Financials - September 2026
Pollo Tropical owner secures $325M investment
Authentic Restaurant Brands said the funding from Trimontium would bring new resources to “hometown hero” brands.
Published Sept. 11, 2026
Aneurin Canham-Clyne Reporter
Authentic Restaurant Brands, the parent company of Pollo Tropical, Tavern in the Square, P.J. Whelihan’s, Mambo Seafood and Primanti Bros, secured a $325 million investment from Trimontium to support expansion, according to a Thursday press release.
The financing arrangement “spans debt, hybrid and equity instruments within a single package, with capital available over time as growth opportunities are identified,” according to Trimontium.
ARB positions itself as a resource for “local American ‘hometown hero’ brands with deep community roots, loyal customers and a proven business mode,” to which it brings the technology, analytics tools and corporate capabilities available to a larger national system.
“We buy brands people love, we keep the operators who built them and we give them the tools to scale efficiently and thoughtfully,” Alex Macedo, ARB’s co-founder, CEO and chairman said. “This capital lets us do more of that, faster.”
One example of that strategy is Pollo Tropical, a regional brand concentrated in Florida that ARB acquired in 2023. At the time of the acquisition, Pollo Tropical had seen sustained same-store sales growth. QSR Magazine reported earlier this year that that growth continued under ARB’s ownership, and that investments in the brand helped improve its unit economics.
Trimontium, a British investment firm, is the latest in a string of major private investors to back U.S. restaurant companies in 2026. Golub Capital invested in Church’s Texas Chicken’s growth earlier this year, while Serruya Private Equity acquired Bonchon’s U.S. operations in August.
View source version at Authentic Restaurants Brands
Jersey Mike’s Reports Second Quarter Financial Results
Sep 9, 2026 6:45 AM Eastern Daylight Time
Company provides full-year 2026 outlook, including continued same-store sales momentum in the third quarter
TINTON FALLS, N.J.--(BUSINESS WIRE)--Jersey Mike’s Subs Inc. (NYSE: JMKE) today announced financial results for the fiscal second quarter ended June 28, 2026.
Second Quarter 2026 Highlights:
Same-store sales increased 2.3%, primarily driven by transaction growth
Opened 83 new stores, driving net unit growth of 8.1% year over year
Systemwide sales increased 10% year over year to $1.210 billion
Total revenue increased 10% year over year to $208 million
Digital sales mix increased to 43% from 41% in the prior year
Net income for the quarter was $37 million versus $59 million in the prior year
Adjusted EBITDA for the quarter was $114 million versus $107 million in the prior year
“Our second quarter same-store sales demonstrate strong progress against our long-term objective of achieving $2 million average unit volumes,” said Charlie Morrison, Chief Executive Officer. “Same-store sales accelerated in the second quarter, driven by transaction growth, which is particularly encouraging given challenged traffic trends across the industry. That acceleration has continued into the third quarter as we seek to broaden our consumer base, grow our digital channels, bring thoughtful innovation to the market, and of course, continue to deliver on our vision of being the world’s most beloved destination for authentic sub sandwiches.”
Mr. Morrison continued, “We are proud to have earned ACSI’s designation as the number one QSR brand in the country for 2026, an honor that would not have been possible without the tireless efforts of our franchise owners that deliver amazing service day in and day out.”
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Los Tacos No. 1 Lands Investment from TSG Consumer Partners
The private equity firm previously invested in Dutch Bros and Pura Vida Miami.
September 4th, 2026
Los Tacos No. 1, a Mexican concept based in New York City, has secured a strategic investment from TSG Consumer Partners to support expansion.
Financial terms were not disclosed. Cofounder and CEO Christian Pineda and chief operating partner Jacobo Ackerman will continue to lead day-to-day operations and strategic decisions.
The company operates 10 locations across New York City, along with Los Mariscos, a sister seafood concept in Chelsea Market that serves Baja-style fish tacos, shrimp tacos, and ceviche. The partnership will provide resources and expertise to help Los Tacos grow and preserve its food and taco-shop experience. The announcement did not identify new markets or provide an opening timeline.
TSG brings experience investing in growing restaurant brands. The private equity firm acquired a minority stake in Dutch Bros in 2018 and announced a minority growth investment in Pura Vida Miami in November 2025.
Los Tacos was founded in 2013 by friends from Tijuana, Mexico, and Brawley, California, who wanted to bring the tacos they grew up eating to the East Coast. The brand opened its first stand in Chelsea Market, building its menu around family recipes, fresh ingredients, and Tijuana-style tacos served off the grill. The menu also features tostadas, quesadillas, and mulas with grilled steak, grilled chicken, marinated pork, or grilled cactus, plus a fried quesadilla.
“When we moved to New York City, we couldn’t find good tacos that tasted like the ones we grew up with, so we set out to change that. Staying true to that has guided every decision as we’ve grown, and it’s why finding the right partner mattered so much,” Ackerman and cofounders Pineda, Tyler Sanders, and Kyle Cameron said in a joint statement.
“TSG shares our belief that more cities deserve authentic tacos like these. They’ve spent decades working alongside founders, and that experience is exactly why we trust them for this next chapter. This is just the beginning.”
East Wind Advisors served as exclusive financial advisor to Los Tacos. Davis Polk & Wardwell and Pryor Cashman provided legal counsel to the restaurant company, and Ropes & Gray represented TSG.
Colin Welch, managing director and head of New York at TSG, pointed to the concept’s customer following as a foundation for expansion.
“Christian, Tyler, Kyle, Ja and the entire team have created something rare and hard to build: a brand people feel a real connection to,” Welch said in a statement. “That’s the strongest possible foundation to grow from, and we couldn’t be more excited to help introduce Los Tacos No. 1 to more taco lovers.”
View source version at Los Tacos
7 Brew outbids Dutch Bros in $143M offer for Salad and Go units
The drive-thru coffee chain proposed to take over half of the bankrupt fast casual’s closed locations.
Published Sept. 2, 2026
Julie Littman Senior Editor
Dive Brief:
7 Brew bid over $143 million during a bulk auction on Monday for 73 former Salad and Go locations, according to a court filing. The salad chain declared bankruptcy in early August, closing all of its remaining locations.
7 Brew was designated as a lead bidder. Dutch Bros, which previously entered an agreement to buy up to 65 units for $105 million, has become a backup bidder.
The auction occurred over a week after 7 Brew lawyers shared concerns over Dutch Bros entering into an exclusive agreement for the aforementioned sites, even though 7 Brew was in talks with Salad and Go for a higher amount.
Dive Insight:
Acquiring 73 locations would help speed up 7 Brew’s pace of openings. The chain opened its 777th drive-thru location in June and is on pace to surpass 1,000 units this year. 7 Brew is projected to open more than 400 franchised units this year, according to its franchise disclosure document. Adding another 73 locations would bring its unit count nearly even with Dutch Bros, which had nearly 1,200 units as of the end of Q2 2026.
7 Brew’s bid is split between two groups of Salad and Go restaurants. It agreed to pay roughly $125 million for 49 sites, or over $2.5 million per restaurant, and over $18 million for a further 24 sites, or $750,000 per restaurant. Dutch Bros’ bid resulted in less than $2 million per restaurant, on the other hand.
7 Brew’s bid was “above robust” and will cover payments to the defunct salad chain’s creditors, Salad and Go lawyer Omar Alaniz, managing partner of Reed Smith, said during a Tuesday hearing. The bankruptcy case began with 140 locations in the debtor’s lease portfolio and the sale will take about half of those, he added.
Alaniz did note that the previous Dutch Bros bid already had time to go to landlords for review, and asked the court to provide an updated objection timeline to allow them to review and object to proposed leases under the 7 Brew bid, and an attorney representing a number of landlords indicated there would be objections.
“This is a great result,” Eric Chafetz, a partner with Lowenstein Sander, who represented the official committee of unsecured creditors, said of 7 Brew’s bid during the hearing. “The committee is extremely supportive and we do like where things are headed.”
Dutch Bros indicated on Monday that it would not increase its total offer for locations in Arizona, Nevada, Oklahoma and Texas, opening the possibility it might pull out of the deal.
“New shop growth is one of the most important drivers of our long-term strategy, and we remain highly confident in our path to 2,029 shops in 2029,” Christine Barone, CEO and president of Dutch Bros, said in a statement. “We’ve always been disciplined in how we allocate capital. While we have chosen not to increase our original offer, we remain engaged in the process and will continue to evaluate opportunities where the total investment provides the appropriate return.”
Dutch Bros said it would focus on its ongoing strategy to invest in its people, providing “exceptional” customer service and expand its presence across the country.
Correction: A previous version of this article incorrectly stated the dollar amount of Dutch Bros’ bid. It proposed to pay $105 million for 65 former Salad and Go restaurants.
View source version at 7 Brew
Yum! Brands Completes Sale of Pizza Hut to LongRange Capital
Sep 1, 2026 8:51 AM Eastern Daylight Time
Concludes previously announced sale of global Pizza Hut business through separate transactions with LongRange Capital and Yum China Holdings, Inc.
Marks key milestone in Yum!’s evolution as a more focused company
LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) (“Yum!” or the “Company”) today announced the completion of the sale of Pizza Hut, excluding Mainland China (“Pizza Hut Ex-China”), to LongRange Capital (“LongRange”) for approximately $1.5 billion, subject to certain adjustments, with the opportunity for Yum! to receive an additional earn-out of $75 million by 2030 based on future performance.
Together with the previously announced sale of Pizza Hut in Mainland China (“Pizza Hut China”) to Yum China Holdings, Inc. (“Yum China”), which closed on August 7, 2026, the LongRange transaction completes Yum!’s sale of Pizza Hut through two separate transactions for $2.7 billion in the aggregate, subject to certain purchase price adjustments.
“With this transaction complete, Yum! Brands now moves forward as a more focused company with significant opportunities for growth around the world,” said Chris Turner, Chief Executive Officer, Yum! Brands. “Our unmatched digital capabilities and scale and our relentless focus on the future consumer, strengthening restaurant economics and leveraging Byte by Yum! will allow us to accelerate growth and deliver sustainable long-term value for our shareholders.”
Goldman Sachs and Barclays served as financial advisers to Yum!. Weil, Gotshal & Manges LLP served as transaction counsel, Baker McKenzie served as international corporate and IP counsel, and Dinsmore and Shohl LLP advised on contract separation for Yum! in the sale of Pizza Hut Ex-China. Mayer Brown LLP served as transaction counsel to Yum! in the sale of Pizza Hut China.
About Yum! Brands
Yum! Brands, Inc., and its subsidiaries franchise or operate more than 44,000 restaurants in 151 countries and territories under its iconic brands — KFC, Taco Bell and Habit Burger & Grill. KFC and Taco Bell are global leaders in the chicken and Mexican-inspired food categories, respectively. Habit is a fast-casual concept known for fresh, cooked-to-order food. Fueled by Yum!’s Recipe for Good Growth and its Raising the B.A.R priorities, Yum! combines the strength of its global brands, franchise system, scale and leading digital and technology capabilities to drive growth, create long-term value, and build the world’s most loved, trusted and connected restaurant brands.
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Bonchon Acquired by Minor Food and Serruya Private Equity
Long-standing partners to accelerate worldwide growth of beloved Korean fried chicken brand
September 01, 2026 14:05 ET
Dallas, Sept. 01, 2026 (GLOBE NEWSWIRE) -- Bonchon, a global leader in Korean fried chicken, announced its acquisition by Minor Food (MF) and Serruya Private Equity (SPE) from existing shareholders VIG Partners and Mr. Seo & Family. MF and SPE now own the Bonchon brand and operations across complementary territories, with MF owning the business globally outside the Americas and SPE owning the business throughout the Americas.
“Bonchon’s success is driven by passionate franchise partners who believe in the brand and its potential,” says Suzie Tsai, CEO of Bonchon. “Korean influence is everywhere, and Bonchon is proud to be part of that story in communities around the world. Minor Food and SPE will enhance our franchise network and help us accelerate our growth, bringing Bonchon’s iconic flavors and experience to even more guests.”
MF, a wholly owned subsidiary of Minor International (MINT), is one of Asia’s largest restaurant groups and the current master franchisee of the Bonchon brand in Thailand. MINT is a global company focused on hospitality and restaurants. Toronto-based SPE is the Serruya family’s private investment platform, with more than three decades of experience building and operating consumer and franchise businesses across North America and internationally.
Looking ahead, SPE plans to invest in Bonchon’s existing U.S. platform while pursuing disciplined expansion across the Americas, with priority growth markets including Canada, Mexico, Chile and continued development in existing U.S. markets.
“Bonchon is one of the most compelling global restaurant brands, with a differentiated product, a loyal customer base, significant untapped growth potential and a highly scalable franchise model,” says Michael Serruya, Chairman of Serruya Private Equity. “We have enjoyed a successful relationship with Minor for more than 30 years and share a common philosophy of building strong consumer brands through disciplined franchise growth and operational excellence. Together, we look forward to supporting Bonchon’s management team and franchise partners while accelerating the brand’s growth across the U.S. and throughout the Americas.”
The transaction deepens MF’s long-standing relationship with Bonchon, as it moves from operating a key market to becoming the owner of Bonchon’s brand and operations globally excluding the Americas, and adding a high-growth, asset-light, royalty-driven brand to MF’s F&B portfolio. Together, MF and SPE bring extensive multi-market operating capability, franchise expertise and a global network across Asia and beyond.
A major achievement for the brand, it also signals the continued rise of Korean culture on the global stage. As Korean food, entertainment, beauty, and lifestyle have become mainstream around the world, consumers are increasingly seeking authentic dining experiences that connect them with the culture behind the cuisine. Bonchon has been introducing guests to Korean flavors for more than two decades, and its popularity has risen from highly differentiated food, authentic flavors in chef-driven creations, and strong word-of-mouth.
Bonchon reached major international milestones in 2026, reaching 150 U.S. locations and 500 locations worldwide across nine countries. That growth is powered by Bonchon's franchise network — a community of passionate, experienced operators who bring the brand to life in their markets every day. The brand has become a beloved destination for guests seeking authentic Korean flavors paired with craveable menu innovation, creating a differentiated position in an increasingly competitive restaurant landscape.
William Blair served as the lead financial advisor to Bonchon International, with BDA Partners as co-advisor.
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About Bonchon
South Korea-born Bonchon, which translates as “my hometown,” was founded in Busan, South Korea in 2002. Today, the brand operates approximately 500 restaurants across nine countries. Known for its hand-battered, double-fried, crazy crispy Korean fried chicken, Bonchon sets out to have its fans around the world join the “Korean Flavor. Global Obsession.” The brand continues to grow in popularity and has earned several accolades including Fast Casual Magazine’s 2026 Top Movers & Shakers, Entrepreneur’s Franchise 500 and Technomic’s Top 500 chain restaurants. For more information, visit bonchon.com. To learn more about franchise opportunities, visit franchising.bonchon.com. Follow Bonchon on Instagram, Tik Tok, Facebook, X, YouTube, and LinkedIn.
About Serruya Private Equity (SPE)
Serruya Private Equity Inc. (“SPE”) is the Serruya family's private investment platform, focused on building and growing consumer-facing businesses through strategic capital and hands-on operational support. SPE invests the family's own capital, enabling it to take a patient, long-term approach to ownership and sustainable growth. The Serruya family has deep experience in franchising, food and beverage, and retail, with a track record of scaling and repositioning established brands across North America and internationally. Current and past portfolio brands include Yogen Früz, Pinkberry, Swensen's Ice Cream, Cold Stone Creamery, Marble Slab Creamery, Pretzelmaker, Sprinkles Cupcakes, and Cha Cha, among others, representing more than 1,300 locations in over 40 countries. For more information, please visit www.serruyaprivateequity.com.
About Minor Food (MF)
Minor Food Group (“MF”) is a leading food service company in Asia, operating 2,843 outlets across 24 countries under a portfolio of iconic internationally recognized and homegrown brands, including The Pizza Company, Swensen's, Dairy Queen, Burger King, Bonchon, Sizzler, Benihana, The Coffee Club, Sanook Kitchen, Riverside Grilled Fish, and GAGA, together with more than 1,000 additional outlets through strategic investment in S&P PCL and BreadTalk Group. For more information, please visit www.minorfood.com.
About Minor International (MINT)
Minor International (MINT) is a global company focused on two core businesses: hospitality and restaurants. MINT is a hotel owner, operator and investor with a portfolio of 647 hotels under the Anantara, Avani, Oaks, Tivoli, NH Collection, NH, nhow, Elewana, The Wolseley, Colbert Collection, Minor Reserve Collection, iStay, Four Seasons, St. Regis, JW Marriott and Radisson Blu brands in 67 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe and the Americas. MINT is also one of Asia's largest restaurant companies with 2,843 outlets system-wide in 24 countries under The Pizza Company, The Coffee Club, Riverside Grilled Fish, Sanook Kitchen, Benihana, Bonchon, Swensen's, Sizzler, Dairy Queen, Burger King and GAGA brands, as well as over 1,000 further outlets held through MINT's strategic investment in S&P PCL and BreadTalk Group. For more information, please visit www.minor.com.
View source version at Bonchon
Red Robin Gourmet Burgers, Inc., Completes Sale of 108 Restaurants for $89.4 Million
Sep 01, 2026, 16:05 ET
Remaining 8 restaurants expected to close by fiscal year end and generate $6.6 million in proceeds
Proceeds to Support Debt Reduction and Refinancing
ENGLEWOOD, Colo.,, Sept. 1, 2026 /PRNewswire/ -- Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a casual dining restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today announced that it has completed the substantial majority of the closings under the refranchising transactions previously announced on May 28 and June 15, 2026. Across three separate transactions, the Company sold 108 company-owned units for approximately $89.4 million in gross proceeds, marking a significant milestone in Red Robin's First Choice Plan and subsequent debt refinancing activities. The sale of eight additional restaurants under one of the transactions is expected to close by the end of the Company's 2026 fiscal year and generate approximately $6.6 million, bringing the total proceeds across all three transactions to approximately $96 million from the sale of 116 restaurants, consistent with the terms previously disclosed.
Under the terms of each agreement, each of the experienced multi-unit restaurant operators has begun operating restaurants in the following markets under the same Red Robin brand guests have trusted for almost six decades:
Op Burgers, LLC is acquiring a total of 69 restaurants based in Kentucky, Indiana, Maryland, Ohio, North Carolina, Pennsylvania, South Carolina and Virginia for $62.5 million. The acquisition of 61 restaurants for $55.9 million has closed, with the remaining eight restaurants expected to close by fiscal year end, pending the transfer of applicable liquor licenses, for additional proceeds of $6.6 million.
Kuber Oregon, LLC and Kuber Washington, LLC (collectively, "Kuber") acquired 17 restaurants based in Oregon and Washington for $10 million.
Evergreen Dining LLC acquired 30 restaurants based in Washington and Western Idaho for $23.5 million.
"Our talented team has made incredible progress in the execution of our First Choice Plan over the past year, and the completion of these refranchising agreements is a critical next step in strengthening our balance sheet as we position our business for sustainable, long-term growth," said Dave Pace, President and Chief Executive Officer of Red Robin. "Each of these seasoned operators shares our hospitality-first mindset and brings the resources needed to accelerate growth across these markets, while continuing to deliver an exceptional guest experience. Importantly, these transactions will advance our efforts to refinance our existing debt and increase our financial flexibility. We are confident these operators will be strong partners who can help each location unlock its full potential for the benefit of our guests, team members and investors."
Op Burgers said, "We are excited to become Red Robin franchise owners and leverage insights from our experience as a multi-unit operator to support the Team Members who make these restaurants successful."
Kuber said, "Red Robin has developed a loyal following in the Pacific Northwest, and we look forward to partnering with the dedicated restaurant teams at each location to build on Red Robin's success."
Evergreen Dining said, "We are ready to roll up our sleeves and help the Red Robin team solidify its position as the First Choice in communities across Washington and Idaho and continue growing the business for years to come."
Further details are available in the Company's Form 8-K to be filed with the Securities and Exchange Commission. The Company intends to use the net proceeds from these transactions to pay down outstanding debt and execute on the refinancing priorities outlined in its First Choice Plan as it continues to reinvest in its restaurants and technologies to improve the overall guest experience.
About Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)
Red Robin Gourmet Burgers, Inc. (www.redrobin.com), is a casual dining restaurant chain founded in 1969 that operates through its wholly owned subsidiary, Red Robin International, Inc., and under the trade name, Red Robin Gourmet Burgers and Brews. We believe nothing brings people together like burgers and fun around our table, and no one makes moments of connection over craveable food more memorable than Red Robin. We serve a variety of burgers and mainstream favorites to Guests of all ages in a casual, playful atmosphere. In addition to our many burger offerings, Red Robin serves a wide array of salads, appetizers, entrees, desserts, signature beverages and Donatos Pizza at select locations. It's easy to enjoy Red Robin anywhere with online ordering available for to-go, delivery and catering. Sign up for the royal treatment by joining Red Robin Royalty® today and enjoy Bottomless perks and delicious rewards across nearly 500 Red Robin locations in the United States and Canada, including those operating under franchise agreements. Red Robin… YUMMM®!
About Op Burgers
Op Burgers is a portfolio company of Alexandrite Management, a special situations private investment firm focused on building and growing enduring, profitable companies. Op Burgers' management team are experienced multi-unit restaurant operators who are highly familiar with the restaurant and franchisee landscapes in these regions.
About Kuber
Kuber Management team is led by Aman Sharma, a seasoned franchise operator with a proven track record in the hospitality, travel center, and food service sectors. He possesses extensive experience in establishing and scaling multiple brands and businesses from inception in multiple states.
About Evergreen Dining LLC
Evergreen Dining LLC is a Washington State limited liability company formed to acquire and operate 30 Red Robin restaurants in Washington and Western Idaho. Its principals are experienced multi-unit franchise operators who have operated more than 100 restaurants across multiple national brands over nearly three decades. Evergreen Dining is supported by a support center providing accounting, HR, IT, marketing, payroll, purchasing, and real estate services, more than 1,200 employees across its operating entities, and established relationships with institutional lenders.
View source version at Red Robin
