JAB Holding, which in 2012 bought both Peet's Coffee and Caribou, is at it again, this time with a $347 million purchase of Colorado-based bagel company Einstein Noah Restaurant Group. The deal is for $20.25 a share.
The activist gunning to replace Darden's full board of directors got at least one key endorsement today when Glass Lewis, a proxy advisory firm, recommended shareholders vote for Starboard Value's full slate of board nominees.
Another restaurant chain, the third one in two months, has acknowledged a payment card data breach. This time it's Jimmy John's, which said that 216 locations had data from credit and debit cards compromised over the summer.
Sandell Asset Management this morning said that it has been contacted by a private equity group interested in buying BEF Foods, the retail food products division of Bob Evans. Investors are also interested in buying the chain's real estate.
Is income inequality hurting the restaurant industry? It is, at least according to the NPD Group, which noted that flat traffic at quick-serve restaurants, and increasing traffic at fine dining concepts, show that the income gap is hitting the industry.
The parent company of Burger King franchisee Houston Foods is buying 255 locations from Heartland Food Corp. The deal will turn the company, The Dhanani Group, into Burger King's third largest franchisee worldwide and one of the biggest of any brand in the US.
Carrols has made another purchase, this time 30 units in North Carolina for $20 million. The company made the purchase by exercising its right of first refusal to buy any Burger Kings that are sold in 20 states along the East Coast.
Darden Restaurants, still responding to that 300-page report from the activist investor Starboard Value, today levied criticism at a trio of Starboard's advisers, two of whom used to work with Olive Garden.
Cracker Barrel, the Lebanon, Tennessee-based family dining chain-slash-retailer, is working on a plan to cut operating costs by $50 million over three years. Among the cuts: Reducing the number of plates the company uses.
A&C Ventures, a California real estate investment company, bought a 72-unit Taco Bell franchisee in Northern California, giving the company more than 100 Taco Bell units through a pair of partnerships with operators.
According to reports, Jimmy John's founder and its private equity investor are looking to sell a big stake in the company. In so doing, they're putting in play one of the fastest growing and highest performing franchises in the country.
Starboard Value, the activist investor gunning to replace the Darden board, released a 300-page operational improvement plan that includes everything from major changes to the corporate structure to how many breadsticks customers should get.
Smashburger's former CEO has accused the company in court documents of manipulating its valuation to avoid paying him the full value of shares in the company he owned at the time of his termination last November.
Chipotle, which has been reporting incredible sales numbers this year, could hit well over $1,000 a share by the end of the decade assuming it keeps adding new units, according to Janney Capital Markets Analyst Mark Kalinowski.
Darden Restaurants has been resisting suggestions for months that it spin off its Specialty Restaurant Group. Now we know why: The group's cash flow would be awfully weak away from the support of the giant Olive Garden.
The restaurant industry has endured a difficult year of weak sales and falling traffic. But according to Black Box Intelligence, perhaps that is starting to change. The index reported its strongest sales number in more than two years.
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