10 Biggest Restaurant Acquisitions of All Time

Updated: Feb 27

The past couple of years have been immense in the world of restaurant mergers and acquisitions. In 2017 and 2018, more than 70 deals (38 and 37 respectively) went through to completion, dwarfing numbers from the two years prior (29 in 2015 and 2016 combined).


This trend has carried into 2019 (currently standing at 30) and, according to Restaurant Business Magazine, will likely continue over the next few years – with four unnamed publicly traded companies interviewing prospective buyers. Stay tuned, because we may see some epic deals coming to fruition in the near future. To set perspective, the below deals have been the largest (openly disclosed) thus far in the history of restaurant mergers and acquisitions:


1. Tim Hortons acquired by Burger King for $11.4 billion



Restaurant: Tim Horton’s Price: $11.4 billion Buyer: Burger King

Seller: Tim Horton’s Year: 2014


2. Panera Bread acquired by JAB Holdings for $7.5 billion


Restaurant: Panera Bread Price: $7.5 billion Buyer: JAB Holdings Seller: Panera Bread Year: 2017


3. Costa Coffee acquired by Coca Cola for $5.1 billion


Restaurant: Costa Coffee Price: $5.1 billion Buyer: Coca Cola Seller: Costa Coffee Year: 2019


4. Burger King acquired by 3G Capital Partners for $3.87 billion


Restaurant: Burger King Price: $3.87 bilion Buyer: 3G Capital Partners Seller: Burger King Year: 2010

5. OSI Restaurant Partners acquired by Bain Capital, Catterton Management, and Kangaroo Acquisitions

Restaurant(s): OSI Restaurant Partners (Outback Steakhouse, Carrabba’s Italian Grill, and Bonefish Grill) Price: $3.34 billion Buyer: Bain Capital, Catterton Management, and Kangaroo Acquisitions Seller: OSI Restaurant Partners Year: 2006


6. Wendy’s acquired by Triarc, Cos and Arby’s for $2.46 billion

Restaurant: Wendy’s Price: $2.46 billion Buyer: Triarc, Cos and Arby’s Seller: Wendy’s Year: 2008



7. Dunkin’ Brands acquired by Carlyle Group, THL Partners, and Bain Capital for $2.4 billion

Restaurant: Dunkin’ Brands Price: $2.4 billion Buyer: Carlyle Group, THL Partners, and Bain Capital Seller: Pernod Ricard SA Year: 2005


8. Kuwait Food Company (Americana, owner of Pizza Hut and KFC in the Middle East and North Africa) partially acquired by Al Khair National for $2.46 billion




Restaurant: Kuwait Food Company (Americana) Price: $2.46 billion Buyer: Al Khair National Seller: $2.46 billion Year: 2016






9. Burger King acquired by Burger King for $2.3 billion

Restaurant: Burger King Price: $2.3 billion Buyer: Burger King Holdings, TPG Capital, Bain Capital, and Goldman Sachs Seller: Diageo Year: 2002

10. Red Lobster Acquired by Golden Gate Capital for $2.1 billion


Restaurant: Red Lobster Price: $2.1 billion Buyer: Golden Gate Capital Seller: Red Lobster Year: 2014



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