Case Study

Flynn Restaurant Group

In Focus

The company

Region: USA
Sector: Consumer
Stage: Large/Mega buyout
Type: Co-Investment
Fund Vintage: 2019

Private Equity Manager (GP)

Case study

About the company

Flynn Restaurant Group (“FRG”) is the largest franchise operator and one of the 20 largest food service companies in the USA. Its wholly-owned brands include Taco Bell, Panera Bread, Arby’s and Applebee’s restaurants.

Investment rationale

FRG has c.2,355 stores in the USA that generate c.US$3.7bn in annual revenues and employ c.73,000 people. In 2021, FRG was a part of the largest franchise transaction in American history when it purchased 937 Pizza Hut restaurants and 194 Wendy’s stores for c.US$553m.
PIP was offered an opportunity to invest alongside Main Post, a sector-focused sponsor with a strong investment track record.

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The information contained on this website is communicated by Pantheon Ventures (UK) LLP, a limited liability partnership incorporated in England and Wales, authorised and regulated by the Financial Conduct Authority in the United Kingdom under laws that differ from Australian laws. The Company does not hold an Australian financial services license that authorises it to provide advice in relation to the acquisition of securities in the Company. Pantheon Ventures (UK) LLP is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (“Corporations Act”) in respect of the provision of financial services to wholesale clients in Australia. Pantheon Ventures (UK) LLP relies on the Corporations (Repeal and Transitional) Instrument 2016/396, which grants transitional continuance relief to foreign financial services providers relying on Australian Securities and Investments Commission Class Order 03/1099 in order to provide financial services to wholesale clients in Australia. This website and the information contained on it is intended only for persons in Australia who are both wholesale clients under section 761G of the Corporations Act 2001 (Cth) and professional investors or sophisticated investors for the purposes of section 708 of the Corporations Act.

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