Franchise business model is dominating restaurant deals, says Lincoln International’s Charles Walder

Denny's, Shipley Do-Nuts, and Smoothie King are among the PE-backed restaurant transactions announced in 2025.

Charles Walder, Lincoln International
Charles Walder, Lincoln International

2025 marked a busy year for the restaurant sector. As private equity firms leaned further into the franchise business model with restaurants, several deals were made from PE firms like Roark Capital and Peak Rock Capital. PE firms have been interested in franchising. Earlier in 2025, PE Hub highlighted 11 franchising deals.

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