2020 Top 200: Footnotes for the Top 100 Companies

FN20-1: Compass Group PLC – Contributing to the 7.5% Latest-Year and 9.4% Preceding-Year growth in estimated U.S. foodservice revenue, respectively, was the December 2017 acquisition of Unidine Corp., with reported fiscal 2017 U.S. revenue of $304.4 million.

FN20-2: Darden Restaurants Inc. – Latest-Year 8.3% decrease in estimated U.S. revenue reflects the impact from COVID-19 pandemic-control restrictions placed on businesses, such as mandatory closure of dining rooms, during the company's fourth quarter.

FN20-3: Sodexo – During its Preceding 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 Preceding-Year post-acquisition revenue.

FN20-4: JAB Holding Co. – Latest-Year 12.1% growth in estimated U.S. foodservice revenue largely reflects significant gains by Panera Bread operations and the Krispy Kreme-insomnia Cookies group, as well as incremental monies from the first full year of ownership of the Pret A Manger bakery-cafe chain acquired in 2018. Those groups, combined, had Latest-Year estimated incremental revenue of about $557 million. Preceding-Year growth of 78.9% primarily resulted from a full year of ownership of Panera and Au Bon Pain, both acquired in 2017, and revenue from second-half acquisitions of Pret A Manger and Insomnia Cookies.

FN20-5: Roark Capital Group – Preceding-Year 63.6% growth in estimated U.S. revenue largely reflects partial year estimated U.S. revenue of $1.7 billion from the Buffalo Wild Wings casual-dining chain acquired in February 2018 by affiliate Inspire Brands Inc.

FN20-6: Golden Gate Capital – Latest-Year 7.7% decrease in estimated U.S. foodservice revenue primarily reflects estimated impact on sales to full-service Red Lobster and Bob Evans chains from COVID-19-related mandated dining-room closures in many of the jurisdictions in which those brands operate for several of the final weeks of their Latest-Year fiscal periods.

FN20-7: Cracker Barrel Old Country Store Inc. – After the close of its Latest Year, in October 2019, acquired limited-service Maple Street Biscuit Co., with 28 company and 5 franchised restaurants, for $36 million. The company said it planned to convert its Holler & Dash Biscuit House locations to the Maple Street brand. In March 2020, halted investments in the Punch Bowl Social entertainment eateries concept begun in July 2019 to focus on in its “core business.”

FN20-8: Brinker International Inc. – During its Latest Year, in September 2019, acquired 116 franchised Chili’s Grill & Bar restaurants from ERJ Dining for $99 million. ERJ had reported annual sales of $325 million from 123 Chili’s for its fiscal year ended in December 2018. Latest-Year estimated 2.8% decrease in U.S. revenue related to COVID-19-related dining-room closures in the company’s third and fourth quarters.

FN20-9: Fertitta Entertainment Inc. – During its Latest Year, in late December 2019, acquired out of bankruptcy for $40 million the assets of HRI Holding Corp., including 22 company-operated Houlihan’s and a system of 21 franchised Houlihan’s restaurants, as well as six J. Gilbert’s Wood-Fired Steaks & Seafood, four Bristol Seafood Grills and 3 Devon Seafood Grill restaurants. In November 2019 acquired from L. Catterton 16 Del Frisco’s Double Eagle Steakhouse and 18 Del Frisco’s Grille restaurants. Terms were not disclosed. In late September 2019 won court approval for its bid to buy from bankruptcy for $37.2 million 17 restaurants operated by Restaurants Unlimited Inc., which filed for Chapter 11 bankruptcy protection in July.

FN20-10: The Cheesecake Factory Inc. – During its Latest Year, in October 2019, acquired full ownership of the then 21-unit North Italia full-service chain in which it had previously invested with Fox Restaurant Concepts (FRC), and acquired the other approximately 45 restaurants of varying concepts developed and operated by FRC. The deal was valued at $353 million - apart from Cheesecake Factory’s earlier investments in North Italia and FRC’s Flower Child concepts totaling $88 million. Growth in estimated Latest-Year U.S. foodservice revenue of $145.9 million, or 6.5%, in large part reflected the reported $92 million in sales contribution from the acquired restaurants, as well as incremental sales from new Cheesecake Factory restaurants and 0.8% comparable-sales growth at Core Cheesecake Factory brand.

FN20-11: Flynn Restaurant Group LLC – Latest-Year 18.3% growth in U.S. foodservice revenue largely tied to incremental revenue from the first full year of operation of 368 Arby’s restaurants acquired from United States Beef Corp. late in the Preceding Year, in December 2018. FRG’s Arby’s division contributed $388.7 million in Latest Year sales, compared with $21.6 million in post-acquisition sales in the Preceding Year. Also contributing to higher Latest-Year revenue were greater sales at the company’s Panera Bread and Taco Bell and Taco Bel/KFC/Long John Silver’s combo stores divisions, with year-end unit counts of 282 and 136, respectively.

FN20-12: Yum! Brands Inc. – After the close of its Latest Year, in March 2020, acquired for about $375 million the publicly-traded Habit Restaurants Inc., which at the time operated and franchised about 300 locations worldwide. Preceding and Prior-Year U.S. foodservice revenue decreases of 22.5% and 11.4%, respectively, primarily reflect the reduction in company-restaurant sales from refranchising initiative and closures, if any, in the Preceding, Prior and year-earlier periods.

FN20-13: For MGM Resorts International, Caesars Entertainment Corp., Wynn Resorts Ltd. and Red Rock Resorts Inc. – U.S. foodservice revenue numbers for Latest, Preceding and Prior Years include along with cash or credit transactions the retail value of foods and beverages provided free-of-charge to guests, as required by revised accounting standards adopted in the Preceding Year. For Wynn Resorts - Encore Boston Harbor opened on June 23, 2019 and contributed $61.1 million in Latest-Year gross food-and-beverage revenue.

FN20-14: Elior Group – During its Latest-Year, in July 2019, sold its Areas highway and airports concessions division, with a strong presence in the U.S., France and Spain, to PAI Partners for $1.6 billion. The company indicated that Areas, for the 39 weeks before its sale, generated Latest-Year worldwide revenue of about $1.5 billion. Preceding- and Prior-Year U.S. revenue growth of 20.0% and 41.9% largely reflect a dozen acquisitions in those years and the previous one.

FN20-15: Delaware North – In its Latest Year, in November 2019, acquired Creative Foods Group LLC to obtain the assets and related concessions contracts at six U.S. airports. In June 2019, acquired Best Western by Mammoth Hot Springs hotel in Gardiner, Mont., near Yellowstone National Park, rebranding it the Ridgeline Hotel Yellowstone. Terms were not disclosed.

FN20-16: Apollo Global Management LLC – After the close its Latest Year, in June 2020, affiliate CEC Entertainment Corp., parent to the Chuck E. Cheese’s and Peter Piper Pizza foods-and-gaming chains, with $884 million in Latest-Year estimated U.S. revenue, filed for Chapter 11 bankruptcy protection. Latest- and Preceding-Year 17.4% and 50.9% growth in estimated revenue largely reflects the impact of the Preceding-Year March 2018 acquisition from Jack in the Box Inc. of the Qdoba Mexican Eats chain and first full year of ownership of ClubCorp. in 2018, after its acquisition in September 2017.

FN20-17: Eldridge Industries – Latest-Year 14.8% growth in U.S. foodservice revenue, to $1.61 billion, largely reflects the incremental sales from the additional month of ownership of Pizza Hut and Wendy’s franchisee NPC International, which Eldridge acquired from Olympus Partners in late January 2018, and a 53rd week in NPC’s fiscal 2019. After the close of its Latest Year, in July 2020, NPC filed for Chapter 11 bankruptcy protection from creditors.

FN20-18: Carrols Restaurant Group Inc. – Latest-Year 23.2% increase in U.S. revenue largely reflects April 2019 acquisition of Garnett Station Partners’ Cambridge Franchise Holdings LLC affiliate with 165 franchised Burger King and 55 Popeyes Louisiana Kitchen restaurants. Including assumed debt, the deal was valued at about $238 million.

FN20-19: Centerbridge Partners L.P. – After the close of its Latest Year, in March 2020, the company’s Craftworks division that includes the Logan’s Roadhouse, Old Chicago Pizza & Taproom, Rock Bottom Restaurant & Brewery, Gordon Biersch Brewery Restaurant systems, among multiple concepts, filed for Chapter 11 bankruptcy after closing 37 restaurants, and within weeks closed its remaining 261 company restaurants and 77 franchised locations for pandemic-restriction reasons and sought and received bankruptcy court approval to reject 89 leases. The sale of Craftworks’ remaining assets to Fortress Investment Group for $93 million was approved by the court in May and are now managed by Fortress affiliate SPB Hospitality. During its Latest Year, in June 2019, sold to West Coast Capital affiliate PWD Acquisition LLC the Pei Wei Asian Kitchen limited-service chain of about 168 and 25 franchised locations and estimated 2018 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 2018 U.S. system sales of $946.2 million from 222 locations, as well as 90-plus licensed locations overseas.

FN20-20: Argonne Capital Group LLC – After the close of its Latest Year, in January 2020, affiliate The Krystal Co. filed for Chapter 11 bankruptcy after closing or refranchising approximately 60 company restaurants during 2019. Affiliates of Fortress Investment Group LLC, one of Krystal’s largest creditors, in May purchased Krystal’s remaining assets, including about 180 company-operated restaurants and a system of nearly 120 franchised locations, for about $27 million and the assumption of $21.5 million in debt.

FN20-21: Raising Cane's Restaurants LLC – Latest and Preceding-Year estimated U.S. revenue growth of 41.5% and 22.5%, respectively, reflects the combined impact of growth in U.S. company units of 25.8%, 12.6% and 19.1% in the Latest, Preceding and Prior Years, respectively. Also a factor, rising company-store average sales as suggested by Latest, Preceding and Prior-Year increases in system estimated sales per unit of 8.7%, 6.5% and 9.9%, respectively.

FN20-22: BDT Capital Partners – During its Latest Year, in June 2019, acquired controlling interest in from the Dobson family in Whataburger. Terms were not disclosed. For the full-year Latest Year, under both owners, Whataburger had reported U.S. Top 100 revenue of $2.25 billion, up 4.8% from $2.15 billion in the Preceding Year.

FN20-23: Sun Capital Partners Inc. – Latest-Year 17.7% decline in estimated U.S. revenue partially reflects the July 2019 closure of restaurants and bankruptcy filing by affiliate Restaurants Unlimited, as well as the estimated 2019 closure of approximately 49 company restaurants at Friendly’s Ice Cream and the closure of 66 company restaurants at affiliate Boston Market. After the close of its Latest Year, in January 2020, affiliate Bar Louie filed for bankruptcy protection from creditors and closed 38 of 110 year-end 2019 company restaurants, and in April 2020, sold Boston Market to an affiliate of the Rohan Group of Cos. Terms were not disclosed.

FN20-24: KBP Foods LLC – Latest- and Preceding- and Prior-Year revenue growth of 16%, 21.7% and 35%, respectively, primarily reflects incremental sales from acquired or newly built franchised KFC and Taco Bell restaurants that brought Latest-Year year-end total restaurants to 767 KFC locations, 94 of which featured co-branded Taco Bell operations, as well as 33 freestanding Taco Bell businesses. That compared with 599 KFC restaurants, 89 of which included co-branded Taco Bell areas, at the end of the Prior Year.

FN20-25: Cannae Holdings Inc. – After the close of its Latest Year, in January 2020, majority-owned American Blue Ribbon Holding, operator of the Village Inn and Bakers Square family-dining systems, filed for Chapter 11 bankruptcy. In its Latest Year, in 2019, company or affiliates closed or sold company-operated restaurants, including a net 16 Village Inn units, 8 Bakers Square and 24 O’Charley’s locations. Preceding-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 Preceding Year with the 6 weeks of operations and revenue of $138.5 million in the Prior Year that followed the company’s November 2017 spin-off from former parent Fidelity National Financial Inc.

FN20-26: Healthcare Services Group Inc. – Latest-Year 10% decrease in reported U.S. dietary services revenue primarily related to change in contract terms with major client Genesis Healthcare Inc.

FN20-27: Sun Holdings LLC – Latest-Year 15.1% growth in reported U.S. foodservice revenue reflects in large part the January 2019 acquisition of the then-150-unit Taco Bueno chain, including 118 company-operated restaurants, and the 2019 acquisition of 51 McAlister’s Deli restaurants from multiple franchisees and the franchisor. Terms were not disclosed. Also a factor, rising same-store sales at Popeyes Louisiana Kitchen and some other brands licensed by the company.

FN20-28: Subway Worldwide Inc. – Reported or estimated revenue for the U.S.-based operations of the Subway sandwich chain previously were incorrectly credited to the chain’s direct parent, Doctor’s Associates, not ultimate parent, Subway Worldwide Inc. Revenue reported for the Preceding and Prior Years restated by the company to reflect newly adopted in 2019 accounting standards related to franchising fees.

FN20-29: Waffle House Inc. – Estimated 17.7% decrease in U.S. foodservice revenue for the Latest Year, ended in May, related entirely to assumed impact of COVID-19 associated governmental restrictions and company moves to ban or reduce in-restaurant dining that led to the temporary full closure of up to 700 of about 1,970 total locations and reductions in sales of up to 80% during the early weeks of the pandemic.

FN20-30: NRD Capital Management LLC – Latest-Year 21% decrease in estimated revenue primarily represents the assumed impact from governmental restrictions on dining-room service and self-imposed restrictions, including full unit closures, intended to reduce the spread of COVID-19 and cut operating losses during the last quarter of May-ending fiscal years at Ruby Tuesday and Frisch’s Big Boy chains. Preceding-Year 68% growth in estimated revenue largely reflects the first full-year of ownership of Ruby Tuesday, which was acquired in the Prior Year, in December 2017.

FN20-31: Sentinel Capital Partners – During its Latest Year, in October 2019, sold controlling interest in the TGI Fridays casual-dining chain to investors led by TriArtisan Capital Advisors. Terms were not disclosed. Preceding-Year 37.2% 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 Prior Year, in December 2017, from Centre Partners Management LLC.

FN20-32: Papa John's International Inc. – Latest- and Preceding-Year decreases in estimated U.S. revenue of 6.2% and 16.5%, respectively, primarily reflect declining company-store sales from refranchising or closures and corporate-store comparable sales declines in those years of 2.7% and 9%, respectively.

FN20-33: Target Corp. – Latest-, Preceding- and Prior-Year estimated results may exclude sales from freestanding Pizza Hut Express locations because the number of units or sales results under the Pizza Hut brand are unclear in company filings. Combination Target Cafe/Pizza Hut units’ estimated sales are included in the results as are estimated sales from licensed in-store Starbucks locations.

FN20-34: Seven & i Holdings Co. Ltd. – Preceding-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.

FN20-35: GPS Hospitality LLC – Latest-Year 12.7% rise in estimated U.S. revenue, to $642.2 million, reflects a combination of an estimated $50 million in post-acquisition sales from 75 franchised Pizza Hut restaurants acquired in two transactions in April 2019, as well as assumed higher same-store sales at franchised Burger King and Popeyes Louisiana Kitchen locations, as well as an estimated net six additional Burger King stores, to 390, at year-end fiscal 2019.  

FN20-36: Altamont Capital Partners LLC – Latest-Year estimated 9.4% growth in revenue largely reflects 10.6% sales growth at franchised Taco Bell and KFC operator Tacala Cos., to $506.5 million. Latest and Preceding-Year revenue figures exclude sales, if any, from dine-in movie theater Alamo Drafthouse Cinema chain in which Altamont Capital Partners invested in June 2018 but for which ownership stake and financial performance information was not available.

FN20-37: Five Guys Holdings Inc. – While Latest-Year U.S. foodservice revenue from company-store sales, franchisee sales royalties and initial and development fees are as reported by the company under a new presentation format, Preceding and Prior-Year results are NRN estimates based on assumed International operations back-outs from reported worldwide results.

FN20-38: Biglari Holdings Inc. – Latest-Year 21.6% decrease in estimated U.S. foodservice revenue almost entirely reflects more than 100 “temporarily closed” company restaurants at the end of each of the Latest and Preceding Years, as well as same-store sales erosion at company-operated Steak ‘n Shake restaurants of 6.9%.

FN20-39: ISS A/S – Preceding-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 April 2017, as well as company-reported 20%-plus year-over-year growth in Guckenheimer U.S. Preceding-Year revenue compared to Prior Year under both owners. Revenue figures shown exclude other ISS A/S U.S. foodservice operations, if any,

FN20-40: Jack in the Box Inc. – Latest and Preceding-Year 37.7% and 38.5% decreases in U.S. revenue, respectively, reflect the March 2018 sale of then-721 unit Qdoba Mexican Eats to an affiliate of Apollo Global Management, as well as lower company-restaurant sales at Jack in the Box from the refranchising of 135 and 178 units in the Preceding and Prior Years, respectively.

FN20-41: Advent International Corp. – Latest-Year 45.6% drop in estimated U.S. foodservice revenue entirely reflects the January 2019 sale of Bojangles’ Inc. to investors led by Durational Capital Management LP and The Jordan Co. Advent International’s estimated Latest-Year $45.6 million pre-divestiture share of Bojangles’ full-year revenue of $572.4 million, compared with $556.9 million in Preceding-Year Bojangles’ revenue booked by the company. Preceding-Year revenue growth of 39.2% primarily reflects the first full year of ownership of the First Watch breakfast-lunch-and-brunch chain and affiliated brands acquired from Freeman Spogli & Co. in August 2017.

FN20-13/42: Red Rock Resorts Inc. – Credits Latest-Year $100.4 million, or 26.3%, increase in gross food and beverage revenue “primarily” to the $690 million makeover of its Palms casino and resort completed in 2019 that yielded 15 new restaurants, bars and clubs

FN20-43: Meritage Hospitality Group Inc. – In its Latest Year created and opened a new full-service breakfast-lunch-brunch concept called Morning Belle in Grand Rapids, Mich., and acquired Wendy’s Old Fashion Hamburgers restaurants in the Midland/Odessa, Texas market, and five in the Atlanta market. Sellers and terms were not disclosed. Preceding- and Prior-Year revenue growth of 39.3% and 32.6%, respectively, primarily reflect net additions through acquisition and construction of 62 franchised Wendy’s restaurants in the Preceding Year and 74 Wendy’s in the Prior Year.

FN20-44: The Habit Restaurants Inc. – After the close of its Latest Year, in March 2020, shareholders approved the sale of the company – then with about 300 locations sysemwide, worldwide - to Yum! Brands Inc. in transaction valued at about $375 million.

FN20-45: The Briad Group – After the close of its Latest Year, in January 2020, agreed to sell to the franchisor for $19 million 36 licensed TGI Fridays casual-dining restaurants in New York, New Jersey, Connecticut, California and Nevada. The sale took the form of multiple transactions concluding on or near the end of March 2020 and saw Briad exit the Fridays system after closing 13 of the legacy casual-dining restaurants in its Latest Year.

FN20-46: Dine Brands Global Inc. –  Latest-Year 31% increase in estimated U.S. revenue from company-unit sales, franchise sales royalties and franchise initial fees largely reflects acquisition late in the Preceding Year, in December 2018, of 69 franchised Applebee’s restaurants in North and South Carolina from RMH Franchise Holdings Inc. and its affiliates Terms were not disclosed. The acquired Applebee’s units contributed $131.2 million in Latest-Year U.S. sales to Dine Brands Global revenue total, compared with $7.1 million in post-acquisition sales in the Preceding Year.

FN20-47: Denny's Corp. – Latest-Year 19.6% decrease in estimated U.S. foodservice revenue from company-store sales and franchise initial fees and sales royalties almost entirely reflects a 25.6% decline in company-stores sales, to $306.4 million, resulting from the Latest-Year refranchising or closure of 105, or 60.7%, of the company’s 173 Preceding-Year year-end units.

FN20-48: Angelo, Gordon & Co. – Latest-Year 31.3% decrease in U.S. foodservice revenue almost entirely reflects the sale of majority interest in Firebirds Wood Fired Grill to an affiliate of J.H. Whitney in January 2019. Terms were not disclosed. Firebirds contributed estimated Latest-year pre-divestiture revenue of $4.3 million, versus reported Preceding-Year revenue of $179.4 million.

FN20-49: TriArtisan Capital Advisors LLC – During its Latest Year, in October, 2019, acquired controlling interest in the TGI Friday’s casual-dining chain from Sentinel Capital Partners, and in March 2019 acquired from Centerbridge Partners L.P., an assumed 50% interest in the P.F. Chang’s China Bistro chain, with the other 50% interest assumed acquired by Paulson & Co. Terms were not disclosed for either transaction. Latest-Year revenue includes estimated TGI Fridays’ post-acquisition U.S. revenue of $35.5 million, and estimated P.F. Chang’s domestic revenue of $369.1 million, or half of that brand’s estimated post-sale U.S. revenue of $738.2 million.

FN20-50: Freeman Spogli & Co. – Preceding and Prior Year revenue figures revised to include previously omitted sales from Dublin, Ohio-based City Barbecue chain acquired in June 2016 at 26 units.