M&A Deal Summary

Inspire Brands Acquires Buffalo Wild Wings

On November 28, 2017, Inspire Brands acquired restaurant Buffalo Wild Wings from Gemini Investors and Caymus Equity Partners for 2.9B USD

Acquisition Highlights
  • This is Inspire Brands’ 1st transaction in the Restaurants sector.
  • This is Inspire Brands’ 2nd largest (disclosed) transaction.
  • This is Inspire Brands’ 2nd transaction in the United States.
  • This is Inspire Brands’ 1st transaction in Minnesota.

M&A Deal Summary

Date 2017-11-28
Target Buffalo Wild Wings
Sector Restaurants
Buyer(s) Inspire Brands
Sellers(s) Gemini Investors
Caymus Equity Partners
Deal Type Add-on Acquisition
Deal Value 2.9B USD
Advisor(s) Goldman Sachs Investment Banking Division (Financial)
Faegre Baker Daniels LLP (Legal)

Target

Buffalo Wild Wings

Minneapolis, Minnesota, United States
website
Buffalo Wild Wings, Inc. is a growing owner, operator and franchisor of Buffalo Wild Wings® restaurants featuring a variety of boldly-flavored, made-to-order menu items including its namesake Buffalo, New York-style chicken wings. The Buffalo Wild Wings menu specializes in 21 mouth-watering signature sauces and seasonings with flavor sensations ranging from Sweet BBQ™ to Blazin’®. Guests enjoy a welcoming neighborhood atmosphere that includes an extensive multi-media system for watching their favorite sporting events. Buffalo Wild Wings is the recipient of hundreds of "Best Wings" and "Best Sports Bar" awards from across the country. There are currently more than 1,250 Buffalo Wild Wings locations in 10 countries.

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Buyer(S) 1

Buyer

Inspire Brands

Atlanta, Georgia, United States

website


Category Company
Founded 1964
Sector Franchising
DESCRIPTION

Inspire Brands is a global owner, operator, and franchisor of a portfolio of restaurant brands that includes more than 4,500 Arby’s, Buffalo Wild Wings, and R Taco locations. Inspire Brands was founded in 1964 and is headquartered in Atlanta, Georgia.


DEAL STATS #
Overall 2 of 6
Sector (Restaurants) 1 of 3
Type (Add-on Acquisition) 2 of 6
State (Minnesota) 1 of 1
Country (United States) 2 of 5
Year (2017) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-25 RTM

Atlanta, Georgia, United States

RTM LLC is a development, operation and franchising of quick service restaurants.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-25 Sonic

Oklahoma City, Oklahoma, United States

Sonic Corp. owns and operates restaurants with more than 3,500 drive-ins serving approximately 3 million customers every day. Sonic Corp. was established in 1953 and is headquartered in Oklahoma City, Oklahoma.

Buy $2.3B

Seller(S) 2

SELLER

Gemini Investors

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
PE ASSETS 650M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gemini Investors is a middle-market private equity firm that targets investments in growing and established businesses. Areas of interest include technology, business services, consumer services, healthcare, education, manufacturing and distribution. Gemini looks for companies with $5 to $50 million in annual revenue and typically makes investments of $3 to $8 million in the form of preferred stock and/or subordinated debt. Prospective transaction types include growth capital, recapitalization and buyout situations. Gemini Investors was formed in 1993 and is based in Wellesley, Massachusetts.


DEAL STATS #
Overall 35 of 45
Sector (Restaurants) 2 of 3
Type (Add-on Acquisition) 15 of 22
State (Minnesota) 5 of 5
Country (United States) 35 of 45
Year (2017) 3 of 3
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-01 Light Soda

San Francisco, California, United States

Light Soda is a provider of equipment rental services to the restaurant industry in San Francisco. Offering refrigerators, ice machines, beverage systems, ovens, mixers and prep tables on a monthly basis to a wide variety of independent restaurant and bar customers, Light Soda also provides delivery, service and maintenance on the equipment. Light Soda was founded in 1947 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-02 Western Machine Works

Portland, Oregon, United States

Western Machine Works is a specialized industrial maintenance and repair business mainly serving large pulp and paper mills. Western Machine Works is a leader in the Pacific Northwest market for mechanical repair and refurbishment of rolls used in the paper manufacturing process. Western Machine Works was founded in 1985 and is based in Portland, Oregon.

Buy -
DESCRIPTION

Caymus Equity Partners LLC is a private equity firm that looks to partner with management to acquire and grow profitable, lower middle-market companies valued between $10 and $100 million. The Firm looks for situations where companies lack the resources, capital, and strategic guidance needed to realize their full potential. Sectors of interest include business services, healthcare services, consumer products/services, and industrials. Caymus Equity Partners was formed in 2001 and is based in Atlanta, Georgia.


DEAL STATS #
Overall 4 of 8
Sector (Restaurants) 2 of 2
Type (Add-on Acquisition) 2 of 4
State (Minnesota) 1 of 1
Country (United States) 4 of 8
Year (2017) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-01 Excel Physical Therapy

Hackensack, New Jersey, United States

Excel Physical Therapy is a provider of sports and orthopedic physical therapy and rehabilitation services in northern New Jersey. Excel has specialized in comprehensive physical therapy to individuals following joint replacement, arthroscopic and reconstructive surgeries, as well as spine surgeries. In addition to post-surgical therapy, Excel also provides treatment of patients with non-surgical orthopedic, sports, and spinal-related injuries. Excel Physical Therapy was founded in 1990 and is based in Hackensack, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-28 Direct Marketing Solutions

Portland, Oregon, United States

Direct Marketing Solutions, Inc. is a provider of integrated, omni-channel direct marketing solutions to a diverse client base throughout the U.S. DMS serves a variety of end markets including banking, alternative lending, technology and telecom.

Sell -