Restaurants & Fast Food
Restaurant chains, fast food, and fast-casual dining
What PE Ownership Means for This Industry
2,800+ restaurants controlled
Roark Capital controls more restaurant brands than any company in history
Roark Capital and its Inspire Brands platform control Subway, Dunkin', Arby's, Buffalo Wild Wings, Sonic, Jimmy John's, and more — giving one PE firm unprecedented power over American dining.
Source: Financial Times, 2024
$7.25-$11/hr median wages
PE ownership correlates with reduced food quality and worker pay
PE-owned fast food chains consistently lobby against minimum wage increases while cutting food quality, reducing portion sizes, and increasing prices.
Source: Economic Policy Institute, 2023
PE-Owned Brands
7 Brew
Owned by The Blackstone Group
Fast-growing drive-thru coffee chain backed by Blackstone, expanding rapidly across the US
3 locations tracked
Arby's
Owned by Inspire Brands (Roark)
Fast food sandwich chain, part of Inspire Brands (Roark)
6 locations tracked
Baskin-Robbins
Owned by Inspire Brands (Roark)
Ice cream chain, part of Inspire Brands (Roark)
3 locations tracked
Bob Evans
Owned by Golden Gate Capital
Family restaurant chain sold to Golden Gate Capital in 2017, now operated by 4x4 Capital
10 locations tracked
Bojangles
Owned by The Jordan Company
Southern chicken and biscuit chain backed by Durational Capital and The Jordan Company with 800+ locations
5 locations tracked
Buffalo Wild Wings
Owned by Inspire Brands (Roark)
Sports bar chain, part of Inspire Brands (Roark)
3 locations tracked
Burger King
Global fast food chain owned by Restaurant Brands International (3G Capital/Berkshire)
5 locations tracked
Carvel
Owned by Roark Capital
Ice cream franchise owned by Roark Capital through GoTo Foods
10 locations tracked
Chuck E. Cheese
Owned by Apollo Global Management
Family entertainment restaurant taken private by Apollo in 2014. Filed for bankruptcy in 2020 during COVID
8 locations tracked
Denny's
Owned by TriArtisan Capital Advisors
Iconic diner chain acquired by TriArtisan Capital, Treville Capital, and franchisee Yadav Enterprises for $620M in 2025, going private after decades on public markets
8 locations tracked
Dunkin'
Owned by Inspire Brands (Roark)
Coffee and donut chain with 13,000+ locations, part of Inspire Brands (Roark)
10 locations tracked
First Watch
Owned by Advent International
Breakfast and brunch fast-casual chain backed by Advent International with 530+ locations
6 locations tracked
Focus Brands (Cinnabon, Auntie Anne's, Jamba)
Owned by Roark Capital
Roark platform operating Cinnabon, Auntie Anne's, Jamba, McAlister's, and Schlotzsky's
7 locations tracked
Fogo de Chao
Owned by Bain Capital
Brazilian steakhouse chain acquired by Bain Capital from Rhone Capital in 2023
5 locations tracked
Friendly's
Owned by Sun Capital Partners
Sun Capital executed sale-leaseback on 160 properties, dumped $115M pension. Filed bankruptcy twice. Sold for just $2M — fraction of $337M Sun paid.
8 locations tracked
Hardee's / Carl's Jr.
Owned by Roark Capital
Fast food burger chains operated by CKE Restaurants (Roark)
6 locations tracked
Jersey Mike's
Owned by The Blackstone Group
Sub sandwich franchise acquired by Blackstone in 2025 for ~$8B, one of the largest restaurant PE deals ever
3 locations tracked
Jimmy John's
Owned by Inspire Brands (Roark)
Sandwich delivery chain, part of Inspire Brands (Roark)
9 locations tracked
McAlister's Deli
Owned by Roark Capital
Fast-casual deli chain owned by Roark Capital through GoTo Foods (formerly Focus Brands)
5 locations tracked
Moe's Southwest Grill
Owned by Roark Capital
Tex-Mex fast-casual chain owned by Roark Capital through GoTo Foods
3 locations tracked
Outback Steakhouse / Bloomin' Brands
Bain Capital and Catterton Partners took Bloomin' Brands private for $3.2B in 2006. Returned to public markets in 2012; Bain has since exited
10 locations tracked
Panera Bread
Owned by JAB Holding Company
Bakery-cafe chain with 2,100+ locations
6 locations tracked
P.F. Chang's
Owned by TriArtisan Capital Advisors
Asian-inspired restaurant chain backed by TriArtisan Capital since 2019
9 locations tracked
Pizza Hut / KFC (Yum! Brands)
Yum! Brands spun out of PepsiCo; KKR held significant stake. Operates Pizza Hut, KFC, Taco Bell
3 locations tracked
Qdoba
Owned by Apollo Global Management
Mexican fast-casual chain acquired by Apollo from Jack in the Box in 2018
5 locations tracked
Red Lobster
Owned by Golden Gate Capital
Golden Gate Capital's sale-leaseback stripped Red Lobster of real estate assets, saddling it with unaffordable lease obligations. Filed Chapter 11 in 2024.
8 locations tracked
Schlotzsky's
Owned by Roark Capital
Sandwich chain owned by Roark Capital through GoTo Foods
7 locations tracked
Sonic Drive-In
Owned by Inspire Brands (Roark)
Drive-in fast food chain, part of Inspire Brands (Roark)
4 locations tracked
Sprinkles Cupcakes
Owned by KarpReilly
Pioneer of the gourmet cupcake trend. After KarpReilly acquisition, rapid expansion diluted the brand. All stores closed Dec 31, 2025 with one day notice to employees.
9 locations tracked
Subway
Owned by Roark Capital
World's largest restaurant chain by locations, acquired by Roark Capital in 2023 for $9.6B
5 locations tracked
Tim Hortons
Canadian coffee chain owned by Restaurant Brands International, backed by 3G Capital
4 locations tracked
Tropical Smoothie Cafe
Owned by The Blackstone Group
Smoothie and food franchise acquired by Blackstone in 2024 for ~$2B
9 locations tracked