Manasquan, N.J. — Private equity funds managed by Blackstone have agreed to acquire a majority ownership position in Jersey Mike’s Subs. The deal would value the Manasquan, N.J.-based sandwich restaurant chain at around $8 billion, including debt, according to The Wall Street Journal. Jersey Mike’s founder and CEO Peter Cancro will maintain a significant equity stake and continue to lead the business. Blackstone says the partnership is intended to help Jersey Mike’s accelerate its expansion across and beyond the U.S. market, as well as its continued investment in technology and …
franchise development
San Diego — Former CFO Lance Tucker is returning to Jack in the Box Inc., again as chief financial officer, effective Jan. 13, 2025. Tucker is currently chief financial officer of Davidson Hospitality Group, while having also served as CFO at CKE Restaurants Inc. and Papa John’s International, Inc. Tucker succeeds Brian Scott, who resigned from the company on Nov. 20. Tucker served as CFO of Jack in the Box Inc. from March 2018 to July 2020, during which he played an instrumental role in implementing the company’s securitization, while …
Alpharetta, Ga. — Surcheros® is on a steady growth path as it builds on a successful 2024 with ambitious plans for the upcoming year. With a 29% revenue increase from 2023 to 2024, Surcheros is gaining momentum and attracting franchise interest due to its strong AUVs, cost-effective buildout models and flexible real estate options. The brand currently operates 34 locations across Georgia, Florida and Tennessee. In 2024, the brand opened nearly 10 new stores and entered new markets in Tennessee and is set to enter South Carolina, while also strengthening …
Dallas — Smoothie King, the world’s largest smoothie brand and the first health and fitness fast-casual brand of its kind, has opened its 1,200th domestic store, located in Roanoke, Texas. The new store, located near Smoothie King’s corporate headquarters in the Dallas-Fort Worth metroplex, celebrated its ribbon-cutting ceremony on Nov. 14. In addition to the Roanoke opening, Smoothie King is accelerating its expansion in the Chicago area — one of its fastest-growing markets — with 10 new locations in various stages of development. This includes recent openings in Dekalb on …
Dallas — Nothing Bundt Cakes®, the nation’s largest specialty cake company, has appointed franchise development veteran Joel Larkin as chief development officer to lead the 635-unit brand’s continued expansion. Larkin brings over two decades of franchise development and operations expertise to Nothing Bundt Cakes. He most recently served as chief franchise and development officer at European Wax Center, where he oversaw its expansion to more than 1,000 locations. “Joel’s background is uniquely suited to the fast-paced growth we are undertaking here at Nothing Bundt Cakes,” says Dolf Berle, CEO of …
Honolulu — L&L Hawaiian Barbecue has appointed Kyler Kokubun as director of franchisee communications. In this role, Kokubun will focus on enhancing the relationship between the franchisor and franchisees, supporting franchisee operations and aligning marketing strategies with the brand’s vision. Kokubun brings nearly 15 years of experience in marketing, customer service and community engagement from his previous tenure at Consolidated Theatres, Hawaii’s oldest and largest movie theatre chain, where he was promoted from service associate to marketing and events manager for all locations across Hawaii. He has been instrumental in …
South Portland, Me. — Cousins Maine Lobster opened its 75th unit in early November, located in Jacksonville, Fla. The brand, which launched in April 2012 by real-life cousins Jim Tselikis and Sabin Lomac, now has 4 restaurants and 71 food trucks with reach across more than 30 states. In addition to celebrating 75 units, the brand is also welcoming new franchisees to the system, business partners Mandy Ottesen and Damon Cole. From their initial training in Maine to the opening of their first truck, they’ve been able to launch their …
Atlanta — Tropical Smoothie Cafe has named Max Wetzel as its new chief executive officer. He succeeds Charles Watson, who is stepping down after more than 16 years with Tropical Smoothie Cafe, including the past 6 years as CEO. “I am so proud of what our support center team members and franchisees have accomplished during my time at Tropical Smoothie Cafe,” says Watson. “I am confident Tropical Smoothie Cafe is well positioned to build on our many achievements to date and to advance its rapid growth, and I remain invested …
Fort Worth, Texas — Mr Gatti’s Pizza will begin opening its first 12 locations inside Walmart stores across Texas and Oklahoma this week, with all slated to open before Thanksgiving. Another 23 locations are already under construction and are scheduled to open in early 2025. This expansion is part of a larger plan to launch 92 Walmart in-store locations across four states over the next 18 months. The first location opened on Nov. 4, in Mexia, Texas, kicking off a series of grand openings at Walmart stores. The opening of …
San Francisco — Starbird, one of the nation’s first super-premium fast food concepts, has signed its inaugural franchise development agreement with Whiplash Holdings to bring seven new locations to the greater Denver market. The first Starbird location is expected to open in Denver by mid-2025, with all seven locations set to roll out over the next few years. This partnership marks Starbird’s initial expansion beyond California. “Expanding beyond California for the first time is a landmark moment for Starbird and a testament to the demand for a new kind of …