Restaurants & Hospitality Acquisitions in United States

Lee's Famous Recipe Chicken franchisee Jack Omer acquired five existing Lee's restaurants across Indiana, expanding his multi-unit presence in the system. The acquired locations (including sites in Connersville, Muncie, and Richmond) are planned for remodels to align with current brand standards and support continued local growth.

Wonder acquired Blue Ribbon Fried Chicken from Blue Ribbon Restaurants, taking full ownership of the New York City-based fast-casual fried chicken concept. The deal includes the Blue Ribbon Fried Chicken brand, its Manhattan (East Village) restaurant location, and existing employees, with operations continuing as usual. Wonder plans to scale the concept across its mealtime platform, including introducing it at a Wonder location in New York City in 2026 and expanding thereafter.

4x4 Capital announced the acquisition of Bob Evans Restaurants, LLC from Golden Gate Capital. The deal is intended to support and accelerate Bob Evans’ long-term growth, with CEO Mickey Mills continuing to lead the business.

Exclusive Investments, LLC, affiliated with The Exclusive Collective, completed the all-cash acquisition of Inspirato Incorporated, taking the luxury travel subscription company private. Exclusive Investments acquired all outstanding Inspirato Class A common shares for $4.27 per share, valuing Inspirato at approximately $59 million (fully diluted), and Inspirato’s stock will no longer trade on Nasdaq.

Crestview Partners has completed the acquisition of Tailwind Hospitality Inc., an airport concessions operator providing food, beverage and retail offerings in non-hub and regional airports, from Palladin Consumer Retail Partners. Crestview is investing alongside AltitudeX Aviation Group and members of Tailwind’s existing management team, with CEO Jeff Switzer continuing to lead the company. Financial terms were not disclosed.

OneRyan Global LLC, the family office of G. Brint Ryan, acquired a controlling interest in Mr Gatti's Pizza, a Texas-born pizza and family entertainment brand headquartered in Fort Worth. The transaction builds on OneRyan’s prior ownership of Mr Gatti’s locations in Austin (South Park Meadows) and Big Spring, Texas; deal terms were not disclosed. Following the acquisition, G. Brint Ryan and Amanda S. Ryan will join the Board of Managers as Chairman and Vice Chairwoman, respectively, with the existing leadership team remaining in place.

Wonder, the parent company of Grubhub, acquired Claim, a restaurant rewards app offering automatic cash-back incentives for dine-in and pickup orders. The deal will expand Grubhub merchants’ access to Claim’s guest marketing, acquisition, and retention tools, with initial availability in New York City and a nationwide rollout planned for later in 2026. Financial terms were not disclosed, and Claim’s team members were extended offers to join Grubhub.

Denny's Corporation (NASDAQ: DENN), owner and operator of the Denny's and Keke's restaurant brands, completed its acquisition by TriArtisan Capital Advisors, Treville Capital Group, and Yadav Enterprises. Denny's stockholders received $6.25 per share in cash and the company’s shares will cease trading on Nasdaq following closing. The new ownership group plans to provide additional flexibility and resources to invest in the brands, support franchisees, and accelerate growth initiatives.

Kasa entered into a strategic combination with Mint House, adding Mint House’s portfolio of nearly 1,000 residential hospitality units to Kasa’s platform. Mint House properties in major U.S. markets (including its flagship 70 Pine location in Lower Manhattan) will be integrated into Kasa’s network to expand scale and improve operating efficiency across commercial and guest operations.

Resident, a chef-driven culinary and hospitality experiences platform, acquired BLACE, a space and vendor booking platform operating in New York City and Los Angeles. The combination expands Resident’s enterprise offering by adding BLACE’s large-format venue portfolio, enabling events ranging from small private dinners to large brand activations and conferences across both coasts.

Arrivia, a global travel loyalty and technology company, announced the acquisition of Bon Voyage Travel, a luxury-focused travel agency specializing in premium and luxury cruise advisory. Bon Voyage Travel will continue operating under its existing brand, with President Ryan Hansen remaining in his role and founder Peter Evans staying involved in an advisory capacity; financial terms were not disclosed.

Topgolf Callaway Brands completed the sale of a 60% stake in its Topgolf and Toptracer businesses to private equity funds managed by Leonard Green & Partners, effective January 1, 2026. The transaction values Topgolf at approximately $1.1 billion and generated about $800 million of net cash proceeds for Topgolf Callaway, which retained a 40% ownership stake.

Jack Omer, a third-generation Lee's Famous Recipe Chicken legacy operator, acquired the Lee's Famous Recipe Chicken restaurant in New Castle, Indiana. The location was purchased from longtime franchisee Mike Fort, and Omer also signed a development agreement to open six additional Lee’s locations in the greater Indianapolis area over the next five years.

StayTerra, a vacation rental management platform backed by Garnett Station Partners and Bessemer Venture Partners, announced an investment in Cape & Coast Premier Properties. Cape & Coast is a luxury vacation rentals management company headquartered in Cape San Blas, Florida, and will gain access to additional capital, technology, and operational support through the StayTerra platform.

Wedgewood Weddings & Events acquired five Atlanta-area wedding venues from Magic Moments—Primrose Cottage, Flint Hill, The Atrium, Vinewood Stables, and Natalie House (formerly Little Gardens)—expanding its footprint into the Atlanta market. The company also integrated Norcross, Georgia-based design studio A Divine Event to provide floral and décor services across the newly acquired Georgia venues.

Pickleball Kingdom acquired The Pickle Jar, an established indoor pickleball club in Hillsborough Township, New Jersey. The eight-court facility will be converted into Pickleball Kingdom Hillsborough as part of Pickleball Kingdom’s continued expansion across New Jersey.

Proof of the Pudding, an Atlanta-based hospitality and catering company, has acquired RS3 Strategic Hospitality, a food and beverage provider serving sports, entertainment, golf and community venues across Texas and other U.S. markets. RS3 will continue operating under its current name with its leadership team and staff remaining in place, while Proof of the Pudding provides additional operational support and resources to expand capabilities nationwide.

Areas (via its U.S. division, Areas USA) completed the acquisition of Delaware North’s Travel Hospitality Services (THS). The deal adds 237 outlets across 22 U.S. airports and more than 4,000 employees to Areas USA, significantly expanding its U.S. travel hospitality footprint and making it the largest privately held travel hospitality operator in the United States.

Waterford Hotel Group and Maverick Hotels & Restaurants announced a strategic merger aimed at accelerating growth and improving operational efficiencies. The combination expands the companies’ managed portfolio to more than 50 hospitality properties and strengthens their geographic reach across the Eastern U.S., New England, and the Midwest.

Bain Capital, through its Private Equity and Real Estate teams, acquired Concert Golf Partners, a U.S. owner-operator of private golf and country clubs. Clearlake Capital Group exited its investment in Concert Golf as part of the transaction; financial terms were not disclosed.

Pura Vida Miami, a premium all-day health and wellness café and lifestyle brand, received a strategic growth minority investment from TSG Consumer to accelerate nationwide expansion. Co-founders Omer and Jennifer Horev will retain majority ownership and continue leading the business as CEO and Chief Brand Officer, respectively. Financial terms were not disclosed.

Uncommon Equity LLC (UEQ) acquired Grand Rapids-based Project BarFly, LLC, which operates the HopCat casual dining restaurant chain. HopCat operates 12 locations across Michigan (including Stella’s Lounge in Grand Rapids) and one location in Lincoln, Nebraska; financial terms were not disclosed. The company’s leadership team remains in place, with OakNorth Bank PLC providing senior debt financing for the transaction.

Sixth Street made a strategic growth investment in CR Fitness Holdings, the largest franchisee in the Crunch Fitness system, to support the company’s future expansion. Existing sponsor North Castle Partners remains the largest shareholder and will continue partnering with CR Fitness and Sixth Street; CR Fitness’ co-founders/management also retain significant ownership. Golub Capital provided a new senior debt facility in conjunction with the transaction.

The Bay Club announced the acquisition of Harbor Square Athletic Club, expanding its presence in the Pacific Northwest and the greater Seattle area. The transaction adds Harbor Square to The Bay Club’s portfolio of fitness and athletic club properties.

Strategic Gaming Management, LLC (SGM) completed its $301 million acquisition of Sunland Park Racetrack & Casino. Immediately after closing, SGM sold the property’s real estate to Gaming and Leisure Properties, Inc. (GLPI) in a sale-leaseback transaction, while SGM continues operating the gaming and racing business.

Wonder Franchises, a subsidiary platform of Tucker's Farm Corporation, acquired Soccer 5 Franchise LLC (Soccer 5 USA), a small-sided soccer facility brand that designs, builds, and operates soccer centers in the U.S. Founders Alan and Scott Georgeson will retain meaningful ownership and continue in leadership roles as the business accelerates expansion and grows both corporate locations and the franchise system.

Proof of the Pudding announced the expansion of its Dallas market operations by adding Gil's Elegant Catering to its premium catering portfolio. The partnership brings Gil's decades of off-premise catering experience for corporate, social, and special events in the Dallas area, supporting Proof of the Pudding's strategy to expand in key markets.

Hoffmann Family of Companies (HF Companies) acquired Pure Florida, a maritime tourism business operating in Naples, Florida. Founded in 2009 by Captains Lance and Harry Julian, Pure Florida will join HF Companies’ marine vertical (Hoffmann Marine) as the family equity firm expands its tourism and hospitality presence in the Naples region.

KSL Capital Partners announced that its affiliates acquired The Westin Hilton Head Island Resort & Spa through KSL’s Tactical Opportunities Fund. The property is a 420-room oceanfront luxury resort on Hilton Head Island in South Carolina; financial terms were not disclosed.

Eyas Capital acquired BOJ of WNC LLC, the largest Bojangles franchise group, in a deal that includes 120 restaurant locations across six states. BOJ of WNC LLC is led by franchisee Jeff Rigsby. Eyas Capital plans to expand the Bojangles footprint in the Cincinnati and Columbus, Ohio markets to more than 40 locations.

OneRyan Global LLC took a minority stake in Mr Gatti's Pizza, a pizza restaurant and family entertainment chain headquartered in Fort Worth, Texas. The investment continues OneRyan’s involvement with the brand, following its operating experience with multiple Mr Gatti’s Family Entertainment Centers since 2022.

Tacala, the largest Taco Bell franchisee in the United States and owned by Altamont Capital Partners, acquired nine 7 Brew cafes in Tennessee from Brew Team TN. The deal increases Tacala’s 7 Brew portfolio to 31 locations as it continues to expand within the fast-growing drive-thru coffee chain.

Larsen MacColl Partners (LMP) acquired Mac & Bob's, a full-service restaurant headquartered in Salem, Virginia. The transaction closed on August 6, 2025, with LMP partnering with restaurateur Dave Magrogan to complete the acquisition and to manage and grow the business.

Meauxmentum Strategies & Investments (MSI) acquired five Chicken Salad Chick restaurant locations in the Dallas, Texas market. The deal expands MSI’s Chicken Salad Chick franchise portfolio to 21 restaurants across Texas, Oklahoma, and Indiana and supports continued market development in Dallas.

Investment funds affiliated with Rhône acquired Freddy's Frozen Custard & Steakburgers, a fast-casual restaurant franchise with 550+ locations across the U.S. and Canada, from Thompson Street Capital Partners. The transaction positions Freddy's for continued market expansion, with the existing executive leadership team remaining in place.

Phoenix3 Holdings, rebranded as Phoenix3 Collective, announced the acquisition of Quality Culinary Solutions (QCS), a culinary advisory practice focused on self-operated senior living communities. The deal expands Phoenix3 Collective’s portfolio of boutique dining and hospitality solutions serving senior living, corporate, healthcare, and higher education clients.

Five Iron Golf acquired indoor golf business Golf the Green in the Bucktown neighborhood of Chicago and re-opened the venue under the Five Iron brand. The deal marks Five Iron Golf’s fourth Chicago location and continues its recent expansion via acquisitions in multiple U.S. markets. The company is backed by Callaway Golf and Danny Meyer’s Enlightened Hospitality Investments.

Trinity Investments sold a majority interest in the Hyatt Regency Greenwich to an affiliate of Certares Real Estate Management LLC, forming a strategic partnership around the hotel. Trinity acquired the property from Hyatt in October 2022 and completed a $35 million renovation, positioning the 374-key hotel for future growth under the new joint ownership.

Giant Ideas, LLC acquired boutique fitness franchisors Mayweather Boxing + Fitness and KickHouse. The brands will be combined with Giant Ideas’ flagship brand Legends Boxing to create a larger skill-based fitness studio network while maintaining distinct brand identities and integrating backend systems, technology, merchandising, and operational support.

Breakwater, through an affiliate, partnered with BR Investments to acquire the Ramada Hotel in downtown Augusta, Georgia. The buyers plan a comprehensive renovation and a rebrand into a premium, soft-branded hotel, with Breakwater overseeing the transformation of the 175-room, historic I.M. Pei-designed property.

CIC Partners, a Dallas-based middle-market private equity firm, announced the sale of Willie's Grill & Icehouse, a Houston, Texas-based fast casual restaurant concept operating 21 locations across Central Texas. The transaction closed in Q2 2025 and financial terms were not disclosed.

Pacific General Equity Partners, LLC led, and Kline Hill Partners LP co-led, the closing of TriSpan (USA), LLC’s single-asset continuation vehicle for Naya Group LLC (NAYA), a Middle Eastern/Mediterranean fast-casual restaurant brand. The GP-led transaction provides liquidity to existing TriSpan investors while supplying additional growth capital to support NAYA’s continued expansion across the United States, with TriSpan and its affiliates also meaningfully reinvesting.

Extraordinary Brands acquired boutique fitness franchisor brands CycleBar and Rumble from Xponential Fitness. The deal expands Extraordinary Brands’ multi-brand health and wellness franchisor portfolio, adding cycling and boxing modalities alongside its existing brands such as Row House and Neighborhood Barre.

Primetime Fitness, a Crunch Fitness franchisee backed by CapitalSpring, acquired 13 Crunch Fitness franchise gym locations across the New York metropolitan area spanning New York and New Jersey. The clubs were purchased from franchisees Carey Ave Development LLC (PacFit Group/Chris Pacifico) and AD Fitness LLC (Assaf Gal) and will continue operating under the Crunch Fitness brand with planned facility upgrades.

Fitness Ventures LLC acquired three existing Crunch Fitness gym locations in the Portland, Oregon market. Following the acquisition, Fitness Ventures plans to invest $75 million to expand in the region by developing 15 new larger-format Crunch 3.0 clubs over the next several years, while evaluating whether to remodel or relocate the three acquired sites to meet current standards.

1754 Properties LLC acquired the 319-room Marriott Winston‑Salem, a full-service hotel in downtown Winston‑Salem, North Carolina, for an undisclosed amount. Hospitality Ventures Management Group (HVMG) will continue to operate the property following the transaction. 1754 Properties also announced plans to invest over $5 million to upgrade the hotel’s meeting space, hallways, and infrastructure.

Marriott International has completed its acquisition of the lifestyle hotel brand citizenM to expand its global select-service portfolio. citizenM’s portfolio of 37 open hotels (8,789 rooms) across the U.S., Europe, and Asia Pacific, plus a pipeline of two additional hotels, is expected to be integrated into Marriott’s systems and ultimately participate in the Marriott Bonvoy loyalty program later in 2025.

TSG Consumer acquired EoS Fitness, a high-value, low-price (HVLP) fitness operator in the United States. Following the acquisition, Performance Equity Management (PEM) announced a new investment/reinvestment in EoS Fitness to support the company’s next phase of growth, building on PEM’s prior investment alongside BRS & Co.

Legacy Brands International, an investment group managed by Friendly’s franchisee Amol Kohli, acquired BRIX Holdings, a Dallas-based multi-brand foodservice franchising company with a portfolio of more than 250 locations. The acquisition includes BRIX’s restaurant and beverage franchise brands Friendly’s, Clean Juice, Orange Leaf, Red Mango, Smoothie Factory + Kitchen, Souper Salad, and Humble Donut Co. Existing BRIX ownership led by majority member JAMCO Interests will remain involved and reinvest in Legacy Brands International, while BRIX continues to be led by CEO Sherif Mityas from its Dallas headquarters.

Bain Capital North American Private Equity is acquiring Sizzling Platter, LLC, a restaurant franchise growth platform, from CapitalSpring in a private transaction with undisclosed financial terms. Sizzling Platter, headquartered in Salt Lake City, will continue to be led by CEO Nathan Garn and operates a portfolio of quick-service and fast-casual franchise brands across more than 800 locations in the United States and Mexico.

TJC, L.P., through an affiliate of The Resolute Fund VI, L.P., closed the acquisition of Wedgewood Hospitality Group, Inc. (Wedgewood Weddings), a U.S. all-inclusive wedding services and venue platform headquartered in Temecula, California. Prospect Partners sold its majority stake after having recapitalized the business with management in January 2014; CEO Bill Zaruka will continue to lead the company.

Concert Golf Partners acquired The Club at New Seabury, a 36-hole golf and beach club on Cape Cod, adding the oceanfront property to its portfolio of premium private clubs. The seller was IE Homes, Clubs & Resorts, which selected Concert Golf Partners from multiple suitors. The deal is described as the largest acquisition ever for Concert Golf’s portfolio and expands its presence in New England.

Thompson Street Capital Partners (TSCP) acquired Bubbakoo's Burritos, a New Jersey-based franchisor of fast-casual Mexican-fusion restaurants. Founded in 2008 in Wall Township, New Jersey, Bubbakoo's has grown to more than 130 locations across 15 states. Financial terms were not disclosed.

RCI Hospitality Holdings, Inc. closed its acquisition of the upscale Platinum Plus Gentlemen's Club in Allentown, Pennsylvania. The $2.0 million purchase price consisted of $1.5 million in cash and $0.5 million in seller financing at 7%, and RCI also signed a long-term lease for the property.

Orangewood Partners completed an additional investment in Motley 7 Brew (M7B), a leading 7 Brew Coffee franchisee within the Anchor Point Management Group family of companies. Proceeds from the investment will be used to accelerate M7B’s growth across existing and new markets through acquisitions and new unit development; financial terms were not disclosed.

Roark Capital Group acquired a majority stake in Dave's Hot Chicken, the Los Angeles-based fast-casual spicy chicken chain, in a deal reported to value the business at about $1 billion. Dave's leadership team (including CEO Bill Phelps and co-founders) will remain in place and retain minority equity as the company accelerates global franchised expansion.

Arcis Golf acquired three nationally recognized private clubs in the Atlanta, Georgia market: The Country Club of the South (Johns Creek), The Manor Golf & Country Club (Alpharetta), and White Columns Country Club (Milton). The clubs were previously owned by Invited, and Arcis Golf will assume operations following the closing and plans to invest in golf course enhancements and lifestyle amenities.

Phoenix3 Holdings acquired a controlling interest in Infuse Hospitality, LLC, a national operator of elevated workplace dining and amenity services. Phoenix3 had previously invested in Infuse in 2023 and increased its ownership stake in response to growing demand for workplace hospitality experiences. As part of the transaction, hospitality veteran Paul Fairhead was appointed CEO to lead Infuse’s next phase of expansion.

colette acquired Texas Players Club, a lifestyle venue in San Antonio, Texas, and plans to rebrand it under the colette banner. The club will remain open during a series of upgrades beginning in June 2025 as colette expands its Texas footprint.

Club Car Wash acquired Express Car Wash Colorado, purchasing all three of its operating express exterior tunnel car wash locations in Colorado Springs, Colorado. Car Wash Advisory LLC served as the exclusive sell-side financial advisor to Express Car Wash Colorado in the transaction, which expands Club Car Wash’s presence in the Mountain West.

Arcis Golf has acquired The Woodlands Country Club near Houston, Texas, with the transaction closing May 12, 2025 and Arcis assuming operations on May 13, 2025. The club was previously owned by Invited, and Arcis plans to invest more than $30 million in golf course enhancements and lifestyle amenity upgrades following the acquisition.

Hotel Equities and Springboard Hospitality announced a strategic merger effective May 1, forming a larger hotel management company serving both branded and independent properties. The combined business will operate a broad portfolio across the United States, Canada, the Caribbean, and Latin America, with Ben Rafter named CEO of the combined company and Brad Rahinsky serving as chairman.

Westgate Resorts completed its acquisition of Vacation Ownership Sales (VOS), the exclusive management, sales, and marketing partner of VI Resorts. Following the deal, the vacation club will operate as VI Resorts by Westgate, and Westgate has committed to invest over $4 million in marketing, branding, and technology enhancements.

Virtual Dining Concepts (VDC), a Florida-based virtual restaurant company, has acquired Empanadas United for an undisclosed amount. Empanadas United will continue operating under VDC, with founder Victor Tejada remaining in charge of daily operations while VDC supports external market development and strategic partnerships.

Dynamic City Capital (DCC), a Utah-based real estate investment firm, acquired The Wilde Resort and Spa in Sedona, Arizona. The deal expands DCC’s destination hotel portfolio and marks its entry into the luxury spa resort segment while strengthening its presence in Arizona.

Castle Peak Holdings, the investment firm behind the Trailborn hospitality brands, acquired Snow King Resort in Jackson Hole, Wyoming. The 203-room resort will undergo renovations and is expected to be repositioned under the Trailborn brand as Castle Peak continues expanding its outdoor-destination hotel and resort portfolio across the United States.

First Watch Restaurant Group, Inc. acquired three of its franchise-owned First Watch restaurants and the corresponding development rights in Missouri. The acquired locations are in Lee's Summit, West Columbia, and South Columbia, expanding First Watch’s company-owned footprint in the state.

RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced it closed the acquisition of Platinum West Gentlemen's Club in West Columbia, South Carolina, along with associated real estate. The total purchase price was $8.0 million, comprised of $3.75 million cash and $2.5 million in seller financing for the club, plus $1.75 million cash for the real estate.

Under Canvas, Inc. announced the launch of Outdoor Collection by Under Canvas, a new set of uniquely local outdoor hospitality properties. The announcement follows Under Canvas’ recent acquisition of The Fields of Michigan, an upscale nature-based stay on a working blueberry farm in South Haven, Michigan, which will operate as part of the new collection.

Clarity Game Nevada, LLC, a Nevada-based casino operator run by David Ross and Michael Gaughan III, completed its acquisition of Stockman's Casino operations in Fallon, Nevada, on April 1, 2025. The deal followed a land and asset transaction completed in late 2024, with Stockman's purchased from Full House Resorts (which had owned the property since 2007).

CES Family of Companies (CES) acquired Bolton & Hay, a foodservice equipment, supplies, and service dealer based in Des Moines, Iowa. Following the transaction, Bolton & Hay will operate as a division of Wilson Restaurant Supply, expanding CES’ presence and foodservice dealer network in Iowa.

Tailwind Hospitality, Inc. (dba Tailwind Concessions) acquired the Panera Bread food-and-beverage concession located at Phoenix-Mesa Gateway Airport from Kind Hospitality. The deal expands Tailwind’s presence at the airport following its September 2024 purchase of four other concessions from Kind Hospitality and makes Tailwind the majority owner and primary operator of the airport’s F&B concessions.

The Chicago Hotel Collection announced it has acquired Ambassador Chicago, a historic 285-room boutique hotel in Chicago’s Gold Coast neighborhood. The hotel will remain in operation under new ownership, with plans for modern enhancements and an updated guest experience offering.

Nocturne Luxury Villas, Inc., a portfolio company of Gladstone Investment Corporation, sold a majority stake to an affiliate of Calera Capital; financial terms were not disclosed. Gladstone Investment received full repayment of its debt investment and realized a significant capital gain on its equity investment. Nocturne is a global luxury vacation rental management platform headquartered in Newport, Rhode Island.

Craveworthy Brands, a multi-brand restaurant company and franchisor, announced it has acquired Kinnamōns, a gourmet cinnamon roll concept with multiple locations in Oregon founded in 2022 by entrepreneur and Super Bowl champion Ndamukong Suh. Craveworthy plans to scale Kinnamōns nationally through a new franchise program, leveraging its operations, marketing, supply chain, and training platform to support growth.

Oak View Group (OVG) announced the merger of Rhubarb Hospitality Collection (RHC) and Philadelphia-based Brûlée Catering to expand premium hospitality and catering services in the Philadelphia market. Brûlée Catering’s brand will be retired immediately, with its staff and clients integrating into RHC’s portfolio under OVG Hospitality.

Authentic Restaurant Brands (ARB), a Garnett Station Partners portfolio company, announced that Tavern in the Square has joined ARB via the recapitalization of its parent company, Broadway Hospitality Group (BHG). The deal adds the New England polished-casual dining brand to ARB’s portfolio of regional restaurant concepts; financial terms were not disclosed. BHG is headquartered in South Boston, Massachusetts and operates 17 Tavern in the Square locations along with other restaurant concepts.

BroadPeak Capital, a private-equity firm launched by Edible Arrangements founder Tariq Farid, acquired fast-casual Mediterranean chain Roti out of bankruptcy in February. Roti is being transitioned into the newly created Edible Brands platform company, which includes Edible Arrangements and related e-commerce offerings, with plans to franchise Roti and expand its footprint.

St. Louis catering and events company Butler's Pantry acquired the family of brands owned by 23 City Blocks Hospitality Group, including The Caramel Room, 23 City Blocks Catering, and Lumen. The acquired business was previously owned by Kate Turner and Tim Fogerty, and Butler's Pantry indicated it retained a number of employees following the transaction.

Bally's Corporation completed its previously announced transactions with Standard General L.P. and its affiliate The Queen Casino & Entertainment Inc., resulting in the combination of Bally's and Queen. Queen shareholders received 30.5 million Bally's shares, while Bally's paid $18.25 per share in cash for 22.8 million Bally's shares, financed in part by $500 million of senior secured notes provided exclusively by funds managed by Apollo.

The Riverside Company invested in THE SEALS Franchising, LLC, a franchisor of refrigeration gasket replacement services for commercial kitchens. The investment is an add-on to Riverside’s existing portfolio company, EverSmith Brands, expanding EverSmith’s multi-brand franchised business services platform.

Cattlemen's Steakhouse, Inc., a historic Oklahoma City steakhouse founded in 1910, was acquired by an individual investor in a transaction that included both the operating business and its real estate. The deal closed on January 29, 2025, with Generational Group serving as M&A advisor on the sale.

RCI Hospitality Holdings, Inc. closed on the acquisition of Flight Club, a premier gentlemen’s club in the Detroit market located in Inkster, Michigan. The $11.0 million purchase price included cash, seller financing for the club, and cash for associated real estate, and RCI expects the acquisition to add approximately $2.0 million in annualized adjusted EBITDA.

D1 Training made a strategic investment in Strive Village, a four-location strength and conditioning concept in the Chicago area founded by Cam Paulson. The partnership is intended to accelerate D1 Training’s nationwide expansion while adding Strive Village’s facilities and training model to D1’s fast-growing fitness network.

Wonder Franchises, a subsidiary of Tucker's Farm Corporation, acquired Pizza Factory, a West Coast-focused franchisor of pizza restaurants with 110 locations and more than $90 million in annual system sales. Pizza Factory CEO Mary Jane (MJ) Riva will remain in her role and help drive franchise growth as the brand scales under the Wonder platform.

Unrivaled Sports announced it has acquired Rocker B Ranch, a 325-acre youth baseball and multi-sport tournament and resort destination near Dallas–Fort Worth in Graford, Texas. The acquisition adds Rocker B Ranch to Unrivaled Sports' Baseball & Multi-sport Division, with plans to expand fields, lodging capacity, and amenities. Founder Lance Byrd and brother Bart Byrd will continue with the business as part of the Unrivaled team.

Hoffmann Family of Companies has acquired Atlanta Party Rentals, an event rental service provider serving greater Atlanta and surrounding markets. VRA Partners acted as exclusive financial advisor to Atlanta Party Rentals, and transaction terms were not disclosed. The acquisition adds Atlanta Party Rentals to Hoffmann Family of Companies’ Hospitality & Entertainment vertical.

Michigan-based Savvy Sliders has acquired Florida-based BurgerFi, a chef-driven fast-casual burger chain. BurgerFi will continue to operate under its existing brand across its restaurants in multiple states, becoming a sister brand alongside Savvy Sliders, Happy's Pizza, and Fat Boy's Pizza, bringing the combined portfolio to 206 stores.

Five Iron Golf acquired Thr3 Jack, an indoor golf and dining venue in Minneapolis’ North Loop. The location is being converted into Five Iron Golf’s 26th venue and its first in Minnesota, with upgrades including Trackman simulators and additional technology while preserving Thr3 Jack’s design and community feel.

Marriott International acquired the Postcard Cabins brand (formerly Getaway Outposts/Getaway), expanding its outdoor-focused lodging and experiential travel offerings. Postcard Cabins’ portfolio of 29 U.S. properties with 1,200+ tiny cabins is expected to be integrated into Marriott’s systems (including Marriott.com and the Marriott Bonvoy app) as part of a planned outdoor-focused collection in 2025. Financial terms were not disclosed, and Goldman Sachs & Co. LLC served as exclusive financial advisor on the transaction.

Blue Water Development announced the acquisition of Santee Lakes KOA Journey, a family-friendly campground in Santee, South Carolina. Blue Water plans to invest $4 million in property upgrades, including enhancing RV sites, upgrading amenities, and modernizing the campground to improve the guest experience.

Value Foodservice LLC (VFS), a KFC franchisee backed by BlackBern Partners LLC, acquired an additional 11 Kentucky Fried Chicken (KFC) restaurants. The acquired stores are located in Kentucky and Tennessee, primarily in the greater Nashville area, bringing VFS to 59 KFC locations across the United States.

MCR has acquired the Hyatt Regency O'Hare Chicago, a 1,095-room Hyatt Regency-branded hotel located in Rosemont, Illinois near Chicago O'Hare International Airport. The property, which underwent a $13 million guestroom renovation in 2020, becomes MCR's first Hyatt Regency-branded acquisition and its fifth hotel in Illinois.

Troon has acquired The Club at Cordillera, a private golf club in Edwards, Colorado near Vail. Troon purchased the property from Wind Rose Holdings LLC in a transaction that closed on December 10, 2024; financial terms were not disclosed. Troon will continue operating the club and plans additional capital investments following recent renovations.

Goode Partners LLC made a strategic investment in Wings ‘N More Restaurants LLC, a Texas-based chicken wing-focused restaurant chain. The investment, alongside debt financing from Gladstone Capital Corporation, is intended to support geographic expansion and accelerate the brand’s growth in Texas.

Accel Entertainment, Inc. completed its acquisition of Fairmount Holdings, Inc., the owner of Fairmount Park (operating as FanDuel Sportsbook & Racetrack) in Collinsville, Illinois. The transaction consideration was approximately 3.45 million shares of Accel Class A-1 common stock (subject to net working capital adjustment), purchased from co-owners William Stiritz and Robert Vitale, expanding Accel’s presence in locals gaming and providing a pathway to develop a legislatively authorized casino at the site.

Flynn Group LP acquired 32 Wendy's franchise restaurant units in the Indianapolis area. Financial terms were not disclosed, and the deal increases Flynn Group's domestic Wendy's footprint while bringing about 40% of Wendy's local market presence under Flynn's operation.

Modern America Campgrounds, the largest RV park owner in the Northeast, announced it has acquired Winding River Campground in Exeter, New Hampshire. The deal represents Modern America Campgrounds’ 29th park acquisition in the last 24 months and supports its continued expansion in the outdoor hospitality sector.

Alterra Mountain Company announced it has closed the purchase of Arapahoe Basin (A-Basin), a ski resort in Colorado, expanding Alterra’s Rocky Mountain resort portfolio. A-Basin’s President & COO Alan Henceroth will continue to lead the resort’s day-to-day operations, and Alterra indicated there will be no changes to local season passes or Ikon Pass access for the 2024/2025 ski season.

Blackstone has reached an agreement for private equity funds it manages to acquire a majority ownership position in Jersey Mike’s Subs, valuing the fast-casual sandwich franchisor at around $8 billion according to reported estimates. Jersey Mike’s founder and CEO Peter Cancro will retain a significant equity stake and continue to lead the company. The transaction is expected to close in early 2025, subject to customary closing conditions and regulatory approvals.