A Year in Review of Dealmaking, Ownership Changes and Expansion Strategies
Sustainable growth and collaboration are hallmarks of the franchising business model, and nothing exemplifies these principles quite like mergers and acquisitions. These transactions help companies scale faster, enter new markets, strengthen operations and gain access to capital that fuels long-term growth, whether through private equity investment or strategic mergers with like-minded brands.
The International Franchise Association (IFA) predicted a banner year for franchising in 2025, and deal activity lived up to that expectation. Here is a look back at notable franchise mergers and acquisitions from the last year.
Notable Franchise Mergers and Acquisitions of 2025
December 2025 Franchise Mergers and Acquisitions
- California Pizza Kitchen, a global restaurant brand known for its California-style cuisine, ended 2025 by entering an agreement to be acquired by Consortium Brand Partners, Eldridge Industries, Aurify Brands and Convive Brands. Bain Capital backed the transaction with a debt and equity investment, according to RestaurantDive.com.
- Shine, a residential and commercial window cleaning, holiday lighting and pressure washing services company, became part of the Evive Brands umbrella. Evive also expanded with the purchase of Pacific Lawn Sprinklers, an irrigation and outdoor services franchisor, in November.
November 2025 Franchise Mergers and Acquisitions
- Denny’s made headlines after announcing a $620 million all-cash acquisition by TriArtisan Capital Advisors LLC, Traville Capital Group, and Yadav Enterprises Inc. In response to the all-cash transaction, Denny’s stock prices rose 52.1%.
- Hooters Inc. finalized its acquisition of Hooters of America. The bar and restaurant franchise filed for bankruptcy in March 2025 to enable a founder-led buyout.
- In-home senior care franchise Always Best Care received a strategic investment from the NexPhase Capital private equity firm to foster its growth.
- The leadership of Washington, D.C.–based &Pizza formed Latitude Food Group after acquiring Tijuana Flats, a fast-casual Tex-Mex concept.
October 2025 Franchise Mergers and Acquisitions
- To foster its national expansion, the Angry Chickz franchise raised growth capital from Saratoga Investment Corp.
- Mr Gatti’s Pizza, a Texas-born pizza and entertainment brand, became a fully franchised system after the acquisition of its South Park Meadows corporate-owned location by OneRyan.
- RaceTrac, the Atlanta-based company that runs more than 800 RaceTrac and RaceWay convenience stores, finalized its purchase of sandwich franchise Potbelly. The deal was worth approximately $566 million.
- Scenthound, a dog grooming and wellness business, received a minority investment from VMG Partners.
- Beverly Hills Rejuvenation Center, the science-backed med spa franchise offering longevity, regenerative wellness and beauty treatments, was purchased by Motivant. Following the acquisition, Motivant partner and strategic advisor Sarah Gabriel was appointed CEO of the med spa concept.
- Sun Holdings acquired Bar Louie to diversify its portfolio.
- Wonder Franchises purchased Soccer 5 USA, which offers games, training, camps, field rentals and parties that revolve around small-sided soccer.
September 2025 Franchise Mergers and Acquisitions
- Private equity firm Rhône announced its acquisition of Freddy’s Frozen Custard & Steakburgers, bringing a year-long sale process to a close.
August 2025 Franchise Mergers and Acquisitions
- Over the summer, Extraordinary Brands acquired two fitness brands from Xponential Fitness: CycleBar, an indoor cycling franchise, and Rumble, which offers boxing-inspired group workouts.
- Giant Ideas, parent company of Legends Boxing, purchased Mayweather Boxing + Fitness and KickHouse franchises.
July 2025 Franchise Mergers and Acquisitions
- Levine Leichtman Capital Partners (LLCP) sweetened its portfolio when it purchased the Shipley Do-Nuts franchise from Peak Rock Capital.
- The International Franchise Professionals Group (IFPG), a membership-based franchise broker organization with more than 1,500 franchisors, franchise consultants and vendor members, demonstrated its commitment to growth by aligning itself with CNL Strategic Capital and LLCP. The franchise broker organization previously had an investment relationship with Princeton Equity Group, an experienced franchisor and multi-location investor.
- The IFA announced its acquisition of Franchise Update Media. The merger brings Franchise Update Media’s Multi-Unit Franchising Conference, Multi-Unit Franchisee Magazine and more under the IFA umbrella.
June 2025 Franchise Mergers and Acquisitions
- Thompson Street Capital Partners, a St. Louis-based private equity firm, announced the acquisition of Bubbakoo’s Burritos, a fast-casual Mexican-fusion restaurant franchise.
- Roark Capital has reportedly monitored the growth of Dave’s Hot Chicken, a spicy fried chicken brand, since 2021. The private equity firm ultimately sealed the deal this past June, acquiring Dave’s for approximately $1 billion.
May 2025 Franchise Mergers and Acquisitions
- Former Xponential Fitness CEO Anthony Geisler launched Sequel Brands with four boutique fitness and wellness franchises under its umbrella: Pilates Addiction, iFlex Stretch Studios, beem Light Sauna and BODY20.
April 2025 Franchise Mergers and Acquisitions
- Hyatt Hotels agreed to acquire Playa Hotels & Resorts N.V.
March 2025 Franchise Mergers and Acquisitions
- Umbrella restaurant franchisor Craveworthy Brands acquired Kinnamōns, a cinnamon roll concept founded by retired NFL defensive star Ndamukong Suh.
- Charlotte, North Carolina-based Whistle Express closed its acquisition of the Take 5 Car Wash franchise from Driven Brands.
- The BrightStar Care franchise entered a new era of growth after being acquired by an affiliate of Peak Rock Capital.
- Big Chicken, a fast-casual fried chicken restaurant concept founded by NBA legend Shaquille O’Neal, joined Craveworthy Brands’ portfolio of restaurant concepts.
February 2025 Franchise Mergers and Acquisitions
- The Riverside Company expanded its EverSmith Brands portfolio with the addition of The SEALS Franchising, a franchisor of refrigeration gasket replacement services for commercial kitchens.
January 2025 Franchise Mergers and Acquisitions
- Youth enrichment platform Unleashed Brands dove into 2025 with a new addition to its portfolio: Water Wings Swim School.
- LLCP purchased SYNERGY HomeCare from NexPhase Capital for an undisclosed amount.
