I have written in the past of a gap between 20 years ago and today in the size at which a restaurant company can go public; the size that companies like Outback Steakhouse Inc. and Papa John’s International Inc. were when they went public in the early 1990s would be too small to go public today. I have also suggested that mature restaurant companies fill that gap by making minority investments in emerging brands. My thesis is that the smaller companies need both the financial and ...

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