Restaurant acquirers we could document (2026-09)
| Acquirer | Owner / sponsor | HQ | Focus | Footprint (as stated) | Latest dated event (source) |
|---|---|---|---|---|---|
Restaurant Brands International (Burger King) | Public (NYSE: QSR) | Not stated | Franchised QSR (acquired its largest US franchisee) | Carrols: 1,023 Burger King and 59 Popeyes restaurants at closing | May 16, 2024: completes Carrols acquisition, plans to refranchise most units |
Flynn Group | Main Post Partners and Ontario Teachers' (existing investors, per company releases) | Not stated | Multi-brand franchisee (Applebee's, Taco Bell, Panera, Pizza Hut, Arby's, Wendy's) | Not restated here |
Read this before you answer a letter
If you own a franchised unit, the franchisor controls who can buy it and may have a right of first refusal - read your franchise agreement before you market the business. Large franchisee groups buy portfolios and units in their markets; independents mostly sell to individual operators using SBA loans, so lender-ready books matter more than buyer lists.
Platform vs add-on: what it means for price
A platform is the first company a PE firm buys in a trade or region; it is usually larger, keeps its management and is priced at a higher multiple. An add-on is a smaller company bolted onto that platform, typically at a lower multiple, because the buyer is paying for your customers, technicians and location rather than a management team.
Published ranges for restaurants:
| Deal type / size | Multiple | Source |
|---|---|---|
| Main Street restaurant sales, 2021-2025 (sold) | 1.34-2.53x SDE (average 2.15x); 0.39x revenue; median price $220,000 | |
| Multi-unit franchise portfolios (context) | Priced individually; the largest recent example, RBI buying Carrols (1,023 Burger Kings), was an all-cash deal at about $1.0B enterprise value | RBI - Burger King Company completes acquisition of Carrols Restaurant Group (May 16, 2024) |
If one of these groups contacts you
- Do not reply with numbers yet
Run your own range first with the restaurant calculator.
- Ask what kind of deal it is
Platform or add-on? How much cash at close, how much rollover equity or earn-out, and what role they expect you to play for how long.
- Check who owns the buyer
The sponsor and when it invested tell you how soon the buyer itself may be sold, which matters if you roll over equity.
- Talk to more than one buyer
A single-bidder process rarely gets the top of the range. Use our unsolicited offer guide and checklist.
Got a PE letter? Get our offer-review checklist
Twelve questions to ask before you sign anything, including the rollover and earn-out terms that change what you actually take home.
Buying restaurant businesses? Register your interest
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Spotted an error or an out-of-date sponsor? Send a correction and we will review it against the primary source. Company names are used only to identify them; we are not affiliated with any acquirer listed.
Frequently asked questions
Who is buying restaurant businesses?
We documented 2 active acquirers from primary sources, including Restaurant Brands International (Burger King), Flynn Group. The table lists each one’s owner, footprint and latest dated announcement.
Do PE-backed buyers pay more?
For larger companies, usually yes on headline multiple, but more of the price may come as rollover equity or earn-out. Compare cash at close and your required role, not only the multiple.
Can you introduce me to these buyers?
No. We are not a broker, we do not make introductions and we take no fees from buyers or sellers. See not a broker.
Sources
- Restaurant Brands International (Burger King) - primary source (accessed 2026-09-23)
- Flynn Group - primary source (accessed 2026-09-23)
- BizBuySell Valuation Benchmarks - Restaurants (accessed 2026-09-23)