餐饮行业并购动态报告：2025年6月

TABLE OF CONTENTSKenny GreenDirector303-720-9222kgreen@capstonepartners.comCONTACT OUR RESTAURANTSSECTOR BANKERKey Sector TakeawaysSpending Shifts Across Pricing Tiers Amid Precarious MarketRestaurant M&A Declines, Bankruptcies Continue to RiseBuyers Target Mid-Size Operators & FranchisorsKey Characteristics Draw Premium Valuations in 2025Solutions for Distressed Restaurant BusinessesNotable Restaurant M&A TransactionsSelect TransactionsPublic Restaurant Brands See Share Price VolatilitySector Public Company Data by SegmentRestaurants Report ContributorsCapstone’s Proprietary Research Reveals Top Services in DemandEndnotes45678910111314161718 Internal Use Internal Use•Preliminary Analysis•Feasibility Study•ESOP Implementation•Design & ExecutionESOPAdvisorycapstonepartners.com•Transaction Advisory•Interim Management•Advisory Services•PerformanceImprovement•Litigation SupportFinancialAdvisory•Equity Advisory•Debt Advisory•Infrastructure FinanceCapitalAdvisory•Sell-side Advisory•Buy-side Advisory•Recapitalizations•Mergers & JointVenturesMergers &AcquisitionsSign Up for Sector Insights.Delivering timely, sector-specific intelligence to your inboxOne of our core capabilities is to deliver sector-specific intelligencedesigned specifically for sector leaders, private equity firms and theiradvisors. Our sector reports and featured articles deliver real-timeaccess to key sector data including:•Emerging sector trends•Acquirer and investor appetites•Mergers & acquisitions market analysis•Notable transactions•Public company dataReceive email updates with our proprietary data, reports, and insightsas they're published for the sectors that matter to you most.A DIFFERENT KIND OF FIRM. BUILT FOR THE MIDDLE MARKET.SubscribeCapstone Partners, a subsidiary of Huntington Bancshares Incorporated(NASDAQ:HBAN), has been a trusted advisor to leading middle marketcompanies for over 20 years, offering a fully integrated range of expertinvestment banking and financial advisory services uniquely tailored tohelp owners, investors, and creditors through each stage of thecompany's lifecycle.SUPERIORCLIENTRESULTSFULLSERVICECAPABILITIESMIDDLEMARKETFOCUSTOPRANKEDPERFORMANCEESTABLISHEDBRANDREPUTATION•Special SituationsTurnaround•Restructuring•Bankruptcy•InsolvencySpecialSituations &Restructuring Internal UseKEY SECTOR TAKEAWAYSCapstone Partners’ConsumerInvestment Banking Groupis pleased to share its inaugural Restaurants report.Merger and acquisition (M&A) activity in the sector has softened year to date (YTD) amid macroeconomicheadwinds, including persistent inflation, tariff uncertainty, labor cost pressures, and capital markets volatility.Despite the pullback, dealmaking is expected to reaccelerate in late 2025 and into 2026 as buyers gain clarityaround regulatory changes and cost inflation moderates. Several additional key takeaways are outlined below.1.M&A Volume Softens:Restaurant M&A activity has declined 28.9% year-over-year (YOY) as manyoperators have delayed acquisitions amid tariff-induced market uncertainty, inflation concerns, andcost of capital pressures.2.Distress Builds:Bankruptcies and distressed situations have risen in YTD 2025.Heightenedcompetitionfor foot traffic has challenged overdone concepts while other operators havesuccumbed to unstainable capital structures amid the higher-for-longer rate environment.3.Consumer Bifurcation Deepens:Value-focused chains have outperformed in low-income markets,while premium operators have continued to benefit from affluent consumer demand.Value-playershave competed more heavily with convenience store and grocery channels due to low-incomeconsumertrade-down behavior.Alternatively,upscale dining operators have continued to seestrength from high-income customers.4.Appetite Persists:Restaurant concepts with scalable models and strong unit economics havecontinued to attract growth capital as investors look to deploy robust levels of dry powder ahead of abroader market rebound.5.Franchise Systems Show Resilience:Franchise systems have demonstrated greater flexibility byleveraging scale to manage supply chain volatility and support operators with pricing, marketing, andlabor strategies amid a challenging macro backdrop.CapstonePartners has developed a full suite of corporate finance solutions to help privately-ownedbusinesses and private equity firms navigate through each stage of acompany’slifecycle. These solutionsinclude financial advisory services, merger and acquisition advisory, debt advisory, equity capital financingand employee stock ownership plan (ESOP) advisory.To learn more aboutCapstone’swide range of advisory services and Restaurants sector knowledge, pleasecontactus.Restaurant M&A Volume Suppressed, Demand RemainsIntact for Established Brands Internal UseSPENDING SHIFTS ACROSS PRICING TIERS AMID PRECARIOUS MARKETTheRestaurants sector experienced significantvolatilityfollowing the global pandemic,butnormalization of consumer traffic, preferences, andbusinessoperations has