievement of particular construction and production milestones concerning the new brewery.

Asahi Holdings Acquired CUB Pty Ltd (Brewery)

Date:June 2, 2020
Price:Undisclosed Amount
Buyer:Asahi Holdings – A Japanese global spirits, beer, soft drinks, and food business group based in Sumida, Tokyo.
Target:CUB Pty Ltd – Carlton & United Breweries is an Australian brewing company owned by Japanese conglomerate Asahi Breweries and headquartered in Melbourne.
Location:Melbourne, Australia
Purpose:The CUB acquisition enabled Asahi Beverages to offer consumers a broader range of great tasting beverages thanks to the addition of Australia’s most popular beer brands.
Details:CUB will continue to operate the same way, except under the auspices of Asahi Beverages in Australia.

Non-Alcoholic Beverages

PepsiCo Acquired Rockstar Energy (Energy Drinks)

Date:March 11, 2020 
Price:$3.8 Billion
Buyer:PepsiCo – An American multinational food, beverage, and snack corporation based in Harrison, New York.
Target:Rockstar Energy – An energy drink created in 2001 with a 0.3% market share of the U.S. non-alcoholic beverage market in 2020.
Location:Nevada, USA 
Purpose:Pepsi plans to continue to form partnerships with other energy drink makers.
Details:PepsiCo acquired Rockstar Energy in a $3.85 billion transaction, focusing on energy drinks to turn around its struggling Mountain Dew brand.


JBS USA Food Company Acquired Production Facilities from Empire Packaging (Food Packaging and Processing)

Date:February 18, 2020
Price:$240 Million
Buyer:JBS USA Food Company, LLC – A major global food company with operations in the United States, Canada, Mexico, Australia, Europe, New Zealand, and the UK.
Target:Ledbetter Foods brand retail products and five production facilities from Empire Packing Company, L.P. – Empire Packing is a service company in the grocery sector. Empire provides case-ready meat solutions, packaging solutions, and custom food processing services. Empire also produces Ledbetter Foods products for grocery stores nationwide.
Location:Tennessee, USA
Purpose:Andre Nogueira, chief executive officer of JBS USA, stated, “Empire is a longstanding, respected family-owned company with strong leadership and quality assets in strategic locations across the U.S. that fits well in JBS’ business model.”
Details:JBS USA will acquire all five of Empire’s production facilities located in Cincinnati and Mason, Ohio; Denver, Colorado; Memphis, Tennessee; and Olympia, Washington. The conclusion of the transaction was subject to regulatory review and government approval.

Bond Bakery Brands Limited Acquired Pace Processing and Product Development Ltd. (Bakery and Food Solutions)

Date:October 6, 2020
Price:Undisclosed Amount 
Buyer:Bond Bakery Brands Limited – A stakeholder-centric investment platform that promotes the growth of bakery companies.
Target:Pace Processing and Product Development Ltd. – Canadian bakery and food solution manufacturer specializing in cakes, pizzas, and other sweet and savory baked goods for food service and retail customers in the U.S. and Canada. 
Location:British Columbia, Canada
Purpose:“Bond will be key in accelerating the achievement of Portofino Bakery’s growth objectives,” says Matt Cimon, Co-Founder of Bond and President of Portofino Bakery.
Details:The legal advisors at Wildeboer Dellelce LLP and financial advisors at PricewaterhouseCoopers LLP in Canada, and INFOR Financial supported Bond Bakery Brands Ltd in the transaction. Stikeman Elliott LLP served as legal advisors, and Duff & Phelps Canada Ltd served as financial advisors to the selling shareholders of Pace Processing.


Uber Technologies Acquired Postmates Inc. (Online Food Delivery)

Date:December 1, 2020 
Price:$2.65 Billion 
Buyer:Uber Technologies, Inc. – Headquartered in San Francisco, provides couriers, mobility as a service, food delivery, ride-hailing, package delivery, and freight transportation.
Target:Postmates Inc. – A food delivery service founded in 2011 offering local delivery of restaurant meals and other goods.
Location:California, USA
Purpose:The transaction united Uber’s global delivery and mobility platform with Postmates’ to improve the delivery of groceries, food, essentials, and other goods. 
Details:Uber Technologies, Inc. completed the acquisition of Postmates Inc. in an all-stock transaction, and the two companies have integrated U.S. operations.

Zuul Kitchens Acquired Ontray (Online Food Ordering)

Date:January 27, 2020 
Price:Undisclosed Amount
Buyer:Zuul Kitchens – An innovative ghost kitchen providing individual kitchen spaces that enable restaurants to prepare food delivery orders.
Target:Ontray Technology – An online food ordering platform.
Location:Pennsylvania, USA
Purpose:“We have acquired key technical assets and talent from Ontray to better support our restaurant members and set them up for success,” said Zuul Kitchens CEO, and Co-Founder Corey Manicone.
Details:Zuul Kitchens has appointed Tyler Wiest, CEO and Co-Founder of Ontray, as their Chief Technology Officer in addition to acquiring the key technology assets from the company. 


Lactalis Group Acquired The Kraft Heinz’ Natural Cheese Businesses (Cheese)

Date:November 29, 2021 – A federal antitrust lawsuit delayed the agreement of September 2020. 
Price:$3.2 Billion 
Buyer:Lactalis Group – The world’s top dairy group. 
Target:The Kraft Heinz Company’s American specialty, natural, and cheese businesses, Canadian grated cheese business, and international cheese business. 
Location:Pennsylvania, USA 
Purpose:“The sale of our natural cheese portfolio is another milestone in our rapid transformation,” said Kraft Heinz CEO Miguel Patricio. He continued, “The divestiture is a great example of our agile portfolio management, and we believe it will help Kraft Heinz enhance our overall growth profile, our strategic focus, and financial flexibility.”
Details:The companies entered into a definitive agreement in September 2020, but the Justice Department interfered due to concerns that feta cheese in the U.S. Kraft Heinz’s Athenos brand and the President brand by Lactalis would make up almost two-thirds of U.S. feta cheese sales. With this acquisition, Lactalis acquired Breakstone, Cracker Barrel, Knudsen, Hoffman’s, and a perpetual license for using the Kraft brand in natural, grated, and international cheeses.


McCormick & Company Acquired Cholula (Hot Sauce)

Date:November 24, 2020
Price:$800 Million
Buyer:McCormick & Company – With more than $5 billion in annual sales in 150 countries and territories, McCormick manufactures, distributes, and markets condiments, spices, seasoning mixes, and other flavorful products for the food industry, including e-commerce, food manufacturers, grocery, and food service businesses.
Target:L. Catterton’s Cholula – A top-selling hot sauce consisting of a mixture of pequin and arbol peppers, and several regional spices.
Location:Maryland, USA
Sellers:L. Catterton – A U.S. headquartered private equity firm.
Purpose:“The acquisition of Cholula accelerates McCormick’s growth opportunities within our condiment platform and broadens our portfolio in the hot sauce category with the addition of the Cholula brand,” said Lawrence E. Kurzius, Chairman, President, and Chief Executive Officer.
Details:McCormick acquired 100% of the parent company of Cholula for $800 million on a debt and cash free basis that was subject to the customary working capital adjustments.


Hormel Foods Corporation Acquired Sadler Smokehouse (Foods and Meats)

Date:February 20, 2020
Price:$270 Million 
Buyer:Hormel Foods Corporation – Founded in 1891 in Austin, Minnesota, by George A. Hormel as the George A. Hormel & Company, it is a U.S. food processing company. 
Target:Sadler’s Smokehouse, Ltd. – A family-owned marketer and manufacturer of private-label and branded food and meat products based in Henderson, Texas.
Location:Texas, USA
Purpose:This is a very strategic acquisition for Hormel’s food service business and will give them another successful brand to expand into the retail and deli channels. 
Details:The transaction was structured as an asset sale. 


Inspire Brands Acquired Dunkin’ Brands (Doughnuts)

Date:December 15, 2020
Price:$11.3 Billion 
Buyer:Inspire Brands Inc. – An American holding company and owner and franchisor of Arby’s, Buffalo Wild Wings, Jimmy John’s, Sonic Drive-In, Rusty Taco, Dunkin’ Donuts, Mister Donut, and Baskin-Robbins restaurant chains.
Target:Dunkin’ Brands Group – An American restaurant holding company that ran three chains of fast-food restaurants, Mister Donut, Dunkin’ Donuts, and Baskin-Robbins.
Location:Massachusetts, USA
Purpose:The acquisition of Dunkin’ Brands furthers Inspire’s aspirations of creating a family of highly differentiated yet complementary brands. 
Details:Inspire Brands Inc. has completed its acquisition of Dunkin’ Brands Group for $11.3 billion or $106.50 per share. 

Yum Brands Acquired The Habit Burger Grill (Charbroiled Hamburgers)

Date:March 18, 2020 
Price:$375 Million
Buyer:Yum! Brands, Inc. – An American fast food corporation on the Fortune 1000 list, Yum! Brands was formerly Tricon Global Restaurants, Inc.
Target:The Habit Restaurants, Inc. – A fast-casual restaurant chain in the U.S. that specializes in charbroiled hamburgers and other fast-casual foods.
Location:California, USA
Purpose:This transaction marked the addition of the first fast-casual concept to Yum! Brands’ iconic global restaurant portfolio.
Details:Yum! Brands acquired all the outstanding and issued common shares of The Habit Burger Grill for $14 per share in cash or about $375 million. Yum! Brands funded the transaction using available borrowing capacity under its credit facilities and cash on hand.

ICV Partners Acquired Diversified Restaurant Holdings (Buffalo Wings)

Date:March 12, 2020 
Price:$130 Million 
Buyer:ICV Partners, LLC – A leading investment firm focused on lower middle market companies.
Target:Diversified Restaurant Holdings, Inc. – One of the largest franchisees for wild buffalo wings with 64 sports bars across five states. 
Location:Michigan, United States
Purpose:Kent Ward, Chief Executive Officer of JK&T, said, “This new partnership with ICV is an exciting move, as they have extensive experience in building and growing the companies in which they invest. ICV’s ownership brings additional resources and skills to enable us to grow the BWW brand and help enhance the customer experience.”
Details:ICV acquired Diversified Restaurant Holdings in an all-cash transaction of approximately $130 million, including transaction expenses and outstanding indebtedness.

OPES Acquisition Corp. Acquired BurgerFi (Hamburgers)

Date:December 17, 2020
Price:$100 Million
Buyer:OPES Acquisition Corp. – A special-purpose acquisition company based in Miami to effect asset acquisitions, mergers, stock purchases, and other similar transactions with entities and businesses.
Target:BurgerFi International, LLC – One of America’s fastest-growing better burger concepts.
Location:Florida, USA
Purpose:“BurgerFi’s position within the rapidly expanding ‘better-burger’ space combined with its technology-driven business model and highly-scalable structure makes it poised for significant shareholder value creation,” said Ophir Sternberg, Chairman & CEO of OPES.
Details:Due to the business combination, OPES has changed its name to BurgerFi International, Inc. Its common stock now trades on the Nasdaq Capital Market under the ticker symbol “BFI,” and the warrants will trade under the ticker symbol “BFIIW.”

Fortress Investment Acquired Krystal (Fast Food Chain)

Date:May 22, 2020
Price:$48 Million
Buyer:Fortress Investment Group – An American investment management firm headquartered in New York City. Fortress was founded in 1998 as a private equity firm by Randal Nardone, Wes Edens, and Rob Kauffman.
Target:Krystal – A regional fast food restaurant chain based in Dunwoody, Georgia, with restaurants in the Southeastern U.S.
Location:Georgia, USA
Purpose:According to a Fortress lawyer, the firm will elevate Krystal through menu improvements, marketing, franchising, and capital investments.
Details:According to QSR magazine, after the chain filed for bankruptcy in January, Fortress purchased Krystal for $48 million in a transaction that included the assumption of up to $21.5 million in liabilities and a $27 million credit bid.

Landry’s Acquired The Palm Restaurant (Fine Dining Restaurants)

Date:March 12, 2020
Price:$45 Million
Buyer:Landry’s Inc. – An American, privately owned, multi-brand dining, hospitality, entertainment, and gaming corporation headquartered in Houston, Texas.
Target:Palm Restaurant Steakhouses – An international chain of fine-dining steakhouses started in 1926. Location: Georgia; USA
Location:Georgia, USA
Purpose:“The Palm is one of the storied restaurant brands of America with iconic locations coast-to-coast. We are excited for them to join our family,” said James Kramer, vice president of beverage operations for Landry’s.
Details:Landry’s acquired all Palm locations in U.S. major cities, which included 18 Restaurant Award winners.

FAT Brands Acquired Johnny Rockets (Restaurant Franchise)

Date:September 23, 2020
Price:$25 Million
Buyer:FAT Brands – An American multi-brand restaurant operation based in Beverly Hills, California.
Target:Johnny Rockets – An American restaurant franchise with themed decor to reflect the styles of 1950s diner-style restaurants.
Location:California, USA
Purpose:With the acquisition of Johnny Rockets, FAT Brands franchises more than 700 restaurants around the globe in more than 30 countries with annual system-wide sales exceeding $700 million.
Details:The transaction was funded with proceeds from an increase in the company’s securitization facility. 

Congruent Investment Partners and Main Street Capital Acquired BarFly Ventures HopCat (Restaurant)

Date:October 28, 2020
Price:$17.5 Million
Buyer:Congruent Investment Partners and Main Street Capital – A private investment firm focusing mainly on debt and equity investments in the lower middle market.
Target:BarFly Ventures HopCat – BarFly is the parent company of Stella’s Lounge, HopCat, and Grand Rapids Brewing Company
Location:Michigan, USA
Purpose:Longtime investors Congruent Investment and Main Street Capital formed a new operating company, Project BarFly LLC, upon acquisition of the brands.
Details:After filing for Chapter 11 bankruptcy in June as a result of COVID-19 pandemic-related challenges, Grand Rapids, Michigan-based BarFly Ventures LLC sold its assets, including craft beer bar/restaurant HopCat, Stella’s Lounge, and Grand Rapids Brewing Co. to Congruent Investment Partners and Main Street Capital for $17.5 million.

Thompson Hospitality Acquired Matchbox (Casual-Dining Operator)

Date:November 17, 2020
Price:$14 Million
Buyer:Thompson Hospitality – One of the country’s largest retail and facilities management food companies, as well as the biggest minority-owned food service.
Target:Matchbox – A casual space offering American comfort food and breakfast all day.
Location:Washington, D.C., USA
Purpose:“Never before have we experienced such trying times in the restaurant industry, and the fact that this brand will continue to live on is one bright spot during these unprecedented times,” Thompson said.
Details:Thompson Hospitality acquired Matchbox Food Group LLC as the casual-dining chain emerged from bankruptcy protection. Thompson Hospitality, which invested $11 million in Matchbox Food Group two years ago, agreed to buy the brand out of bankruptcy for $14 million.

BBQ Holdings Acquired Granite City Food & Brewery (Restaurant)

Date:May 11, 2022
Price:$3.7 Million
Buyer:BBQ Holdings, Inc. – A U.S. company that owns and operates fast dining and casual restaurants.
Target:Granite City Food & Brewery – A casual American restaurant that features fresh, high-quality menu items using made-from-scratch recipes.
Location:Minnesota, USA
Purpose:Jeff Crivello, Chief Executive Officer of BBQ Holdings, said, “We intend to leverage and utilize much of our infrastructure in an effort to absorb this iconic brand to ensure an accretive transaction.
Details:The acquisition immediately went into effect for 18 restaurants in Iowas, Minnesota, Nebraska, Illinois, Montana, Indiana, Tennessee, Michigan, South Dakota, and North Dakota.

Aurify Brands LLC Acquired Le Pain Quotidien (Pastries, Salads, and Beverages)

Date:November 2, 2020
Price:$3 Million
Buyer:Aurify Brands – A seasoned hospitality company with top brands, including Le Pain Quotidien, The Melt Shop, The Little Beet, Fields Good Chicken, and The Little Beet Table.
Target:Le Pain Quotidien – An international chain of bakery restaurants that offer bread, baked goods, salads, sandwiches, tartines, and beverages.
Location:London, UK
Purpose:“We are big believers in New York City and are thrilled to add these strong locations in this key market to our LPQ portfolio,” said John Rigos, Co-CEO of Aurify Brands.
Details:The transaction was completed via a sale process in the Chapter 11 cases of specific Maison Kayser entities. Aurify Brands served as the lead bidder after the chain closed its operations, mainly because of the COVID-19 pandemic.

Chopt Acquired Dos Toros Taqueria (Burrito Spots)

Date:January 2020
Price:Undisclosed Amount
Buyer:The Chopt Creative Salad Co. – An chain of fast-casual restaurants in Washington, D.C., New York City, Maryland, New Jersey, Connecticut, Virginia, Georgia, North Carolina, and Tennessee.
Target:Dos Toros Taqueria – A counter-serve chain of California-style burrito spots that offers Mexican food and beer.
Location:New York, USA
Purpose:Chopt and Dos Toros have been combined into Founders Table Restaurant Group, a new holding company, backed by Catterton, a major investor in Chopt led by Chopt CEO Nick Marsh.
Details:The private-equity firm, L Catterton, financed the transaction. The acquisition price and other terms were undisclosed.

Earl Enterprises Acquired Bravo Cucina Italian and Brio Tuscan Grille (Restaurants)

Date:June, 2020
Price:Undisclosed Amount
Buyer:Earl Enterprises – A growing leader in entertainment, tourism, leisure, hotel, and restaurant consultant services.
Target:Bravo Cucina Italian and Brio Tuscan Grille – Brio specializes in Northern Italian cuisine, including pizza, bruschetta, pasta, seafood, steaks, soup, and salad. Bravo! Restaurants have a Roman ruin-style décor and an open, Italian-style kitchen focusing primarily on pasta and pizza.
Location:Virginia, USA
Purpose:“We’re very excited about adding these restaurants to our group and look forward to not only investing in the future of Brio and Bravo but also the employees who are the backbone of these two restaurants,” Earl said in a statement.
Details:The financial terms of the transaction were undisclosed.

Levine Leichtman Capital Partners Acquired Tropical Smoothie Cafe (Fast-Casual Cafes)

Date:September 8, 2020
Price:Undisclosed Amount
Buyer:Levine Leichtman Capital Partners – A Los Angeles-based private equity firm.
Target:Tropical Smoothie Cafe, LLC – A top franchisor of fast-casual cafes with more than 870 units in 44 states.
Location:Georgia, USA
Purpose:LLCP managing partner Matthew Frankel said, “We look forward to working with Tropical Smoothies as they continue to increase system-wide sales, improve franchisee unit economics, and expand unit count in the significant remaining whitespace.”
Details:The private equity firm made the acquisition through Levine Leichtman Capital Partners VI LP, its fifth investment out of that fund.

Quality Restaurant Group Acquired 62 Sonic Drive-In Restaurants (Drive-In Restaurants)

Date:October 1, 2020
Price:Undisclosed Amount
Buyer:Quality Restaurant Group LLC – A multi-concept franchise operator based in Greensboro, N.C.
Target:62 Sonic Drive-In Restaurants in Florida and Alabama – Owned by Inspire Brands, the parent company of Buffalo Wild Wings and Arby’s, a drive-in fast food restaurant chain.
Location:Alabama and Florida
Purpose:“Since founding Quality Restaurant Group a few years ago, we have watched and admired Sonic, a company we consider to be a gold standard in the quick-service restaurant category,” said Matt Slaine, CEO of Quality Restaurant Group and GenRock Operating Partner.
Details:The acquired restaurants are operated by Quality Drive-In, a recent division of the group.

Pandya Acquired Corner Bakery Cafe (Bakery)

Date:October 29, 2020
Price:Undisclosed Amount
Buyer:Pandya Restaurant Growth Brands LLC – A restaurant operator and subsidiary of the Rohan Group of Companies.
Target:Corner Bakery Cafe – A chain of cafes in the U.S. that specializes in breads, pastries, breakfast dishes, salads, gourmet sandwiches, homemade soups, and pasta.
Seller:Roark Capital Group – A private equity firm in America that manages over $33 billion in assets.
Purpose:Pandya jumped at the opportunity to form a strategic alliance between Boston Market and Corner Bakery, stating, “Our acquisition of Corner Bakery aligns with what we believe families are seeking — high-quality kitchen-crafted food and good, consistent customer service.”
Details:The exact terms of the deal were undisclosed.

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