2019 Top 200: Company U.S. Foodservice Revenue

1

Compass Group PLC*

London

Eurest, Canteen, Flik International, Chartwells, Restaurant Associates, Morrison Management, Levy Restaurants, Bon Appetit Management, Unidine

Sept. '18

$15,010.40

$13,717.50

$12,845.00

During its Latest Year, in December 2017, acquired for approximately $280 million, Unidine Corp., a Boston-based contract feeder with reported Preceding-Year revenue of $304.4 million.

2

Starbucks Corp.

Seattle

Starbucks Coffee, Reserve Roastery & Tasting Room, Reserve Store & Bar, Teavana, Princi

Sept. '18

$13,283.10

$12,412.20

$11,747.00

3

Darden Restaurants Inc.*

Orlando, Fla.

Bahama Breeze, The Capital Grille, The Capital Burger, Eddie V's Prime Seafood, LongHorn Steakhouse, Olive Garden, Seasons 52, Wildfish Seafood Grille, Yard House, Cheddar's Scratch Kitchen

May '19

$8,486.90

$8,056.40

$7,135.70

Preceding-Year 12.9% increase in U.S. revenue largely reflects incremental sales from full year of ownership of Cheddar's Scratch Kitchen chain acquired late in the Preceding Year. Darden booked $652.7 million in Cheddar's company-restaurants sales in the Preceding Year, compared with $63 million post-acquisition sales in the Prior Year

4

Aramark

Philadelphia

Aramark Services Inc. (Food & Support Services, Aramark Leisure Services)

Sept. '18

$7,846.70

$7,749.70

$7,618.20

5

Sodexo*

Paris

Sodexo Corp. Services, Healthcare Services, Campus Services, Secondary School Services, Retail Brands (Jazzman's Cafe)

Aug. '18

$7,577.90

$7,473.30

$7,262.70

During its Latest Year, in January 2018, acquired contract feeder Centerplate Inc. from Olympus Partners for about $675 million. The company said Centerplate contributed approximately $607.1 million in Latest-Year post-acquisition revenue.

6

Roark Capital Group*

Atlanta

Buffalo Wild Wings, Arby's, Miller's Ale House, Carl's Jr., Hardee's, Corner Bakery Cafe, Jimmy John's Gourmet Sandwiches, Il Fornaio, Jim 'N Nick's Bar-B-Q, McAlister's Deli, Schlotzsky's, Auntie Anne's, Moe's Southwest Grill, Jamba, Cinnabon, Carvel Ice Cream, Rusty Taco, Seattle's Best Coffee

Dec. '18

$4,963.90

$3,022.00

$2,936.10

Latest-Year 64.3% growth in estimated U.S. revenue largely reflects partial-year estimated U.S. revenue of $1.8 billion from the Buffalo Wild Wings casual-dining chain acquired in February 2018 by affiliate Inspire Brands Inc., as well as full-year sales from the Nick 'N Jim's Bar-B-Q chain acquired in July 2017.

7

JAB Holding Co.*

Luxembourg, Germany

Panera LLC (Panera Bread, Au Bon Pain), Einstein Noah Restaurant Group (Einstein Bros. Bagels, Noah's New York Bagels, Manhattan Bagel Co., Chesapeake Bagel), Caribou Coffee Development Co. (Caribou Coffee, Bruegger's Bagels), Krispy Kreme Doughnuts (Krispy Kreme, Insomnia Cookies), Peet's Operating Co. (Peet's Coffee & Tea, Intelligentsia Coffee, Stumptown Coffee Roasters), Pret A Manger

Dec. '18

$4,824.10

$2,720.60

$1,217.60

Latest-Year growth of 77.3% in estimated U.S. foodservice revenue primarily reflects full year of ownership of Panera Bread Co. and Au Bon Pain-parent Panera LLC acquired in the Preceding Year. Panera LLC contributed an estimated $3.2 billion in revenue in the Latest Year compared with Preceding-Year post-acquisition revenue of $1.3 billion. Also contributing to Latest-Year revenue growth were second-half acquisitions of the Pret A Manger bakery-cafe chain and Insomnia Cookies. Preceding-Year revenue growth of 123.4% largely reflected partial-year contributions from newly acquired Panera LLC and Bruegger's Bagels.

8

Chipotle Mexican Grill Inc.

Newport Beach, Calif.

Chipotle, Chipotle Mexican Grill, Pizzeria Locale

Dec. '18

$4,798.90

$4,416.70

$3,861.60

9

McDonald's Corp.*

Chicago

McDonald's

Dec. '18

$4,118.00

$4,668.70

$5,087.80

Latest-Year 11.8% decrease in Top 200 U.S. foodservice revenue reflects the refranchising of 202 and 224 company-operated restaurants in the Latest and Preceding Years, respectively, which contributed to a $595.8 million Latest-Year decline in company-store revenue not entirely offset by rising same-store sales at company restaurants and higher franchising revenue.

10

Golden Gate Capital*

San Francisco

California Pizza Kitchen, CPK ASAP, Red Lobster, Bob Evans Restaurants

Dec. '18

$3,879.20

$3,882.80

$3,027.00

Growth of 28.3% in estimated Preceding-Year U.S. revenue is largely attributable to an incremental $856.9 million in sales tied to the April 2017 acquisition of the Bob Evans Restaurants family-dining chain, then about 523 units.

11

Bloomin' Brands Inc.

Tampa, Fla.

Outback Steakhouse, Carrabba's Italian Grill, Outback-Carrabba's Express, Fleming's Prime Steakhouse & Wine Bar, Bonefish Grill

Dec. '18

$3,663.50

$3,739.70

$3,785.60

12

Panda Restaurant Group Inc.

Rosemead, Calif.

Panda Express, Panda Inn, Hibachi-San

Dec. '18

$3,373.10

$3,023.40

$2,787.50

13

Brinker International Inc.

Dallas

Chili's Grill & Bar, Maggiano's Little Italy

June '19

$3,132.50

$3,067.40

$3,074.00

14

Cracker Barrel Old Country Store Inc.

Lebanon, Tenn.

Cracker Barrel Old Country Store, Holler & Dash Biscuit House

July '18

$3,030.40

$2,926.30

$2,912.40

15

Fertitta Entertainment Inc.

Houston

Morton's the Steakhouse/Grille, McCormick & Schmick's, Saltgrass Steak House, Rainforest Cafe, Bubba Gump Shrimp Co., Chart House, Claim Jumper, Mastro's, Landry's Seafood House, Oceanaire, T-Rex, Yak & Yeti, Joe's Crab Shack, Brick House Tavern Tap, Mitchell's Fish Market, Mitchell's/Cameron's Steakhouse, Vic & Anthony's, Willie G's, Dos Caminos, Strip House, Bill's Bar & Burger

Dec. '18

$2,563.30

$2,550.30

$2,478.70

16

Texas Roadhouse Inc.

Louisville, Ky.

Texas Roadhouse, Bubba's 33, Jaggers

Dec. '18

$2,452.00

$2,217.20

$1,988.40

17

Autogrill SpA

Milan

HMSHost Corp. (Starbucks, Shake Shack, Pret a Manger, California Pizza Kitchen, Summer House Santa Monica, Bahama Breeze, PF Chang's, Pei Wei, Smashburger, Maggiano'a Little Italy, LongHorn Steakhouse, Chili's, Firehouse Subs, Chick Fil-A, 1897 Market, La Familia, Umaizushi, Beer Union, Burger Federation)

Dec. '18

$2,362.90

$2,273.40

$2,227.50

18

The Cheesecake Factory Inc.

Calabasas Hills, Calif.

The Cheesecake Factory, Grand Lux Cafe, RockSugar Southeast Asian Kitchen. Social Monk Asian Kitchen

Dec. '18

$2,250.10

$2,186.20

$2,204.20

19

Walt Disney Co.

Burbank, Calif.

Disney theme parks and hotels

Sept. '18

$2,226.80

$2,090.20

$2,072.90

20

Chick-fil-A Inc.

Atlanta

Chick-fil-A

Dec. '18

$2,170.90

$1,884.10

$1,676.00

21

Whataburger Inc.*

San Antonio

Whataburger

Dec. '18

$2,148.20

$2,015.40

$1,940.00

After the close of its Latest Year, in June 2019, the founding Dobson family agreed to sell a majority interest in the Whataburger chain to BDT Capital Partners. Terms were not disclosed.

22

Yum! Brands Inc.*

Louisville, Ky.

Pizza Hut, Taco Bell, KFC, Wing Street, Pizza Hut Italian Bistro

Dec. '18

$2,137.00

$2,758.00

$3,111.00

Latest-Year and Preceding-Year U.S. foodservice revenue decreases, primarily reflect the reduction in company-restaurant sales from refranchising initiative and closures, if any, in the Latest, Preceding and Prior Years that were not fully countered by increased franchise fees and sales royalties. The Latest-Year year-end number of U.S. company-operated restaurants across all three brands Đ Taco Bell, Pizza Hut and KFC ĐĘof 541 was down a net 857 locations, or 61%, from the Prior Year's year-end 1,398 units.

23

Wawa Inc.

Wawa, Pa.

Wawa Food Stores

Dec. '18

$2,088.20

$1,968.60

$1,801.30

24

Flynn Restaurant Group LLC*

San Francisco

Apple American Group LLC (Applebee's Neighborhood Grill & Bar); Bell American Group LLC (Taco Bell, KFC, Pizza Hut); Pan American Group LLC (Panera Bread Co.); RB American Group (Arby's)

Dec. '18

$1,960.20

$1,802.70

$1,713.70

During its Latest Year, in December 2018, acquired 368 franchised Arby's restaurants from United States Beef Corp. Terms were not disclosed. The company said the Arby's acquisition increased its total restaurant count to 1,245 across four brands Đ Applebee's Neighborhood Grill & Bar, Arby's, Panera Bread and Taco Bell ĐĘand gave it annualized sales of $2.3 billion.

25

Centerbridge Partners L.P.*

New York

P.F. Chang's China Bistro Inc. (P.F. Chang's China Bistro, Pei Wei Asian Diner, True Food Kitchen), CraftWorks Holdings (Logan's Roadhouse, Old Chicago Pizza &Taproom, Rock Bottom Restaurant & Brewery, Gordon Biersch Brewery Restaurant, Big River, ChopHouse, Blue Water, etc.) Great Wolf Resorts Inc. (Lumber JackÍs Cook Shanty, Loose Moose Bar & Grill, Camp Critter Bar & Grille, Starbucks Coffee, Dunkin' Donuts)

Dec. '18

$1,946.30

$1,847.80

$1,827.00

After the close of its Latest Year, in June 2019, sold to Lorne Goldberg and West Coast Capital affiliate PWD Acquisition LLC the Pei Wei Asian Kitchen limited-service chain, with Latest-Year 168 company-operated and 25 franchised locations and estimated U.S. system sales of $317.5 million. In March 2019, sold to TriArtisan Capital Advisors LLC and Paulson & Co. the P.F. Chang's China Bistro chain, with estimated Latest-Year U.S. system sales of $946.2 million from 222 locations, as well as 90-plus licensed locations overseas. During its Latest Year, in November 2018, acquired from Kelso & Co. L.P. controlling interest in the 204-unit Logan's Roadhouse casual-dining chain that had Latest-Year estimated U.S. system sales of $505 million. No transaction terms were disclosed.

26

MGM Resorts International*

Las Vegas

MGM Grand, Circus Circus, The Mirage, Bellagio, Beau Rivage, Borgata, New York-New York, Mandalay Bay, Luxor, Excalibur, Monte Carlo, Gold Strike

Dec. '18

$1,831.30

$1,820.60

$1,686.10

Preceding- and Prior-Year U.S. foodservice revenue numbers were revised upward to reflect new accounting standard implemented in the Latest Year that requires casino operators to report as revenue along with cash or credit transactions the retail value of foods and beverages provided free-of-charge to guests. NRN previously presented reported or estimated foodservice revenue from paying customers only, but now has less information with which to make such calculations and so going forward will show the gross U.S. food-and-beverage revenue reported by casino operators.

27

Delaware North

Buffalo, N.Y.

Delaware North Sportservice, Patina Restaurant Group, Delaware North parks and resorts, travel hospitality services and gaming divisions

Dec. '18

$1,628.20

$1,543.30

$1,464.20

28

Elior Group*

Paris

Elior North America (ABL Management, Aladdin Food Management Services, A'viands, Cura Hospitality, Starr Catering Group, Valley Services, Preferred Meals, Abigail Kirsch, SideKim Foods, CBM Managed Services, Lancer Hospitality, Corporate Chefs, Design Cuisine, Bateman Community Living), Areas USA

Sept. '18

$1,617.50

$1,348.30

$950.00

Latest-Year U.S. revenue growth of 20.0% and Preceding-Year growth of 41.9% largely reflect a dozen acquisitions during the past three completed fiscal years. In the Latest Year, the company acquired in the U.S. CBM Managed Services, a correctional facilities caterer, and Bateman Community Living, a specialist in delivering foods to seniors, both with annual revenue of about $70 million. Terms were not disclosed.

29

Host Hotels & Resorts Inc.

Bethesda, Md.

Marriott, Ritz-Carlton, Hyatt, SwissŞtel, Four Seasons, Fairmont, Hilton, Sheraton, The Luxury Collection

Dec. '18

$1,584.70

$1,524.20

$1,548.60

30

Caesars Entertainment Corp.*

Las Vegas

Harrah's hotel-casinos/river boats, Rio All-Suites, Caesars Palace, Flamingo, Bally's, Paris L.V., Bill's Gamblin' Hall.

Dec. '18

$1,546.00

$974.00

$820.00

Preceding- and Prior-Year U.S. foodservice revenue numbers were revised upward to reflect new accounting standard implemented in the Latest Year that requires casino operators to report as revenue along with cash or credit transactions the retail value of foods and beverages provided free-of-charge to guests. NRN previously presented reported or estimated foodservice revenue from paying customers only, but now has less information with which to make such calculations and so going forward will show the gross U.S. food-and-beverage revenue reported by casino operators. Preceding- and Prior-Year U.S. foodservice revenue numbers were revised upward to reflect new accounting standard implemented in the Latest Year that requires casino operators to report as revenue along with cash or credit transactions the retail value of foods and beverages provided free-of-charge to guests. NRN previously presented reported or estimated foodservice revenue from paying customers only, but now has less information with which to make such calculations and so going forward will show the gross U.S. food-and-beverage revenue reported by casino operators.

31

Apollo Global Management LLC*

New York

CEC Entertainment (Chuck E. Cheese's, Peter Piper Pizza), ClubCorp (private clubs), Qdoba Mexican Eats

Dec. '18

$1,439.90

$954.00

$900.10

Latest-Year 50.9% growth in estimated U.S. foodservice revenue primarily reflects March 2018 acquisition from Jack in the Box Inc. of the 721-unit Qdoba Mexican Eats chain, which provided estimated Latest-Year U.S. foodservice revenue of $260.6 million. Also a factor in Latest-Year growth was full-year estimated foodservice revenue of $310.1 million from ClubCorp., which was acquired in the Preceding Year and credited then with estimated post-acquisition revenue of $91.8 million.

32

Eldridge Industries (NPC International Inc.)*

Greenwich, Conn.

NPC International (Pizza Nut, Wendy's)

Dec. 18

$1,404.40

$0.00

$0.00

Latest-Year U.S. foodservice revenue reflects post-acquisition share of reported full-year revenue of $1.5 billion at NPC International Inc., the Pizza Hut and Wendy's franchised restaurants operator acquired from Olympus Partners in January 2018. Terms were not disclosed. NPC, which ended the Latest Year with 1,237 Pizza Hut and 394 Wendy's locations, had Preceding-Year revenue of $1.4 billion.

33

Sun Capital Partners Inc.*

Boca Raton, Fla.

Boston Market, Friendly's Ice Cream, Johnny Rockets, Restaurants Unlimited, Smokey Bones, Bar Louie, Franchise Restaurant Concepts (HuHot Mongolian Grill)

Dec. '18

$1,388.80

$1,482.30

$1,698.00

Latest-Year and Preceding-Year declines in estimated U.S. foodservice revenue of 6.3% and 12.7%, respectively, primarily reflect the October 2016 bankruptcy and subsequent sale in 2017 of affiliate Garden Fresh Restaurants Corp., operator of Sweet Tomatoes and Souplantation buffet restaurants. Garden Fresh estimated or reported Preceding- and Prior-Year sales to Sun were $82.3 million and $273.9 million, respectively.

34

Argonne Capital Group LLC

Atlanta

On the Border Mexican Grill, Krystal, ACG Texas, Sunshine Restaurant Partners, Peak Restaurant Group and Alliance Pancake Partners (IHOP), Neighborhood Restaurant Partners (Applebee's), Stevi B's Pizza

Dec. '18

$1,354.10

$1,349.30

$1,327.70

35

Red Robin Gourmet Burgers Inc.

Greenwood Village, Colo.

Red Robin Gourmet Burgers and Brews

Dec. '18

$1,278.10

$1,323.00

$1,242.50

36

Dave & Buster's Entertainment Inc.

Dallas

Dave & Buster's

Jan. '19

$1,239.10

$1,119.30

$991.80

37

Alimentation Couche-Tard Inc.*

Laval, Quebec

Circle K, The Pantry (Kangaroo Express), Holiday, CST Brands (Corner Store, Nice N Easy Grocery Shoppes, Flash Foods Network), On The Run, Dairy Mart

April '19

$1,226.00

$1,064.60

$874.20

Latest- and Preceding-Year gains in estimated U.S. foodservice revenue of 15.2% and 21.8%, respectively, in large part reflect the incremental sales from a multi-year acquisition campaign that saw the company acquire since June 2017 about 1,600 corporate and franchised convenience stores across multiple brands, Including Holiday Stationstore and Corner Store. Some of those acquired stores were or will be reflagged as Circle K locations.

38

Carrols Restaurant Group Inc.*

Syracuse, N.Y.

Burger King, Popeyes Louisiana Kitchen

Dec. '18

$1,179.30

$1,088.50

$943.60

After the close of its latest year, in April 2019, acquired Garnett Station Partners' Cambridge Franchise Holdings LLC affiliate with 165 franchised Burger King and 55 Popeyes Louisiana Kitchen restaurants that generated 2018 sales of $294 million. Carrols said it exchanged approximately 7.5 million shares of its common stock and assumed Cambridge Franchise Holdings debt in the deal valued at about $238 million. The transaction boosted Carrols' Burger King and Popeyes unit count to 1,069.

39

BJ's Restaurants Inc.

Huntington Beach, Calif.

BJ's Restaurant & Brewery, BJ's Pizza & Grill, BJ's Restaurant & Brewhouse

Dec. '18

$1,116.90

$1,031.80

$993.10

40

Casey's General Stores Inc.

Ankeny, Iowa

Casey's General Store

April '19

$1,076.50

$1,005.60

$953.40

41

Healthcare Services Group Inc.*

Bensalem, Pa.

Nursing home, retirement complex, rehabilitation center and hospital contract food and dietary services

Dec. '18

$1,035.00

$886.50

$605.50

After the close of its Latest Year, beginning in March 2019, the company was named in a class-action lawsuit claiming damages on behalf of shareholders who purchased its stock between April 11, 2017 and March 4, 2019. The lawsuit alleges plaintiffs purchased stock at prices temporarily "inflated" by either misleading company statements or delayed disclosures about Securities and Exchange Commission and internal investigations into HSGI's earnings per share calculation, rounding and reporting practices. The company said it is "vigorously defending against all litigation claims asserted."

42

NRD Capital Management LLC*

Atlanta

Ruby Tuesday, Frisch's Big Boy, Fuzzy's Taco Shop

May '19

$1,032.50

$614.70

$216.30

Latest- and Preceding-Year growth in estimated U.S. foodservice revenue of 68% and 184.2%, respectively, primarily reflects the Preceding Year, December 2017, acquisition of the then approximately 596-unit Ruby Tuesday casual-dining chain, with Latest-Year estimated revenue of $805.2 million, up from a Preceding-Year, post-acquisition estimated revenue contribution of $383.3 million. Preceding-Year Ruby Tuesday revenue, under both owners, was estimated at $877.4 million.

43

Cannae Holdings Inc.*

Las Vegas

American Blue Ribbon Holdings LLC (O'Charley's, Ninety Nine Restaurants, Village Inn, Bakers Square)

Dec. '18

$1,029.00

$138.50

$0.00

Latest-Year revenue growth of 643% almost entirely reflects the comparison of the 52 weeks of operations that generated restaurant sales and franchising revenue of about $1 billion in the Latest Year with the six weeks of operations and revenue of $138.5 million in the Preceding Year that followed the company's November 2017 creation. Cannae Holdings was formed when former parent Fidelity National Financial Inc. spun it off as a freestanding public company to existing shareholders and others.

44

The Wendy's Co.*

Dublin, Ohio

Wendy's

Dec. '18

$1,012.10

$994.10

$1,256.70

Preceding-Year 20.9% decrease in estimated U.S. revenue primarily reflects a reduction in U.S.-company-restaurant sales from the refranchising or closing of a net 302 restaurants in the Prior Year.

45

Waffle House Inc.

Norcross, Ga.

Waffle House

May '19

$988.80

$969.40

$956.60

46

In-N-Out Burger Inc.

Irvine, Calif.

In-N-Out Burger

Dec. '18

$914.30

$877.60

$844.20

47

Domino's Pizza Inc.

Ann Arbor, Mich.

Domino's

Dec. '18

$906.30

$842.20

$751.30

48

Advent International Corp.*

Boston

Bojangles' Inc.* (Bojangles' Famous Chicken 'n Biscuits), First Watch, The Egg & I, The Good Egg, Bread & Co.

Dec. '18

$905.50

$650.70

$531.90

After the close of its Latest Year, in January 2019, majority-held, publicly traded affiliate Bojangles' Inc. was acquired for $16.10 per share by Durational Capital Management LP and The Jordan Company L.P. in an all-cash transaction valued at about $700 million. Latest- and Preceding-Year revenue growth of 39.2% and 22.3%, respectively, primarily reflects Preceding-Year acquisition, in August 2017, of the First Watch breakfast-lunch-and-brunch chain and affiliated brands, including The Egg & I, The Good Egg and Bread & Co., with Latest-Year reported revenue of $347.7 million, and Preceding-Year, post-acquisition revenue of $103.4 million.

49

Costco Wholesale Corp.

Issaquah, Wash.

Costco warehouse stores

Aug. '18

$890.00

$834.00

$795.00

50

Raising Cane's Restaurants LLC

Baton Rouge, La.

Raising Cane's Chicken Fingers

Dec. '18

$888.30

$725.30

$547.10

51

Doctor's Associates Inc.

Milford, Conn.

Subway

Dec. '18

$852.50

$860.10

$917.60

52

Pilot Flying J

Knoxville, Tenn.

Pilot Travel Centers, Flying J Travel Centers (Arby's, Auntie Anne's, Cinnabon, Dairy Queen, KFC, Moe's Southwest Grill, Pizza Hut, PJ Fresh Marketplace, Subway, Taco Bell, Wendy's, Dunkin Donuts, iHOP and Chester's Chicken)

Dec. '18

$851.90

$817.80

$737.30

53

KBP Foods LLC*

Overland Park, Kan.

KFC, Taco Bell

Dec. '18

$846.00

$695.00

$515.00

Latest- and Preceding-Year revenue growth of 21.7% and 35%, respectively, primarily reflects incremental sales from acquired or newly built franchised KFC or Taco Bell restaurants, including 20 builds and the acquisition through multiple transactions of approximately 91 locations in the Latest Year and 144 units in the Preceding Year. Latest-Year revenue growth was also fueled by low single-digit same-store sales gains, the company said. Sellers and terms were not disclosed.

54

Pappas Restaurants Inc.

Houston

Pappasito's, Pappadeaux, Pappas Seafood, Pappas Bros. Steakhouse, Pappas BBQ, Pappas Burger, Yia Yia Mary's, Pappas Delta Blues Smokehouse

Dec. '18

$827.20

$785.70

$730.70

55

Sheetz Inc.

Altoona, Pa.

Sheetz convenience stores and "convenience restaurants"

Sept. '18

$820.90

$774.00

$711.10

56

Jack in the Box Inc.*

San Diego

Jack in the Box

Sept. '18

$812.70

$1,320.30

$1,363.70

Latest-Year 38.4% decrease in estimated U.S. revenue reflects in part the March 2018 sale of the then 721-unit Qdoba Mexican Eats chain to an affiliate of Apollo Global Management LLC, which reduced Qdoba's Latest-Year estimated revenue contribution to approximately $201.9 million from $455.3 million in the Preceding Year. Also behind lower Latest-Year revenue were decreased company-restaurant sales resulting from the refranchising of 135 and 178 company-operated Jack in the Box restaurants in the Latest and Preceding Years, respectively.

57

Restaurant Brands International Inc.*

Oakville, Ontario

Burger King, Tim Hortons, Popeyes Louisiana Kitchen

Dec. '18

$783.60

$699.90

$500.20

Latest-Year 12% and Preceding-Year 39.9% growth in estimated U.S. revenue primarily reflects the impact of the March 2017 acquisition of publicly traded Popeyes Louisiana Kitchen Inc., which had estimated Latest-Year U.S. revenue of $254.8 million, compared with Preceding-Year post-acquisition estimated revenue of $184.1 million.

58

Papa John's International Inc.*

Louisville, Ky.

Papa John's Pizza

Dec. '18

$767.40

$919.10

$915.20

Latest-Year 16.5% decrease in U.S. revenue reflects refranchising of company restaurants, one less operating week compared with the Preceding Year, a 9% decline in company restaurant comparable-store sales and a 6.7% decrease in North American franchised restaurant comparable sales, which adversely impacted royalty income.

59

AVI Foodsystems Inc.

Warren, Ohio

Carolina BBQ, Chick-fil-A Express, The Wall Street Pub & Grille, Modeco Coffee Roasters, Met Grill, Piazza, Dos Manos, Cafe 5, Wendy's, Quaker Steak & Lube, Starbucks Coffee, Tim Hortons, Market C, World Restaurant Collection, AVI Pure

Dec. '18

$765.00

$725.00

$650.00

60

Sun Holdings LLC*

Dallas

Arby's, Burger King, Cicis, Golden Corral, Krispy Kreme Doughnuts, Popeyes Louisiana Kitchen, Taco Bueno, McAlister's Deli

Dec. '18

$755.00

$675.00

$625.00

After the close of its Latest Year, in January 2019, acquired Taco Bueno chain previously controlled by an affiliate of Tarrant Capital IP LLC that in 2018 filed for Chapter 11 bankruptcy protection while financially restructuring. Terms were not disclosed. Taco Bueno reported fiscal 2018 systemwide sales of about $160 million and a year-end 118 company and 32 franchised units.

61

Biglari Holdings Inc.

San Antonio

Steak 'n Shake, Western Sizzlin

Dec. '18

$748.90

$790.60

$807.20

62

Little Caesar Enterprises Inc.

Detroit

Little Caesars

Dec. '18

$725.30

$693.00

$678.00

63

Covelli Enterprises Inc.

Warren, Ohio

Panera Bread, O'Charley's, Dairy Queen

Dec. '18

$702.50

$652.40

$650.60

64

Fiesta Restaurant Group Inc.*

Addison, Texas

Pollo Tropical, Taco Cabana

Dec. '18

$687.10

$667.60

$710.00

Preceding-Year 6.0% decrease in U.S. revenue tied to the closure of 40 Pollo Tropical and 6 Taco Cabana restaurants, as well as same-store sales declines of 6.5% and 7.3% at Pollo Tropical and Taco Cabana, respectively, with at least some of those same-store sales declines tied to hurricane-related store closures.

65

Sentinel Capital Partners*

New York

Fazoli's, Newk's Eatery, TGI Fridays, Captain D's Seafood, Grandy's

Dec. '18

$668.30

$487.70

$796.90

Latest-Year 37% growth in estimated U.S. revenue largely reflects first full year of ownership of the Captain D's and Grandy's limited-service chains acquired in the Preceding Year, in December 2017, from Centre Partners Management LLC. Captain D's and Grandy's generated estimated Latest-Year revenue of $314 million, compared with their estimated Preceding-Year post-acquisition contribution of $12 million. Preceding-Year 38.8% decrease in estimated revenue primarily reflects lower sales and franchising income tied to three transactions: the February 2018 sale of the 350-unit Huddle House family-dining chain to Elysium Management; the April 2017 sale of Checkers and Rally's Hamburgers chains, with a combined 850 units, to Oak Hill Capital Partners; and the Preceding-Year refranchising of approximately 70 company-operated Fazoli's restaurants.

66

Target Corp.*

Minneapolis

Pizza Hut Express, Starbucks Coffee, Target Cafe (Target stores)

Jan. '19

$661.80

$648.20

$628.40

Latest-, Preceding- and Prior-Year estimated results may exclude sales from freestanding Pizza Hut Express locations because the number of units or sales under the Pizza Hut brand are unclear in company filings. Combination Target Cafe/Pizza Hut units' estimated sales are included.

67

Seven & i Holdings Co. Ltd.*

Tokyo

7-Eleven, Stripes, APlus

Dec. '18

$656.30

$406.30

$473.00

Latest-Year 61.5% growth in estimated U.S. foodservice revenue in great part reflects affiliate 7-Eleven Inc.'s January 2018 acquisition from Sunoco LP of 1,030 U.S. convenience stores under multiple brands, including APlus and Stripes. 7-Eleven ended the Latest Year with approximately 527 Stripes locations while Cal's Convenience of Frisco, Texas, licensed 208 others.

68

Lettuce Entertain You Enterprises Inc.

Chicago

Aba, Ambria, Bar Ramone, The Dalcy, Shaw's Crab House, Scoozi!, Everest, Foodlife, Papagus Greek Taverna, Krispy Kreme Doughnuts, Wow Bao, Saranello's, Paris Club, Studio Paris, M Burger, Beatrix, Foodease, Tokio Pub, RPM Italian, RPM Steak, Ramen-san, Summer House Santa Monica, The Oyster Bah, Stella Bara Pizzeria

Dec. '18

$630.00

$604.00

$580.00

69

Five Guys Holdings Inc.

Lorton, Va.

Five Guys Enterprises LLC (Five Guys Burgers and Fries)

Dec. '18

$594.00

$517.40

$478.80

70

Angelo, Gordon & Co.*

New York

Benihana Inc. (Benihana, Haru, RA Sushi, Samurai), Firebirds Wood Fired Grill

March '19

$589.50

$571.40

$533.20

During its Latest Year, in January 2019, sold to a J.H. Whitney & Co. affiliate the 48-unit Firebirds Wood Fired Grill chain, with sales for the fiscal year ended in December 2018 of $179.4 million. Terms were not disclosed. Angelo Gordon U.S. revenue for the Preceding and Prior Years was restated to include previously omitted Firebirds sales of $161.3 million and $143.9 million, respectively.

71

Altamont Capital Partners LLC

Palo Alto, Calif.

Tacala Cos. (Taco Bell), Cotton Patch Cafe

Dec. '18

$574.70

$563.60

$572.00

72

GPS Hospitality LLC*

Atlanta

Burger King, Popeyes Louisiana Kitchen

Dec. '18

$569.80

$555.50

$318.50

After the close of its Latest Year, in April 2019, said it acquired through two transactions 75 franchised Pizza Hut restaurants in Georgia, Alabama, Kentucky and Tennessee. Terms and sellers were not disclosed. Preceding-Year growth of 74.4% primarily reflects incremental sales from the most recent of eight reported acquisitions by GPS from fiscal 2014 through fiscal 2017 that, in all, added 368 franchised Burger King restaurants and 18 franchised Popeyes Louisiana Kitchen restaurants.

73

Wynn Resorts Ltd.*

Las Vegas

Wynn Las Vegas resort and casino (Andrea's, Costa Di Mare, Drugstore Cafe, Red 8, Sinatra, Tableau, Wing Lei), Encore at Wynn Las Vegas

Dec. '18

$567.20

$568.10

$532.80

Estimated food-and-beverage-revenue figures for the Preceding and Prior Years were revised upwards from 2018 Top 200 presentation based on company statements in public reports and in accordance with new accounting standards implemented in the Latest Year. Those accounting standards require casino operators to report as revenue along with cash or credit transactions the retail value of foods and beverages provided free-of-charge to guests. NRN previously presented reported or estimated foodservice revenue from paying customers only, but now has less information with which to make such calculations and so going forward will show the gross U.S. food-and-beverage revenue reported by casino operators.

74

White Castle System Inc.

Columbus, Ohio

White Castle, Church's Chicken

Dec. '18

$556.10

$547.20

$564.20

75

Dunkin' Brands Group Inc.*

Canton, Mass.

Dunkin' Donuts, Baskin-Robbins

Dec.'18

$532.10

$512.60

$494.30

During its Latest Year, adopted new guidance for revenue recognition and restated some Preceding- and Prior-Year financial results. To be consistent with Latest-Year results calculated using the new guidance, NRN used the restated numbers to revise its previous estimates of U.S. revenue downward by $51.1 million and $36.7 million for the Preceding and Prior Years, respectively.

76

Denny's Corp.

Spartanburg, S.C.

Denny's

Dec. '18

$514.40

$489.20

$464.10

77

Del Taco Restaurants Inc.

Lake Forest, Calif.

Del Taco

Dec. '18

$488.80

$468.60

$449.70

78

Doherty Enterprises Inc.

Allendale, N.J.

Applebee's Neighborhood Grill & Bar, Chevys Fresh Mex, Panera Bread, The Shannon Rose Irish Pub, Spuntino Wine Bar and Italian Tapas, Quaker Steak & Lube, Noodles & Co.

Dec. '18

$482.30

$469.90

$493.50

79

H.I.G. Capital LLC*

Miami

HOA Holdings LLC (Hooters)

Dec. '18

$479.00

$453.90

$432.80

After the close of its Latest Year, in July 2019, sold its majority interest in the Hooters casual-dining chain to Nord Bay Capital and TriArtisan Capital Advisors LLC. Terms were not disclosed. Hooters had NRN estimated Latest-Year U.S. system sales of $864.9 million from a year-end 209 company and 132 franchised restaurants.

80

Lee Equity Partners LLC*

New York

K-MAC Holdings Corp. (Taco Bell, KFC and Golden Corral)

Dec. '18

$478.40

$457.00

$13.00

Preceding-Year 3,415.4% growth in estimated foodservice revenue reflects the impact of incremental full-year revenue from K-MAC Holdings Corp. Đ Taco Bell, KFC and Golden Corral franchisee ĐĘacquired late in the Prior Year in December 2016. K-MAC generated estimated Preceding-Year revenue of $457 million compared with Prior-Year estimated post-acquisition revenue of $13 million.

81

The Briad Group

Livingston, N.J.

Cups Frozen Yogurt That's Hot, TGI Fridays, Wendy's, Zinburger Wine & Burger Bar

Dec. '18

$461.30

$468.00

$441.30

82

Noodles & Co.*

Broomfield, Colo.

Noodles & Co.

Dec. '18

$457.80

$456.30

$485.90

Preceding-Year 6.1% decrease in U.S. revenue largely reflects the first-quarter closure of 55 underperforming restaurants.

83

Berkshire Partners LLC

Boston

Portillo's, Barnelli's Pasta Bowl

Dec. '18

$452.00

$419.30

$384.40

84

Shake Shack Inc.

New York

Shake Shack

Dec. '18

$447.10

$347.80

$260.50

85

Ruth's Hospitality Group Inc.*

Winter Park, Fla.

Ruth's Chris Steak House

Dec. '18

$445.90

$408.60

$380.40

Latest-Year revenue growth of 9.1% linked, in part, to December 2017 acquisition of six restaurants in Hawaii from franchisee Desert Island Restaurants for approximately $35 million.

86

ISS A/S*

Soborg, Denmark

Guckenheimer contracting

Dec. '18

$436.20

$245.90

$0.00

Latest-Year 77.4% growth in estimated U.S. foodservice revenue reflects incremental revenue from first full year of ownership of Guckenheimer contract foodservice company acquired in the Preceding Year, in April 2017, as well as reported 20%-plus year-over-year growth in Guckenheimer revenue. Revenue figures shown exclude other ISS A/S U.S. foodservice operations, if any.

87

Meritage Hospitality Group Inc.*

Grand Rapids, Mich.

Wendy's, Freighters Eatery & Taproom, Twisted Rooster, Wheelhouse Kitchen & Cocktails, Stan Diego

Dec. '18

$435.30

$312.60

$235.80

Latest- and Preceding-Year revenue growth of 39.3% and 32.6%, respectively, reflect net additions through acquisition and construction of 62 franchised Wendy's restaurants in the Latest Year and 74 Wendy's in the Preceding Year, offset, in part, by Latest-Year same-store sales decreases of 2.4% at Wendy's operations and 9.5% at six casual-dining venues.

88

Deli Management Inc.

Beaumont, Texas

Jason's Deli

Dec. '18

$430.00

$421.00

$414.20

89

Boddie-Noell Enterprises Inc.

Rocky Mount, N.C.

Hardee's

Dec. '18

$428.40

$429.20

$439.80

90

Potbelly Corp.

Chicago

Potbelly Sandwich Shop

Dec. '18

$421.50

$427.30

$406.50

91

Kelso & Co. L.P.*

New York

LRI Holdings Inc. (Logan's Roadhouse)

Dec. '18

$420.40

$462.40

$516.20

During its Latest Year, on or about Nov. 1, 2018, sold controlling interest in the 204-unit Logan's Roadhouse casual-dining chain to an affiliate of Centerbridge Partners L.P. Terms were not disclosed. Kelso's Latest-Year U.S. foodservice revenue represents estimated pre-divestiture results at Logan's Roadhouse. Preceding Year's decrease in estimated revenue of 10.4% was primarily tied to Logan's Roadhouse's 2016 bankruptcy and restructuring that saw the closure of more than 30 company-operated restaurants.

92

Del Frisco's Restaurant Group Inc.*

Irving, Texas

Del Frisco's Double Eagle Steak House, Del Frisco's Grille, Barcelona Wine Bar, Bartaco

Dec. '18

$419.50

$361.40

$351.70

Latest-Year revenue includes $41.3 million in pre-divestiture sales from the 14-unit Sullivan's Steakhouse chain sold in September 2018 to an affiliate of Redrock Partners LLC-controlled Romano's Macaroni Grill for gross proceeds of $32 million. Also in the Latest Year, in June 2018, acquired from Barteca Holdings LLC assets including 15 Barcelona Wine Bar and 16 Bartaco restaurants. The deal was valued at $331.2 million. Barcelona Wine Bar and Bartaco contributed $74.3 million aggregate Latest-Year post-acquisition revenue.

93

Hillstone Restaurant Group Inc.

Beverly Hills, Calif.

Hillstone, Houston's, Bandera, R+D Kitchen, Gulfstream, Cherry Creek Grill, Kelly's Filling Station and Wine Shop, Los Altos Grill, Honor Bar, Palm Beach Grill, Rutherford Grill, Woodmont Grill, White House Tavern, South Beverly Grill, East Hampton Grill, The Grilll at Bal Harbour

Dec. '18

$415.60

$408.90

$416.20

94

Sonic Corp.*

Oklahoma City

Sonic Drive-In

Aug. '18

$413.20

$466.60

$596.10

After the close of the company's Latest Year, in December 2018, shareholders approved a going-private transaction valued at $2.3 billion in which the company merged into Inspire Brands, an affiliate of Roark Capital Group that also owns Arby's and Buffalo Wild Wings. Latest- and Preceding-Year revenue decreases of 11.4% and 21.7%, respectively, largely reflect lower company-store sales resulting from the sale of 166 company-owned restaurants to franchisees during those years.

95

El Pollo Loco Holdings Inc.

Costa Mesa, Calif.

El Pollo Loco

Dec. '18

$409.70

$396.80

$374.50

96

BF Cos.

Louisville, Ky.

Wendy's

Dec. '18

$403.00

$395.00

$402.00

97

Onex Corp.

Toronto

Jack's Family Restaurants

Dec. 18

$402.80

$374.10

$365.00

98

Mason Harrison Ratliff Enterprises LLC

Oklahoma City

Sonic Drive-In

Dec. '18

$402.20

$395.50

$400.70

99

The Habit Restaurants Inc.

Irvine, Calif.

The Habit Burger Grill

Dec. '18

$401.20

$331.40

$283.60

100

Chuy's Holdings Inc.

Austin, Texas

Chuy's

Dec. '18

$398.20

$369.60

$330.60

Total Top 100 Company U.S. Foodservice Revenue:

$171,297.10

$156,926.20

$147,059.00