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Articles published by us in the NEREJ
“Why hasn’t my business sold?” For the most part this question is asked not only of restaurant brokers but also of general business brokers, and as well of other commercial brokers.
The scenario is that an owner seeks out, what he feels is a competent professional to help him exit a business that has provided him with the luxuries of success or the pains of failure. In either case, if we take on the responsibility of accepting the listing, we’re promising the seller, and therefore morally obligated, to do everything in our power to extricate the owner from his business with the best price and most favorable terms.
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It’s amazing how many food and beverage businesses dot the landscape. If it’s true that “small business drives our country”, then restaurants are the life-blood of our society. No matter where you go, look to your left, look to your right…convenience stores, liquor stores, fast food, slow food, pubs, full-service, nightclubs, function facilities, ad naseum. Then you can break them down into chains, into ethnic subsets…every downtown, every shopping center, most office complexes. “my God, they’re everywhere.”
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National Restaurant Exchange is a recognized leader in the sale of food and liquor businesses. If you think its expensive to hire a professional, wait till you hire an amateur. Why would you go to anyone else to represent your interests? With many major life-style shopping centers in various stages of development, we can provide you with prime restaurant space, in prime markets, with all the assistance to bring your newest project to fruition.
Restaurant News
Private Equity Giant Blackstone Acquires Jersey Mike's Subs for $8 BillionThis move solidifies Blackstone's ongoing interest in high-growth, fast-casual franchises and marks a pivotal moment for the beloved sub chain.
NEW YORK (AP) — Jersey Mike’s, the quickly expanding sandwich chain, is being acquired by asset management giant Blackstone.
In the transaction announced Tuesday, private equity funds managed by Blackstone will be used to acquire majority ownership of Jersey Mike’s.
The deal is “intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market,” the companies said, as well as aid ongoing technological investments.
EN ESPAÑOL: Cadena de restaurantes de sándwiches Jersey Mike's adquirida por $8,000 millones
Blackstone and Jersey Mike’s did not immediately disclose financial terms in their Tuesday announcement.
But a source familiar with the matter confirmed to The Associated Press that the transaction would value Jersey Mike’s at around $8 billion, a figure previously reported by The Wall Street Journal.
The acquisition of the private company is expected to close in early 2025, subject to regulatory approvals and other closing conditions. Under terms of the agreement, Jersey Mike’s founder and CEO Peter Cancro will continue to lead the business and maintains a “significant equity stake” in the chain, the companies said.
“We believe we are still in the early innings of Jersey Mike’s growth story and that Blackstone is the right partner to help us reach even greater heights,” Cancro said in a prepared statement — adding that Blackstone “has helped drive the success of some of the most iconic franchise businesses globally.”
Jersey Mike’s roots date back to 1956, with a Point Pleasant, New Jersey storefront location that was originally called Mike’s Subs. In 1975, Cancro, then a 17-year-old high school senior who had worked there since he was 14, bought the operation with the help of his football coach.
The chain has expanded rapidly over the last decade, more than tripling its locations from 857 stores in 2014, to more than 2,800 this year, according to Technomic, a restaurant consulting company.
Jersey Mike’s posted sales of $3.3 billion in 2023, up 25% from the prior year, according to Technomic. It’s the 30th largest chain in the U.S. based on annual sales.
Its aggressive growth has helped Jersey Mike’s take market share from rivals like Subway, which has been struggling with a glut of aging stores. Last year, Subway was acquired by Roark Capital, a private equity firm with expertise in restaurant management. Roark also owns Inspire Brands, which houses two other Jersey Mike’s rivals: Jimmy John’s and Arby’s.
Tuesday’s agreement with Jersey Mike’s follows a series of similar investments from Blackstone. Just earlier this year, the private equity firm acquired Tropical Smoothie Cafe in a deal that it said would also aid the chain’s expansion.
HEAVEN ON EARTH!
Owner of three North Shore restaurants pleads guilty to tax fraud schemes
Adam Levine Local Restaurant Stories
September 16, 2024 by Adam Levine
BOSTON — A New Hampshire resident pleaded guilty to tax fraud schemes on Sept. 6, according to a press release from the United States Attorney’s Office for the District of Massachusetts.
John Drivas, 66, of Hampton, New Hampshire pleaded guilty to defrauding the Internal Revenue Service regarding federal employment taxes and the Massachusetts Department of Revenue regarding state meals taxes over a six-year period on Sept. 6, according to the press release.
Drivas owned and operated Red’s Kitchen and Tavern in Peabody, Red’s Seabrook in Seabrook, NH, and Red’s Sandwich Shop in Salem between January 2016 and October 2022, according to the release. He was the sole shareholder of the Salem restaurant until he sold it to an employee in September 2022, the sole owner of the Peabody restaurant with his wife, and the 52% owner of the Seabrook restaurant with his children.
He pleaded guilty to five counts of failure to collect and pay over employment taxes owed to the IRS and four counts of wire fraud for state meals taxes he collected from restaurant customers, but failed to pay to the state Department of Revenue, the release stated.
He paid wages to many employees through both payroll checks and in cash, according to the release. Drivas did not report the cash wages to the IRS or pay employment taxes on them. Since federal tax law requires employees to withhold employees wages for income taxes, Social Security, and Medicare taxes, he caused employment tax losses of $439,341.
Drivas also collected more than $1.5 million in state meals taxes paid by restaurant customers which he failed to pay over to the state as required by law, the release stated. All owners and operators of restaurants and bars are required to collect 6.25 sales tax on meals across the Commonwealth, and Salem and Peabody also require restaurants and bars to collect an additional 0.75% local option meals excise tax.
He collected the taxes from customers, but “intentionally withheld” $1,596,775 of the meal taxes from months reports and payments owed to the Massachusetts Department of Revenue.
“The charge of failure to pay over taxes carries a maximum potential sentence of five years in prison, three years of supervised release, a fine of $250,000 or twice the gross gain or loss and restitution. Each wire fraud charge is punishable by up to 20 years in prison, supervised release for three years, a fine of $250,000 or twice the gross gain or loss, and restitution,” according to the release.
Sentences are imposed by the federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors, the release stated. U.S. District Judge Julia E. Kobick scheduled sentencing for Dec. 5, 2024.
Acting United States Attorney Joshua S. Levy, Harry Chavis, Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office and Katherine Mulligan, Chief of Investigations for the Insurance Fraud Bureau of Massachusetts made the announcement, the release stated.
The Criminal Investigations Bureau of the Massachusetts Department of Revenue. Assistant United States Attorney Victor A. Wild of the Securities, Financial & Cyber Fraud Unit is prosecuting the case, according to the release.
Burger King Corp.
Burger King’s Sizzle prototype is more digitally focused, the company says, and will soon be available to all franchisees.
RBI adds $300M to Burger King remodeling program
The investment is on top of the restaurant company’s 2022 $400M Reclaim the Flame program
Ron Ruggless | Aug 30, 2024
Restaurant Brands International Inc. plans to expand its Burger King remodeling program with an additional $300 million from 2025 to 2028, the company said in announcing its first-quarter earnings.
The Toronto-based RBI, which also owns the Tim Hortons, Popeyes Louisiana Kitchen and Firehouse Subs brands, said it plans to remodel 600 Burger King units it will be adding from its announced acquisition of the Carrols Restaurant Group, which it plans to close in the second quarter.
Burger King in September 2022 announced its initial $400 million, two-year Reclaim the Flame investment in modernizing the burger system.
“Reclaim the Flame is working,” said Josh Kobza, CEO of RBI, said in a first-quarter earnings call. “And you're seeing another clear demonstration of that confidence in the expanded company investment we announced this morning.
“The $300 million investment will contribute to remodeling another 1100 restaurants and bring us to between 85% and 90% modern image by 2028,” Kobza said. “We're continuing to incentivize better operations and higher scope remodels while introducing another element to incentivize urgency by providing franchisees more meaningful contributions the sooner they reimage.”
Kobza said the Sizzle remodel platform should be available to all franchisees soon.
Digital-forward remodels have been made in the Miami, Las Vegas, New Jersey, Northern California and Asheville, N.C., markets, he said.
“I do expect that that all of these remodels should be fairly impactful,” Kobza added. “We're doing larger scope remodels in general, compared to what we did over the prior 10 years, so those tend to have a big impact on the consumer and on sales.”
Patrick Doyle, RBI executive chairman, added: “Going to a great looking Burger King but driving past another one that doesn't look great is not ideal. We thought it was important for us to get this last leg out there to show our commitment to the franchisees, to give you visibility on our path to getting this system all looking great.”
Remodels currently are under 50% of the system, he added, but the company awaits the positive impact on the brand overall as more remodels are completed.
The initial 2022 Reclaim the Flame program included $150 million in advertising and digital investments ("Fuel the Flame") and $250 million in remodels and relocations, restaurant technology, kitchen equipment, and building enhancements ("Royal Reset").
During the three months ended March 31, RBI funded $6 million toward the Fuel the Flame investments, including $5 million toward support behind the Burger King U.S. advertising fund, and $19 million toward Royal Reset investments, including $9 million toward remodels.
“The marketing is getting better,” Kobza said. “We have the biggest focus on operational consistency that the brand has ever had. We now have a path to be nearly fully modern image across the U.S. by 2028. Our franchisees are now on a path to strong profitability.”
As of March 31, the company had funded a total of $79 million toward the Fuel the Flame investments and $81 million toward Royal Reset investments.
For the first quarter ended March 31, RBI’s net income was $328 million, or 72 cents a share, compared to $277 million, or 61 cents a share, in the prior-year period. Revenues were $1.739 billion, compared to $1.59 billion in the prior-year quarter.
Same-store sales by concept were up 15.5% at Tim Hortons Canada, up 8.7% at Burger King U.S., up 3.4% at Popeyes US and up 0.3% at Firehouse Subs U.S. International same-store sales were down 3% at Time Hortons, up 12.5% at Burger king, up 29.8% at Popeyes and up 1.1% at Firehouse Subs.
As of March 31, Restaurant Brands International owned and franchised 31,113 restaurants, including 7,139 Burger Kings, 4,505 Tim Hortons, 3,412 Popeyes, 1,277 Firehouse Subs, and 14,780 in its international division.
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