For the entire month of November, SEATED will provide MA restaurant patrons a 50% rebate on any check from full-service restaurants throughout Massachusetts for both on and off-premise dining enjoyed from Monday to Wednesday each week. THERE IS NO COST FOR A RESTAURANT TO PARTICIPATE!
Participation for MRA Members is a simple set up and guests can reap the rewards all November by downloading the SEATED App. SEATED and the MRA will issue a joint press release to the public promoting the program, and we urge you to do the same with your guests.
To learn more about “Eat Out to Help Out MA” , review the attachment here . We thank SEATED for this investment in our industry's recovery, as this program clearly reinforces that #togetherwewin . Learn More
Straddling the invisible line to satisfy the seller’s needs, while appreciating the position of the buyer -
“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.
When you need a restaurant specialist The National Restaurant Exchange helps you close more deals -
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.”
"RESPECT THY NEIGHBOR" "MASK UP" ITS THE LAW"
RESTAURANT DEALS MAKE A COMEBACK
Even facing a winter of additional shutdowns and a potential double-dip recession, investors are betting on restaurants. But only certain sectors, says RB’s The Bottom Line.
By Jonathan Maze on Nov. 23, 2020
Zaxby’s picked the right time to bring on an investor.
The market for chicken is hot right now and a lot of investors are eager for a piece. But it is also a drive-thru-centric concept at a time when the drive-thru is just about the only thing going for the restaurant business at the moment.
Not surprisingly, Zaxby’s received a lot of interest before it settled on an investment from Goldman Sachs’ private equity arm. “There hasn’t been a lot of transactions this year, period, in the industry,” CEO Zach McLeroy said in an episode of the Restaurant Business podcast “A Deeper Dive” set to broadcast on Wednesday. “It was great timing for us.”
But deals are coming quickly now. In just the past two months, Inspire Brands proposed to buy Dunkin’ Brands in an $11.3 billion deal; Torchy’s Tacos received funding from a handful of investors; the growth concept. Every table received $16 million from a consortium of investors; Topgolf was sold to the golf equipment company Callaway and, by the way, NPC International has interest from close to 60 different companies.
One could look at these deals and conclude that the market for mergers and acquisitions in the restaurant space has returned with a vengeance. In just those above examples there are a couple of investments in growth concepts, another one with a more mature growth chain taking on a major investor for the first time, an unusual deal involving a unique company, the biggest deal in the industry in six years and a classic feeding frenzy.
Investors are jumping back on the restaurant bandwagon, projecting a future recovery.
All but one of those brands mentioned above are limited-service concepts demonstrating a true recovery.
Investors—and, notably, the bankers supporting their deals—are simply following customers. Those customers are flocking to concepts with a healthy dose of takeout, especially drive-thrus and delivery-friendly menus. And they are shying away from full-service concepts and urban-centric chains.
The market for limited-service restaurants has largely returned. The aforementioned Dunkin’ Brands has fully recovered from its pandemic problems, enough to earn a take-private deal at a multiple of 18 times 2019 earnings.
The rest of the market is largely non-existent. Concepts in struggling markets that don’t need to find an investor have hunkered down, either hoping to survive or just waiting until conditions improve to
make a deal. Those that have to make a deal are either doing so out of bankruptcy court or they’re being sold at giveaway prices to bargain-hunting investors.
In reality, it’s not terribly different than it was before the pandemic, when investors flocked to winners and avoided losers like the plague. The difference now is simply more extreme, where life is normalized for the winners while the losers end up in the hands of lenders.
It’s all just another example of the pandemic picking winners and losers.
Dickey's Barbecue Opens 28 Units in Q3
Even amid a global pandemic, Dickey’s Barbecue Pit is continuing to drive aggressive franchise developments nationwide with the expansion of 28 new locations in Q3, eight of which were virtual kitchens.
In August, the world’s largest barbecue concept expanded its franchise opportunities to feature an additional nontraditional model—virtual kitchens. Dickey’s ended the quarter with seven virtual kitchen developments throughout California and one in Chicago.
The Texas-style barbecue brand also executed two franchise development agreements to bring four new Dickey’s locations to Evanston and Green River, Wyoming and Crestview and Niceville, Florida. In addition, Dickey’s inked 16 new deals to expand further into several states including Texas, Minnesota, Colorado, Louisiana, Nevada, Florida, Maryland and Rhode Island.
“We are very excited to have made such huge strides on the development side in Q3,” said Laura Rea Dickey, CEO of Dickey’s Barbecue Restaurants, Inc. “The launch of our virtual kitchen franchise option proved to be incredibly successful with the development of eight new locations. We look forward to continuing this momentum throughout the next quarter so we can finish out the year strong and adapt to the changing needs of the industry.”
Papa John's Reports Sixth Straight Month of Double-Digit Gains
North American stores grew 23.8 percent in Q3.
While the COVID pandemic has been rough for many, the opposite is true for Papa John’s, which just recorded its sixth straight month of double-digit same-store sales growth.
In September, North American comp sales increased 18.4 percent, U.S. corporate stores were up 14.3 percent, and North American franchised units grew 19.7 percent. International units saw a 23.3 percent leap, which ties the company record set in August. If the company excluded closures, international comp sales would’ve been around 25 percent.
“Six consecutive months of double-digit comparable sales growth were made possible by the hard work of Papa John’s team members and franchisees during the global pandemic,” said CEO Rob Lynch in a statement. “We remain confident that our innovation pipeline, marketing and technology platforms, and strong operations will continue to support strong results during, and after, the pandemic.”
In Q3 overall, North American stores grew 23.8 percent, domestic company locations soared 18.2 percent, North American franchised restaurants rose 25.5 percent, and international units increased 20.6 percent. Without closures, international stores would’ve seen a 23 percent bump in the quarter.
Three New Pizza Options Arrive in the Boston Area — and More Restaurant Openings
CHESTNUT HILL 8-25-20
Roman-style pizzeria Mr. Roni Cups, also serving rotisserie chicken, crispy nori sushi tacos, and more, arrives inside Bianca on August 20 at the Street Chestnut Hill (47 Boylston St.) with delivery and takeout, as well as some indoor and outdoor dining. Bianca itself isn’t open yet. Both come from the O Ya and Hojoko team, Tim and Nancy Cushman.
Boardwalk Pizza is now open at Victory Point (332 Victory Rd., Marina Bay) from the Frattaroli family (who are also behind quite a few restaurants in Boston’s North End) and executive chef Pino Maffeo. The crispy, thin-crust pizza is available by the pie for delivery and takeout as well as big slices (a quarter pizza each) for eating on the go around the Marina Bay boardwalk.
The menu for the waterfront pizzeria appropriately includes some seafood pizzas, with toppings such as local clams and lobsters. In addition to pizza, there are salads and subs (think chicken parm, meatball, and Caprese.)
Boardwalk Pizza is open daily, year-round, from 11 a.m. to 10 p.m. (11 p.m. Thursday, Friday, and Saturday nights).
New Haven’s famous Frank Pepe Pizzeria Napoletana continues its Massachusetts invasion with a brand new location at Watertown’s Arsenal Yards development (24 Eldridge Ave.), open as of August 17. The Connecticut institution, around since 1925, is known for its pleasantly charred coal-fired pizzas, which typically have a somewhat asymmetrical shape and a haphazard slicing pattern. This is the 12th location and the third in Massachusetts, joining Chestnut Hill and Burlington. All locations are currently offering takeout and delivery only; the dining rooms are temporarily closed due to the pandemic.
The new Watertown location follows in the footsteps of all the others, featuring a 600-degree coal-fired oven that is a replica of the original in New Haven. On the menu, of course, is the popular white clam pizza, Foxon Park sodas, and more. When it eventually opens for indoor dining, it will seat around 90 diners, but for now, it’s takeout and delivery only (no delivery fees for online orders over $40). Beer and wine will be available for the eventual dine-in service but not for takeout and delivery.
The surge in delivery and takeout during the pandemic has pushed pizza sales sky-high. Sales are through the roof! Pizza is the business of the moment right now and probably will be for quite some time. They're doing so well that prices are going up on Pizza businesses as inventory gets low. There's defiantly less to choose from these days inventory wise says Mark Olson a veteran Restaurant Broker in Boston. The reason being Pizza is the safe bet with COVID fears looming. Pizza goes from a 700 degree oven into a box and is taped shut. A safe bet for most foodies , food untouched by the human hand, oven to box!
What NREX is all about!
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.