The Big Board · Food
PE Food Rankings
Opens ranked by what is on the public record. Readers swing the hammer from there.
We do not grade the food. We rank by what is on the public record: documented findings first, then ownership events with sourced extraction indicators, then ownership alone, then brands admitted to the record without an outcome finding.
Reader votes affect the crowd tally. Firsthand reports and vote counts do not establish a reviewed finding.
Ringing the bell
Red Lobster
1 strike
Swing the hammer. Move the board.
The card opens ranked by what is on the public record. Every strike is a reader saying “this one belongs higher.” One swing a day, so pick the one you mean. The record rank stays printed on every row, so the crowd never erases the evidence.
2 strikes on this board
- 1
#2 on record · Documented finding · 2 sourced events · Active distressed
Owner
RL Investor Holdings, led by Fortress Investment Group
Attending sponsor
Golden Gate Capital ran the 2014 leveraged buyout, since exited; RL Investor Holdings (Fortress Investment Group) has controlled it since emerging from Chapter 11 in September 2024
Deal
Leveraged buyout (2014)
Red Lobster1
strike
- 2
#3 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Public (NYSE: SHAK)
Attending sponsor
Public (NYSE: SHAK); Leonard Green held a pre-IPO minority stake 2012–2015, since exited
Deal
Pre-IPO minority stake (2012)
Shake Shack1
strike
- 3
#1 on record · Documented finding · 4 sourced events · Active distressed
Owner
Amici Partners Group (owner since 2021)
Attending sponsor
Sun Capital Partners owned Friendly's 2007–2011, since exited; Amici Partners Group has owned it since 2021
Deal
LBO / take-private (2007)
Friendly's0
strikes
- 4
Tacombi
#4 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Founder-led (Dario Wolos); Enlightened Hospitality Investments lead outside investor
Attending sponsor
Founder-led; Enlightened Hospitality Investments holds a minority stake
Deal
Investment (structure undisclosed) (2021)
Tacombi0
strikes
- 5
#5 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Stripes (Stripes Group)
Attending sponsor
Stripes holds a majority since 2018; no longer founder-owned
Deal
Majority stake (2018)
Levain Bakery0
strikes
- 6
Milk Bar
#6 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Christina Tosi (largest individual stake); Momofuku, RSE Ventures and Sonoma Brands minority
Attending sponsor
Founder-led; RSE Ventures holds a minority stake
Deal
Minority stake (Series A) (2017)
Milk Bar0
strikes
- 7
#7 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Founder-led (Ben Van Leeuwen); minority PE/VC backers
Attending sponsor
Founder-led; Strand Equity Partners holds a minority stake
Deal
Minority stake (2018)
Van Leeuwen Ice Cream0
strikes
- 8
#8 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Founder-led (Nicholas Stone); minority growth investors
Attending sponsor
Founder-led; RSE Ventures holds a minority stake
Deal
Minority (2018)
Bluestone Lane0
strikes
- 9
#9 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Founders Table Restaurant Group, backed by L Catterton
Attending sponsor
L Catterton
Deal
Investment (structure undisclosed) (2015)
Chopt0
strikes
- 10
Dos Toros Taqueria
#10 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Founders Table Restaurant Group (L Catterton-backed)
Attending sponsor
L Catterton
Deal
Strategic acquisition (2021)
Dos Toros Taqueria0
strikes
- 11
Just Salad
#11 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Founder-led (Nick Kenner); minority investor group
Attending sponsor
Founder-led; Wellington Management holds a minority stake
Deal
Private equity round (minority) (2025)
Just Salad0
strikes
- 12
Dig
#12 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Private; VC / growth-investor group (no majority sponsor on record)
Attending sponsor
Founder-led; Kitchen Fund holds a minority stake
Deal
Investment (structure undisclosed) (2019)
Dig0
strikes
- 13
#13 on record · Under observation · no outcomes on record (tied 3–24)
Owner
JAB Holding Company (private)
Attending sponsor
JAB Holding Company
Deal
Acquisition / take-private (2017)
Panera Bread0
strikes
- 14
#14 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Roark Capital Group (private)
Attending sponsor
Roark Capital
Deal
Acquisition (2024)
Subway0
strikes
- 15
#15 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Inspire Brands (private; Roark Capital-controlled)
Attending sponsor
Inspire Brands / Roark Capital since 2020 (private); Bain Capital + Carlyle + Thomas H. Lee held it 2006–2011, then IPO
Deal
Acquisition / take-private (2020)
Dunkin'0
strikes
- 16
#16 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Blackstone (majority owner); founder Peter Cancro retains significant equity
Attending sponsor
Blackstone
Deal
Majority stake (2025)
Jersey Mike's Subs0
strikes
- 17
#17 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Inspire Brands (private; Roark Capital-controlled)
Attending sponsor
Inspire Brands / Roark Capital
Deal
Acquisition (equity swap; terms undisclosed) (2019)
Jimmy John's0
strikes
- 18
Firehouse Subs
#18 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Restaurant Brands International (NYSE/TSX: QSR)
Attending sponsor
Strategic acquisition by RBI (public); not a PE-sponsor deal
Deal
Strategic acquisition (2021)
Firehouse Subs0
strikes
- 19
#19 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Roark Capital (majority); founders and leadership retain a stake
Attending sponsor
Roark Capital
Deal
Majority stake (2025)
Dave's Hot Chicken0
strikes
- 20
Whataburger
#20 on record · Under observation · no outcomes on record (tied 3–24)
Owner
BDT Capital Partners (majority); Dobson family retains minority
Attending sponsor
BDT Capital Partners
Deal
Majority stake (terms undisclosed) (2019)
Whataburger0
strikes
- 21
#21 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Durational Capital Management + The Jordan Company (private)
Attending sponsor
Durational Capital + The Jordan Company, take-private 2019 (current); Advent International/Falfurrias pre-2015 IPO
Deal
All-cash acquisition / take-private (2019)
Bojangles0
strikes
- 22
#22 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Public (NASDAQ: PTLO); Berkshire Partners remains a significant holder
Attending sponsor
Public (NASDAQ: PTLO); Berkshire Partners is a historical/minority holder, not current control
Deal
Acquisition (2014)
Portillo's0
strikes
- 23
#23 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Public (NASDAQ: FWRG); Advent International remains largest holder
Attending sponsor
Public (NASDAQ: FWRG); Advent International is a historical/minority holder, not current control
Deal
Majority stake (2017)
First Watch0
strikes
- 24
#24 on record · Under observation · no outcomes on record (tied 3–24)
Owner
Bain Capital Private Equity
Attending sponsor
Bain Capital since 2023; acquired from Rhône Capital (2018 take-private, exited)
Deal
Acquisition (terms undisclosed) (2023)
Fogo de Chão0
strikes
- 25
Los Tacos No. 1
#25 on record · Admitted to the record
Owner
Founder-owned; TSG Consumer investment (terms undisclosed)
Attending sponsor
TSG Consumer
Deal
Strategic investment (terms undisclosed) (2026)
Admitted
Admitted to the record: 2026-09-04
Los Tacos No. 10
strikes