building a bigger chain: contents

BUILDING
A BIGGER CHAIN:
When Franchise Times set out to
learn how to build a bigger multiunit operation, we went straight to
the source: some of the nation’s largest and most successful restaurant
franchisees, the top 200 of which
are listed in our annual ranking in
the pages that follow. We found
approaches as varied as the people
taking them, which should prove
heartening to smaller operators who
aspire to a bigger footprint—there is
more than one way to reach the goal.
CONTENTS
Restaurant 200 overview ........ 43
Restaurant 200 rankings .........44
Restaurant 200 alpha list......... 52
Franchisee profiles:
• GPS Hospitality ...................41
• Bridgeman Foods ...............44
• Falcon Holdings ................. 45
• Diversified Restaurant ........ 47
• Den-Tex Central .................48
• BMW Management ........... 49
• Restaurants Inc. 22 .............51
40
August 2015
GPS Hospitality
From zero to 136 Burger Kings, and counting
By Tom Kaiser
T
om Garrett is once again building something big. The former CEO of Arby’s and
president of RTM Restaurant Group
regrouped after leaving Arby’s in the wake
of disappointing sales in early 2010 and went
on to acquire 42 Burger King locations in the
Atlanta metro area. In the two-and-a-half years
since starting GPS Hospitality, Garrett, 53,
has built it up to 136 BKs and counting, with
ambitions of surpassing $600 million in annual
sales and 400 units by 2018.
GPS is staffed largely by Garrett’s personal
friends made at previous jobs, and its office
is fittingly located just 15 minutes away from
Arby’s corporate headquarters in suburban
Atlanta. After starting with funds out of his
own pocket with some financing from Infinity
Franchise Capital (now Pacific Premier),
Garrett’s venture is now backed by two family
offices that tell Garrett he can have access to as
much capital as he needs.
Eschewing the down sides of private equity,
GPS Hospitality is setting a new trend for ambitious multi-unit franchisees who require help
to grow, but refuse to give up control of their
strategy or operations in exchange for capital.
Big incentives
Nestled in a deeply wooded corporate park
in Sandy Springs, Georgia, GPS will soon
outgrow its already expanded multi-tenant
office space. Hanging in the lobby, a plaque
of the company’s three-year goals was recently
updated to reflect higher targets. A third plaque
may be needed soon, as its 2015 numbers are
coming in well ahead of projections.
Garrett said the fast success comes from a
culture that rewards employees for stepping
up their leadership qualities and implementing an operational formula designed to expose
money-making potential in stores their previ“We’ve got great systems and a great operating platform, so we can very quickly look at
ous owners may have overlooked.
When there’s no obvious growth to be had someone else’s numbers and understand what our results will be,” says Tom Garrett, GPS.
in restaurants, he said, owners inevitably minimize costs, delay repairs and reduce raises and with their inputs.” Rather than “steamroll” the
Such handsome compensation is part of
promotions, sucking the motivation out of the existing staff out upon acquisition, Garrett’s Garrett’s “Top Right Leadership Model” that
staff and dragging down customer satisfaction. team attempts something along the lines of a tracks all employees on a twin-axis chart
“Our philosophy is exactly the opposite,” he revival—enticing staff members with the pos- of financial results and leadership traits.
said. “We’ve got great systems and a great oper- sibilities of generous financial incentives that Rewarding the company’s best leaders and
ating platform, so we can very quickly look at comprise 20 percent of the company’s sales operators is the intent, while also creating sosomeone else’s numbers and understand what growth. High-performing district or general called suction to encourage others to emulate
our results will be
managers can be handed the keys to a Camaro their success and come along for the ride.
or Jeep to drive for three months, and more
Based on the number of GPS employees who
than $60,000 a year in bonuses for the very
best in the company.
GPS continued on 42
August 2015
41
GPS continued from 41
used the word “suction” during conversations
about their roles at GPS, it seems Garrett’s philosophy and rewards are adequate motivation.
Time to go
Seated at a conference table with an intimidating eagle sculpture on the opposing wall,
Garrett’s excitement builds while he explains
his enthusiasm for mergers and acquisitions.
That excitement is accompanied by relief for a
man on the third leg of his career—a next act
following his departure from Arby’s during the
depths of the Great Recession.
He characterized his 30 years with Arby’s,
bot h t hrough
the
corporate off ice and
RTM Restaurant
Group (acquired
by Atlanta-based
Tria rc Cos. in
2005) as 25 great,
three mediocre
and two difficult
years, admitting he left with unfinished business on the table including the short-lived
combination with Wendy’s, undone when
Roark Capital Group split Arby’s off in 2011.
“When it was time to go, everybody knew
it was time to go—and it was time for me,”
Garrett said. “I woke up one day at 48 years
old and said, ‘Hey, what am I going to do next?’”
With a suddenly clear schedule, he drove
his two young daughters to school, undertook
some familial globe-trotting and formulated a
plan to get back into restaurant franchising.
“It really helped me clarify my goals, because
I realized there are some things I’m really good
at, and also some things I’m not that good at,
quite frankly, because I don’t want to be good
at them,” he said.
112
company’s door. It’s all about the potential.
“I don’t have to screw you to do well,” he said.
“If I can figure out how to help you meet your
goal and me hit my goal, you walk away feeling really good.”
Outside of Atlanta, GPS Hospitality’s
turf now extends into the Midwest and MidAtlantic states. The strategy is grouping 20 or
more stores in a territory to justify a director of
operations in each market.
As this issue went to press, GPS was finalizing the purchase of 60 additional Burger Kings
in Michigan.
During HBO’s highly publicized, anti-climactic fight between Floyd Mayweather Jr.
and Manny Pacquiao in May, Garrett was in
Miami meeting
w it h members
of Burger King’s
corporate team
when he spotted
The Burger King
himself walking
out right behind
the fighters on
the screen. He
took it as a sign Burger King remains a part of
American culture, and that its younger execs at
owner 3G Capital Management know how to
play a subtle branding game.
“Over the years sometimes that’s been a little
on the negative side, but it’s part of the conversation,” Garrett said, referencing shifts in
Burger King’s public perception over the years.
“You cannot ignore it and you cannot get away
from it. I thought it was incredibly clever.”
Another recent victory, the reintroduction
of Burger King’s Chicken Fries, has led to
increased foot traffic that’s skewed young.
3G’s reputation for fast decisions and bold
moves has taken some franchisees by surprise
since the 2010 acquisition of Burger King, but
Garrett is impressed with their numbers-driven
strategy, willingness to admit mistakes and
quickly pivot, and marketing savvy he feels is
connecting with a younger audience.
“When I go to sleep at night, I don’t have
to worry about whether they’re thinking about
how to drive the business,” he said. “By the way,
I’m also thinking about the same thing. We
may not always agree on the tactics, but the
goals are indelibly linked.”
Garrett is also interested in other franchised
food brands, as long as they’re outside of the
burger category.
GPS Hospitality
136 BK (in 2014)
Tom Garrett, CEO
‘We’re operators’
On the “good list,” acquisitions and operations rose to the top of the list. After assisting
Roark with its acquisition of Arby’s, he gathered a team to create GPS Hospitality that took
fl ight with the purchase of 42 Atlanta-area
Burger Kings. Garrett said many units in that
first batch were in disastrous shape with dirty
restaurants and visibly de-motivated employees.
“We are not financial buyers, we’re operators,” he said of his playbook. “We get very
good financial results, so we’re able to go in
and evaluate a situation, and very quickly see Replicating success
the delta between the two. When we take someAfter his first acquisitions, GPS needed addithing that’s operating at a poor level and make tional financing to grow. Still smarting from
it operate at a high level, that creates a lot of the recession, credit wasn’t yet free-flowing
value for the enterprise and for all of its people.” and Burger King’s required remodels added
Beyond a given store’s current metrics, a sizable financial commitment that comGarrett’s says his firm structures sales to give pounded Garrett’s difficulty in attracting
sellers what they ask for, while fostering good- cash.
will to bring more motivated sellers to the
“Most people looked at it and said for these
42
August 2015
reasons we’re not interested,” he said. “It wasn’t
that people didn’t believe the story, they didn’t
believe it enough to lend money against it.”
The story he references is his own, using
the personal experience and that of his team—
many of whom have had “bigger jobs” in the
past—to beat the odds in the franchised fastfood space.
Deep pockets
His answer came during a hunting trip
with an investment banker, who suggested he
speak with some wealthy families with investment firms in the area, leading to the formal
introduction between Garrett and Nonami
Enterprises, the family office of Atlanta-based
developer Tom Cousins.
Nonami often co-invests with Cynosure
Investments, another family office out of Salt
Lake City, and both firms liked what they saw
and signed on to fund GPS, with the explicit
understanding they would allow Garrett to
maintain nearly full control over the company
and its direction.
“The attraction of a family office is they are
long-term investors, not under the pressures of
private equity, so they’re in it as long as I want
to be in it,” he said.
Herbert Scruggs, managing director at
Cynosure, said the company isn’t opposed to
shorter-term plays, but that it prefers 10-, 15or 20-year investments “if we find people that
we trust and are impressed by.”
“It takes a special breed to run and staff these
stores effectively, so that’s what drew them to
us,” Scruggs said. “BK has a long history and
we’re very keen on what the corporate ownership has been doing for the last few years, and
we like Tom and his team’s approach—everything from their software to their ability to find
and coach store managers.”
He added his firm would consider similar
deals, and feels the investment could be indicative of more family offices becoming involved
with established franchised restaurant concepts.
“We’re very open to doing it with others, but
more importantly, we think Tom has a lot of
runway and we’d love to back him for a lot of
additional growth and we’ve encouraged him
in that direction—not that he needed much
encouragement,” he said.
J.T. King, chief investment officer at Nonami,
was attracted to the experience of Garrett and
his team, and sees no reason why their early
successes cannot be replicated on a much larger
scale. “They really know how to execute,” he
says.
Acquisitions fuel growth for largest
franchisees, topping $31B in sales
By John Hamburger
Back in 1992, we never anticipated seeing amortization) has replaced GAAP accounta billion-dollar franchisee. That year, Spartan ing (generally accepted accounting principles)
ranchise Times began reporting on the Food Systems, a 500-unit franchisee of and adding back depreciation is more forgiving.
rise of multi-unit restaurant franchisees Hardee’s, debuted at the top spot in our inau- Banks are even willing to cross state lines, and
long before it became fashionable. In gural list with $550 million in revenue. In fact, many will lend nationally.
1992, FT’S sister publication, the Restaurant eight of the top 25 franchisees that year were
Franchisors also don’t seem to mind that
Finance Monitor, ranked 100 franchisees and Hardee’s franchisees.
franchisees are getting larger and more influenby 1994, increased the ranking to include a
The restaurant expansion game in the early tial. The big growth in the Top 200 franchisees
total of 200 companies.
‘90s was all about new unit development.
over the past five years has come about
Each year since then, we’ve surveyed the Franchisees made money by building
through refranchising and acquisitions,
and that’s a direct result of financing
largest restaurant franchisees in the country stores. Financing consisted of saleand asked them to open their books and report leasebacks, build-to-suits on new
availability and franchisor attitude
Research by
their revenue and unit counts to us. Thankfully, locations, and three-to-five-year
changes.
Matt Haskin
they’ve complied, and our ranking begins on term financing for the equipment.
Franchisees have taken advan& Robert
the next page.
It was much harder for a franchitage of the low rates and financing
Wolfe
In 2014, the Top 200 franchisees in the see to make an acquisition as there
accessibility to feather their nests
United States generated $31 billion in revenue, were few lenders willing to finance
with some big transactions. Shoukat
an all-time record. Two franchisees topped restaurants across multiple states.
Dhanani, a Burger King and Popeyes
Refranchising was practiced sparingly,
franchisee (No. 4), bought 255 restauthe billion-dollar mark—Flynn Restaurant
Group, with $1.43 billion in sales from 470 too, and a franchisor was more likely to buy rants from Heartland Restaurants this past year.
Applebee’s and 150 Taco Bell restaurants, and back a franchisee’s stores rather than let another MUY Brands, led by franchisee Jim Bodenstedt
NPC International, at $1.18 billion in sales on franchisee add to its collection and have too (No. 8), picked up 70 corporate Wendy’s stores
much influence in the system. So all in all, it in the Dallas market in a refranchising deal.
1,277 Pizza Huts and 143 Wendy’s.
Interestingly enough, Flynn Restaurant wasn’t exactly a dealmaker’s environment.
MUY also bought 54 Pizza Hut units from
Franchise financing is much more sophisti- Border Foods, a Taco Bell and former Pizza
Group’s 470 Applebee’s today are more than
twice the number of Applebee’s restaurants that cated now, and most lenders have entire teams Hut franchisee.
existed in the entire system in 1992. NPC, then dedicated to the space. Banks have replaced
And Tacala became the largest franchisee in
known as National Pizza Co., was the sixth finance companies and the financing is now the Taco Bell system in 2014 after it acquired
largest franchisee in 1992, driving $200 mil- known as cash-flow lending. EBITDA (earn- Austaco.
lion in sales from 368 Pizza Huts.
Franchisees just keep getting bigger.
ings before interest, taxes, depreciation and
F
Sponsored by:
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franchisees, experienced commercial real estate investors who own restaurant properties, private
equity firms, and other investors in restaurant concepts. Our loan products include: syndicated
corporate senior financing, fixed and floating rate term loans, acquisition facilities, sale-leaseback
financing, bridge/development financing, working capital revolvers, and interest rate risk
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August 2015
43
FRANCHISE TIMES’
RESTAURANT 200:
TOP 25
1
2
3
Flynn
Restaurant
Group, LLC
San Francisco, CA
$1,434,315,000
470 Applebee’s
150 Taco Bell
NPC
International,
Inc.
Overland Park, KS
$1,179,897,000
1,277 Pizza Hut
143 Wendy’s
Bridgeman
Foods
Louisville, KY
$759,100,000
240 Wendy’s
125 Chili’s
4
5
7
Covelli
Enterprises
Warren, OH
$570,700,000
259 Panera Bread
9 Dairy Queen
8
MUY!
Companies
San Antonio, TX
$508,235,000
304 Pizza Hut
88 Wendy’s
Dhanani Group
Sugarland, TX
$750,000,000
469 Burger King
125 Popeyes
Summit
Restaurant
Group
Richardson, TX
$727,000,000
262 IHOP
119 Applebee’s
9
10
6
Carrols
Restaurant
Group, Inc.
Syracuse , NY
$692,755,000
674 Burger King
Sun Holdings,
LLC
Dallas, TX
$460,000,000
185 Burger King
96 Popeyes
Doherty
Enterprises, Inc.
Allendale, NJ
$438,000,000
100 Applebee’s
36 Panera Bread
11
Boddie-Noell
Enterprises
Rocky Mount, NC
$427,806,000
334 Hardee’s
12* WendPartners
Cortland, NY
$425,000,000
294 Wendy’s
13
14
15
SRAC
Holdings, Inc.
San Ramon, CA
$414,689,000
287 Burger King
26 TGI Friday’s
Tacala, LLC
Birmingham, AL
$410,412,000
265 Taco Bell
65 Sonic Drive-In
K-Mac
Enterprises
Fort Smith, AR
$392,388,000
233 Taco Bell
17 KFC
16
The Briad
Group
Livingston, NJ
$377,050,000
65 Wendy’s
64 TGI Friday’s
17
RMH Franchise
Corporation
Atlanta, GA
$345,000,000
139 Applebee’s
18
JIB
Management,
Inc.
Fremont, CA
$343,200,000
221 Jack in
the Box
62 Denny’s
19
Harman
Management
Corporation
Los Altos, CA
$341,732,000
117 KFC
186 Yum! Multi
* Denotes revenue estimate
3
Bridgeman Foods
240 Wendy’s; 125 Chili’s
Troy Hanke, CFO
Why these brands?
It always comes down to the food. We’ve always liked the
products of these two brands and felt like if we enjoyed them
then other people would, too. The unit-level economics make
pretty good sense, and casual dining provided some diversity
to our portfolio.
What’s the No. 1 attraction to a brand, and the
No. 1 red flag?
How long have they been successful and how sophisticated
are their systems? We always try to be a good partner with
the system, so we want to make sure the training and site
selection of those systems are in place and have been proven
for a long period of time. The concern would be the flip of
that, if something has a limited number of stores and hasn’t
quite proven itself out.
Describe a turning point for your operation.
The largest deal we’ve ever done was a 77-store acquisition
of Chili’s in 2007. That’s provided a lot of cash flow to
44
August 2015
continue our growth.
What’s been the worst day at your restaurant
company?
When you employ this many people, you reflect on
unfortunate things that have happened to employees, but
we’ve never really had a Black Friday.
What’s one piece of advice for other owners?
You’ve got to pick the right franchisor with good systems
you’re comfortable going in and just following. You’re paying
royalties so there’s no need to reinvent the wheel. Then, just
try to grow slowly. We see a lot of folks that go in too deep
too quickly.
What’s your “motto” for building a restaurant
company?
Our culture is built around an inverted pyramid. We have
the customers at the top of the pyramid. And we truly put the
executive team at the bottom of that pyramid.
—Tom Kaiser
20
21
Pilot Travel
Centers, LLC
Knoxville, TN
$324,983,000
204 Subway
110 Cinnabon
30
United States
Beef Corp.
Tulsa, OK
$322,710,000
323 Arby’s
6 Taco Bueno
31
32
22
KBP Foods, Inc.
Overland Park, KS
$304,000,000
252 KFC
49 Taco Bell
33
23
24
25
D.L. Rogers
Corp.
N Richland
Hills, TX
$297,000,000
222 Sonic Drive-In
Quality
Dining, Inc.
Mishawaka, IN
$291,230,000
164 Burger King
48 Chili’s
Cedar
Enterprises, Inc.
Columbus, OH
$290,000,000
190 Wendy’s
34
35
27
28
29
Sizzling
Platter, Inc.
Murray, UT
162 Little Caesars
24 Dunkin’ Donuts
ADF Companies
Fairfield, NJ
290 Pizza Hut
16 Panera Bread
Apple
Gold Group
Raleigh, NC
133 Applebee’s
6 Burger King
Church’s Chicken is very simple. They cook it right in front of you.
It’s one of the simplest systems I know. And as for Long John Silver’s,
their training program for restaurant management is one of the best in
the industry. And the restaurant manager is an important part of the
business. They also have a great product. Fried fish is fried fish.
What principles have made your restaurant business
successful?
Interfoods of
America, Inc.
Miami, FL
150 Popeyes
18 Burger King
I am an immigrant to this country; I began working for Church’s
Chicken as a dishwasher. I worked my way up into management and
then marketing and then marketing management. And now I have over
200 restaurants. I’ve always had people come first. I tell people I’m
not in the chicken business. Yes, I buy chickens and cook chickens and
serve chickens. But I take care of people. I’m in the people business.
Pacific
Bells, Inc.
Vancouver, WA
86 Taco Bell
25 Buffalo
Wild Wings
What advice would you give yourself when you were
starting your business?
Discipline. You have to have the right attitude and the discipline to
make it in this business.
Apple Investors
Group
Chino Hills, CA
85 Burger King
54 Applebee’s
37
DavCo
Restaurants,
Inc.
Crofton, MD
150 Wendy’s
38* Fugate
Enterprises
Wichita, KS
172 Pizza Hut
72 Taco Bell
Frisch’s
Restaurants,
Inc.
Cincinnati, OH
95 Big Boy
Falcon Holdings
165 Church’s Chicken;
45 Long John Silver’s
Aslam Khan, CEO
Why these brands?
American West
Restaurant
Group
Orange, CA
269 Pizza Hut
Falcon
Holdings, LLC
Westlake, TX
165 Church’s
Chicken
45 Long John
Silver’s
39
36
Ampex Brands
Dallas, TX
176 KFC
68 Long John
Silver’s
36
$200-$280
MILLION
26* Pepper
Dining, Inc.
Charlotte, NC
103 Chili’s
TEAM
Schostak Family
Restaurants
Livonia, MI
66 Applebee’s
60 Burger King
What’s your “motto” for building a restaurant
company?
People first.
—Alexandra Norvet
40
Lund Brown
Group
Boulder, CO
210 Hardee’s
10 Carl’s Jr.
$175-$200
MILLION
41* Rottinghaus Co.
La Crosse, WI
397 Subway
42
MarLu
Investment
Group
Elk Grove, CA
51 Arby’s
47 Church’s
Chicken
43* Valenti
Management
Tampa, FL
122 Wendy’s
17 Chili’s
44
JRN, Inc.
Columbia, TN
146 KFC
21 Yum! Multi
45
The Rose Group
Newtown, PA
56 Applebee’s
8 Corner Bakery
Cafe
* Denotes revenue estimate
August 2015
45
10-year snapshot of the Top 200 franchisees
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Revenue*
$31.0
$28.7
$26.3
$23.9
$23.2
$21.8
$21.3
$21.5
$19.9
$19.0
Units
23,177 21,831 20,331 18,408 17,887 16,715 16,489 16,915 16,030 15,501
* Revenue is in billions of dollars
46
47
Western
Reserve
Restaurant
Mgmt
Rochester, NY
112 Wendy’s
53
Carlisle
Corporation
Memphis, TN
77 Wendy’s
54
Wendy’s
of Colorado
Springs
Colorado
Springs, CO
111 Wendy’s
9 Golden Corral
Servus!
Jasper, IN
94 Long John
Silver’s
35 Wendy’s
60
61
62
48* T-Bird
Restaurant
Group
La Jolla, CA
63 Outback
Steakhouse
49
Frauenshuh
Hospitality
Group
Minneapolis, MN
160 Dairy Queen
55
50* Century
Management,
Inc.
Memphis, TN
64 McDonald’s
$150-$175
MILLION
52
T.L. Cannon
Management
Ponte Vedra
Beach, FL
61 Applebee’s
63
56* Hamra
Enterprises
Springfield, MO
50 Panera Bread
35 Wendy’s
57
51* Caspers
Company
Tampa, FL
53 McDonald’s
Meritage
Hospitality
Group
Grand Rapids, MI
146 Wendy’s
58
59
Franchise
Management,
Inc.
Houlton, ME
139 Pizza Hut
48 KFC
Pizza
Properties, Inc.
El Paso, TX
48 Peter Piper
Pizza
39 Burger King
Apple-Metro,
Inc.
Harrison, NY
36 Applebee’s
1 Pizza Studio
WKS
Restaurant
Group
Lakewood, CA
59 El Pollo Loco
24 Denny’s
67
Potomac Family
Dining Group
Herndon, VA
69 Applebee’s
68
Parikh Network
Edison, NJ
99 Popeyes
Palo Alto, Inc.
Denver, CO
91 Taco Bell
38 Pizza Hut
PJ United
Birmingham, AL
155 Papa John’s
Restaurant
Management
Co.
Wichita, KS
138 Pizza Hut
15 Long John
Silver’s
$140-$150
MILLION
64
SSCP
Management,
Inc.
Dallas, TX
69 Applebee’s
65
Celebration
Restaurant
Group
Celebration, FL
101 Pizza Hut
40 Taco Bell
Metro Corral
Partners
Winter Park, FL
31 Golden Corral
Border Foods
Companies
New Hope, MN
84 Taco Bell
3 Au Bon Pain
75
RPM Pizza, Inc.
Gulfport, MS
139 Domino’s
$130-$140
MILLION
69
70
71
72
66
74
73
Paradigm
Investment
Group, LLC
San Diego, CA
104 Hardee’s
6 Jersey Mike’s
Desert de Oro
Foods, Inc.
Kingman, AZ
81 Taco Bell
60 Pizza Hut
Wisconsin
Hospitality
Group, LLC
Waukesha, WI
82 Pizza Hut
36 Applebee’s
Quality
Restaurant
Concepts, LLC
Birmingham, AL
61 Applebee’s
BurgerBusters,
Inc.
Virginia Beach, VA
86 Taco Bell
11 Pizza Hut
$120-$130
MILLION
76
Diversified
Restaurant
Holdings
Southfield, MI
42 Buffalo
Wild Wings
77
The Jan
Companies
Cranston, RI
98 Burger King
4 Krispy Kreme
78
Cotti Foods
Corp.
Rancho Santa
Margarita, CA
59 Taco Bell
39 Wendy’s
79
Pennant
Foods, LLC
Knoxville, TN
89 Wendy’s
80
Romulus
Restaurant
Group
Phoenix, AZ
74 IHOP
* Denotes revenue estimate
46
August 2015
81* Lemek, LLC
Elkridge, MD
98 Panera Bread
82
DORO, Inc.
Eau Claire, WI
103 Hardee’s
5 Taco John’s
$110-$120
MILLION
83
84
85
86
87
91
92
93
America’s Pizza
Company, LLC
Lafayette, LA
129 Pizza Hut
Southern
Multifoods, Inc.
Jacksonville, TX
67 Taco Bell
22 Yum! Multi
Kazi
Management
VI, LLC
St. Thomas,
Virgin Islands
59 KFC
24 Burger King
B & G Food
Enterprises,
LLC
Morgan City, LA
69 Taco Bell
16 Yum! Multi
Starboard
Group
Coral Springs, FL
79 Wendy’s
88
The Saxton
Group
Dallas, TX
60 McAlister’s
Deli
89
McEssy
Investment Co.
Lake Forest, IL
46 McDonald’s
Golden Gate
Bell, LLC
Pleasanton, CA
85 Taco Bell
QK Holdings,
LLC
Holbrook, AZ
85 Denny’s
5 Del Taco
$100-$110
MILLION
94* JEM Restaurant
Group
Charleston, SC
90 Pizza Hut
27 Taco Bell
95* R.E.E. Inc.
Beaumont, TX
52 McDonald’s
96
Carolina
Restaurant
Group
Charlotte, NC
67 Wendy’s
97
Luihn Four, Inc.
Morrisville, NC
45 Taco Bell
10 KFC
98
99
90* Summit
Restaurant
Group, LLC
Blue Springs, MO
117 Pizza Hut
15 Long John
Silver’s
TD Food
Group, Inc.
Honolulu, HI
44 Pizza Hut
38 Taco Bell
Strang
Corporation
Cleveland, OH
39 Panera Bread
1 Noodles
& Company
Apple
Sauce, Inc.
Crestview Hills, KY
43 Applebee’s
100 Retzer
Resources, Inc.
Greenville, MS
45 McDonald’s
76
Diversified Restaurant Holdings
42 Buffalo Wild Wings (in 2014)
Michael Ansley, CEO
What’s the attraction of Buffalo Wild Wings?
I’ve been a franchisee since 1996. It’s a very powerful brand. We like
the fact that it’s a stable management team, I’ve known them a long
time. I have faith in where the brand is headed.
What about your latest acquisition, of 18 BWWs from A
Sure Wing?
I’ve known the franchisee for a long time. The same accounting firm
does their numbers and ours, so we had a lot of faith in the numbers.
There’s no other Buffalo Wild Wings franchisee in that market or any
other corporate locations. We can control the market. Plus it’s a good
sports town. They get into the St. Louis Cardinals, and then also the
Blues, the NHL team. There’s stilll the Rams there at the moment, and
the affinity for the Bears, and the university teams. We knew the
director of operations at A Sure Wing, so we plan to keep him in place,
and we kept the regional managers and the restaurant employees in
place. There were some other opportunities there that were sizable.
What’s the No. 1 thing you analyze, when deciding to
buy?
We really like it if we can get control of an entire market. And
these stores, in St. Louis, were under-performing. We were doing $3
million at our stores, and they were doing $2.3 million a unit. We
saw opportunities with advertising, incentives, maintenance, capital
expenditure issues. Every deal is different. Some of them have really
high revenue but maybe they’re not managing the bottom line so well.
Others are managing the bottom line too well, or being short-sighted
in investments in people. It’s a little bit of an art.
What’s a red flag, that would cause you to walk away
from a deal?
The multiples are getting pretty high for all of us. Not just for Buffalo
Wild Wings, but the whole restaurant space. A lot of it is the flow of
money into the restaurant space. Deals are getting pretty expensive.
The other thing is, there are a few operators that are really, really good
operators. So not only are you paying a premium but there isn’t much
opportunity there. We’re looking for an opportunity to drive revenue or
the bottom line or both.
What’s one lesson you’ve learned, to pass on to other
owners?
Developing people. Make sure you’ve thought that through, and
use the dollars on recruiting, and then training them and keeping
them happy, because turnover can kill you in this business. We
unfortunately have grown a little too fast in the
past.
— Beth Ewen
* Denotes revenue estimate
August 2015
47
113
Den-Tex Central Inc.
74 Denny’s
Dawn Lafreeda, president
Why this brand?
102 PR
Management
Corporation
Newton, MA
35 Panera Bread
I started with Denny’s when I
was 16, and luckily I got a chance
at 23 with Denny’s to own my
own restaurant. And they only
continue to give me opportunities.
103 RGT
Management,
Inc.
Memphis, TN
55 Taco Bell
30 KFC
What would make you
interested in investing in
another brand?
I have one brand but I know
it well. I know it inside and
out. Sometimes you say, ‘How
much does a gal need?’ I’m not
saying I’d never look into another
concept but life is pretty good
with Denny’s.
Describe a turning point in
your operation.
104 Friendly
Franchisees
Corporation
La Palma, CA
72 Carl’s Jr.
Dawn Lafreeda
It was when I bought out my partner in 1998. Then it made sense
to build more of an infrastructure to accommodate growth. But that
growth came in stages. There have been times when the economy and
the environment of Denny’s corporate allowed for growth, and there
have been times when the economy’s been slow and the money wasn’t
as available.
What’s one piece of advice for other owners?
I think you have to believe in the product. I would say being your
own boss is the only way to go, and I would recommend franchising
over owning your own concept. With a franchise, you have a proven
track record and information that would not be available to you if you
designed your own concept.
What’s your motto or business philosophy?
Always be fair and do the right thing. I always try to be fair to my
employees, my customers, and my franchisor. Also don’t be afraid to
take risks. Sometimes you have to jump off a cliff for an opportunity.
Do your due diligence, but don’t overthink it.
—Alexandra Norvet
101* Neighborhood
Hospitality/
Woodland
Group, Inc.
Hazard, KY
41 Applebee’s
16 Wendy’s
$90-$100
MILLION
105 Treadwell
Enterprises, Inc.
Springfield, MO
84 KFC
2 Taco Bell
106* American
Franchise
Capital, LLC
Greenwich, CT
33 Applebee’s
28 Taco Bell
107 Stine
Enterprises, Inc.
Phoenix, AZ
70 Jack in the Box
3 Qdoba Mexican
Grill
108 Platinum
Corral, LLC
Jacksonville, NC
26 Golden Corral
109 Hielan
Restaurant
Group
Lewisville, TX
43 Chili’s
110 Daland
Corporation
Wichita, KS
107 Pizza Hut
48
August 2015
111 Stanton
& Associates,
Inc.
Jackson, MI
67 Wendy’s
112 GPS
Hospitality, LLC
Atlanta, GA
136 Burger King
113 Den-Tex
Central, Inc.
San Antonio, TX
74 Denny’s
$80-$90
MILLION
114 Benton
Properties, Inc.
Springdale, AR
64 Sonic
115 Hospitality
Restaurant
Group, Inc.
Traverse City, MI
42 Taco Bell
26 Pizza Hut
116* United
Restaurant
Group, L.P.
Glen Allen, VA
29 TGI Friday’s
117* The Bistro
Group
Cincinnati, OH
27 TGI Friday’s
5 McAlister’s Deli
118 OCAT, Inc.
Modesto, CA
52 Taco Bell
119 High Plains
Pizza
Liberal, KS
83 Pizza Hut
$70-$80
MILLION
120 AJP Enterprises
Fife, WA
47 Jack in the Box
1 Jimmy John’s
* Denotes revenue estimate
121 Rucker
Restaurant
Holdings, LLC
Austin, TX
60 Jack in the Box
122 Hallrich, Inc.
Stow, OH
102 Pizza Hut
123* Breads of the
World, LLC
Columbus, OH
36 Panera Bread
124* Original
Bread, Inc.
Wichita, KS
35 Panera Bread
127* Schuster
Enterprises, Inc.
Columbus, GA
63 Burger King
125 FourCrown, Inc.
Oakdale, MN
58 Wendy’s
128* Ultimate
Challenge, LLC
Willmar, MN
100 Domino’s
126 KC Bell, Inc.
Wichita, KS
58 Taco Bell
5 Freddy’s
129 Howley Bread
Group, Ltd.
Westlake, OH
28 Panera Bread
130* The RC
Group, LLC
Annapolis, MD
43 Taco Bell
9 Yum! Multi
131 Fowler
Foods, Inc.
Jonesboro, AR
52 KFC
15 Yum! Multi
132 Oerther
Foods, Inc.
Orlando, FL
24 McDonald’s
133* Las-Cal
Corporation
Las Vegas, NV
64 Taco Bell
* Denotes revenue estimate
162
BMW Management
22 Sizzler
Gary Myers, president
What’s attractive to you about Sizzler?
We just opened the new-generation prototype that we’ve
been building for a few years. It has all the bells and whistles
you can imagine. It has the wow factor. We developed it
starting in 2006. We went underneath the radar, because
the franchisor, every time we turned around, would say
no. They didn’t want to further the concept. Sizzler became
very mundane, and we took it and went just the opposite of
mundane and made it bigger than life.
What does your franchisor think now?
They love what we do. We pay some of the biggest
royalties. We exceed expectations on just about every level.
We’re a good partnership. In most businesses if you’re not
continuing to go above and beyond, you’re going to be left
out of the game.
How do you evaluate which brands to invest in?
One of the greatest things that happened is CEO Kerry
Kramp bought into the company, actually bought an
ownership stake. He’s staying. We have a good dialogue with
our franchisor. They came up with our hand-tossed craft salad
station. It’s a people-pleasing, mouth-watering thing that
Kerry Kramp is testing in a couple of his restaurants and we
have it in our newest restaurant.
A lot of what you’re doing sounds expensive.
Yes it is, it’s very costly. It’s high risk. We employ in these
big stores over 100 employees, whereas maybe 40 or 50 in a
smaller store. People ask what does it cost and how will it add
to the bottom line? The bottom line is, everything we do is
an experience for the guest, and that’s how BMW has really
formulated our new prototype. Whether it costs us more, or
whatever, it just builds that engagement with our guests.
A new look for Sizzler, in BMW’s Hemet, California, store.
What’s one lesson you could pass on to other
restaurant operators?
To be a survivor down the road, you have to think not just
today, but tomorrow. You have no idea what tomorrow will
bring, so you better be prepared for whatever comes.
What’s your motto for building your business?
The best thing franchisors can do is hold the system
accountable for training, for development of people. When
they give up on people, including their own, they’ve given
up on their concept. If the people at Sizzler fall asleep at the
wheel, I want nothing to do with them. If we need to push
buttons, and I’ve been told many times that we’re the best
button pushers. We’re not afraid to go in and have conflict,
because guess what, there’s always conflict resolution. We’re
a company to add value to others, and we expect others,
the franchisor, to also add value back to
the company.
—Beth Ewen
August 2015
49
$60-$70
MILLION
134 Kades
Corporation
Pasadena, TX
30 McDonald’s
135 Verlander
Enterprises,
LLC
El Paso, TX
11 Applebee’s
11 Village Inn
136* Apple Core
Enterprises, Inc.
Minot, ND
24 Applebee’s
137 Carisch, Inc.
Wayzata, MN
67 Arby’s
138 First Sun
Management
Corp.
Clemson, SC
46 Wendy’s
139 West Quality
Food Service,
Inc.
Laurel, MS
40 KFC
19 Yum! Multi
140 Lehigh Valley
Restaurant
Group
Allentown, PA
21 Red Robin
141 VKC Group
Sugar Land, TX
107 Subway
18 Great American
Cookie
142 DiPasqua
Enterprises
Winter Park, FL
122 Subway
149* Apple Corps,
L.P.
Wichita, KS
25 Applebee’s
150 Ocedon
Westerville, OH
50 Burger King
143* Fourjay, LLC
North Little
Rock, AR
50 Wendy’s
151 Frandeli Group
Orange, CA
69 Papa John’s
144 Brodersen
Management
Corp.
Glendale, WI
42 Popeyes
152 Janjer
Enterprises, Inc.
Silver Spring, MD
28 Popeyes
145 Ansara
Restaurant
Group, Inc.
Farmington
Hills, MI
22 Red Robin
$50-$60
MILLION
146 Top Line
Restaurants,
Inc.
Chandler, AZ
38 Denny’s
2 Corner Bakery
Cafe
147 Bullard
Restaurant
Group
Raleigh, NC
26 Moe’s
Southwest Grill
18 Burger King
148 DRM, Inc.
Omaha, NE
69 Arby’s
153 Parrish Foods
Dallas, TX
23 McDonald’s
154* J.S. Ventures,
Inc.
Wichita, KS
25 Applebee’s
155 LDF Food
Group, Inc.
Wichita, KS
39 Wendy’s
156 RLC
Enterprises, Inc.
Northbrook, IL
50 Taco Bell
9 KFC
157 Southern
Deli Holdings
Fort Collins, CO
50 McAlister’s
Deli
158 Staab
Management
Co. Inc.
Grand Island, NE
70 Pizza Hut
159* Mirabile
Investment
Corp.
Memphis, TN
43 Burger King
7 Popeyes
160 RoHoHo, Inc.
Charleston, SC
55 Papa John’s
8 Jersey Mike’s
161 Metz Group
Dallas, PA
11 TGI Friday’s
162 BMW
Management,
Inc.
Temecula, CA
22 Sizzler
163 Gala
Corporation
Costa Mesa, CA
18 Applebee’s
10 Famous Dave’s
165* JAX, LLC
Charlotte, NC
17 Golden Corral
166 Primary
Aim, LLC
Zanesville, OH
31 Wendy’s
167 Ryan
Restaurant
Corp.
Billings, MT
8 Applebee’s
8 Famous Dave’s
168 CLP
Corporation
Homewood, AL
21 McDonald’s
$40-$50
MILLION
169 Wendco Group
Pensacola, FL
42 Wendy’s
170 U.S.
Restaurants,
Inc.
Blue Bell, PA
34 Burger King
171 Vasari, LLC
Irving, TX
76 Dairy Queen
164 S-Group
Companies
Sandusky, OH
33 Wendy’s
* Denotes revenue estimate
About the Restaurant 200
Our annual Restaurant 200 franchisee
research includes questionnaires, phone
surveys, and in some cases, a review of
public documents such as annual reports,
10Ks and FDDs. We sincerely thank the
companies that responded to our surveys, as most of the top 200 companies
in this year’s ranking provided us with
their complete data.
Our report consists of ranking companies according to revenue generated by
the company’s franchised restaurants. If
50
August 2015
the company happens to operate a restaurant concept that is not franchised, or
is the franchisor of another concept, we
will not include that number in the overall revenue or unit count. In some cases
where an acquisition took place during
the year, we derive pro-forma revenues in
calculating the company’s ranking.
For companies that did not respond
to our survey, we confirmed the number
of units operated by their company, and
then estimated the revenue. In the case
of a tie in the amount of total revenue,
we settled the tie in favor of the company
with the most units.
If you believe your company might
make the Restaurant 200 list or we’ve
missed you (or you know of another
company that should be listed), please
contact Abbi Nawrocki at (612) 767-3200.
Our ranking of the top 200 franchisees
is combined with the second 200 franchisees in a report prepared by Technomic
Inc. Order the report at restfinance.com.
172 Northcott
Company
Chanhassen, MN
21 Perkins
3 Houlihan’s
173 Creative Foods
Corporation
Garden City, NY
27 Burger King
174 Shamrock
Companies
Hinsdale, IL
24 Taco Bell
11 KFC
175 Hart Restaurant
Management,
Inc.
Corpus Christi, TX
44 Burger King
176* Thomas 5 Ltd.
Dublin, OH
32 Wendy’s
177 Apple Gilroy,
Inc.
San Jose, CA
12 Applebee’s
178* PRB
Management,
LLC
Fairfield, CA
39 Taco Bell
179 Restaurants
Inc. 22
Omaha, NE
20 HuHot
Mongolian Grill
9 PepperJax Grill
184 Trigo
Hospitality
Stevensville, MI
31 Pizza Hut
5 Sonic Drive-In
$32-$40
MILLION
185 C & P
Restaurant
Company, LLC
Macon, GA
9 Cheddar’s
Casual Cafe
186* Peak
Interests, LLC
Golden, CO
48 Pizza Hut
187 Bartlett
Management
Services
Clinton, IL
42 KFC
1 Taco Bell
188* GC Partners,
Inc.
WinstonSalem, NC
11 Golden Corral
189 Las Vegas
Pizza Hut
Las Vegas, NV
41 Pizza Hut
190 H & K Partners
Milwaukee, WI
34 KFC
7 Yum! Multi
180 WMCR Co.
Alpena, MI
37 KFC
2 Taco Bell
191 Wendy’s
of Montana
Billings, MT
18 Wendy’s
181 Century Fast
Foods, Inc.
Los Angeles, CA
33 Taco Bell
192 PJ Holdings
KY, LLC
Lexington, KY
48 Papa John’s
182 Brumit
Restaurant
Group
Asheville, NC
44 Arby’s
193 Tetra
Management,
Inc.
Wichita, KS
36 Pizza Hut
183 Rawson
Foodservice,
Inc.
Princeton, NJ
20 Wendy’s
194 Lunan
Corporation
Chicago, IL
43 Arby’s
179
Restaurants Inc. 22
20 HuHot; 9 PepperJax Grill
Gayle Carstens, president
Why these brands?
With HuHot I guess that it’s unique and something not everyone
else is doing. It’s also an incredibly easy concept to manage because
essentially it’s a large salad bar. With PepperJax Grill, too, I liked the
uniqueness and the founder knew me personally.
What’s the No. 1 attraction to a brand?
Uniqueness. That’s a lesson I learned when I was operating
Godfather’s Pizzas. People like uniqueness. And large portions.
What’s the No. 1 red flag?
The ones I shy away from are the ones that there are so many of
that are so similar. I’d rather stay with something not everyone is doing.
That’s the kind of niche I want to be in. A lot of people in the restaurant
business go into safe-harbor concepts and you can make a lot of
money. But that’s not what I’m interested in. I want my place to be the
only place you can get something.
What’s been the worst day at your restaurant
company?
There haven’t been many restaurants that we haven’t opened
without issues. In the restaurant business, things happen all the time,
usually when it’s most inconvenient.
What’s one piece of advice for other owners?
In this business, you need people who can operate on their own. I’ve
always been willing to spend money to have top-end management.
What’s your “motto” for building a restaurant
company?
It’s about unique concepts and strong
people.
—Alexandra Norvet
195 Huse, Inc.
Bloomington, IN
33 Arby’s
196 Texas Subs, Inc.
Fort Worth, TX
48 Subway
197 Great Circle
Family Foods,
LLC
Long Beach, CA
11 Krispy Kreme
7 The Coffee Bean
198 Pizza Hut
of Arizona
Tucson, AZ
33 Pizza Hut
199 S.L.
Investments,
Inc.
Las Vegas, NV
36 Carl’s Jr.
200 Tricorp Food
Services, Inc.
Chesterfield, MO
12 TGI Friday’s
* Denotes revenue estimate
August 2015
51
ALPHABETICAL LISTING
Company...............................Rank
ADF Companies ................................ 28
AJP Enterprises.................................120
America’s Pizza Company, LLC ..........83
American Franchise
Capital, LLC .................................... 106
American West
Restaurant Group ..............................32
Ampex Brands ....................................31
Ansara Restaurant Group, Inc. .........145
Apple Core Enterprises, Inc. .............136
Apple Corps, L.P...............................149
Apple Gilroy, Inc. .............................177
Apple Gold Group ............................. 29
Apple Investors Group .......................35
Apple Sauce, Inc. ............................. 99
Apple-Metro, Inc. ............................. 59
B & G Food Enterprises, LLC ............. 86
Bartlett Management Services.........187
Benton Properties, Inc. ....................114
BMW Management, Inc. .................162
Boddie-Noell Enterprises.................... 11
Border Foods Companies ...................74
Breads of the World, LLC .................123
Bridgeman Foods .................................3
Brodersen Management Corp......... 144
Brumit Restaurant Group .................182
Bullard Restaurant Group ................147
BurgerBusters, Inc. ............................ 73
C & P Restaurant
Company, LLC .................................185
Carisch, Inc. .....................................137
Carlisle Corporation ...........................53
Carolina Restaurant Group ............... 96
Carrols Restaurant Group, Inc..............6
Caspers Company .............................. 51
Cedar Enterprises, Inc. .......................25
Celebration Restaurant Group .......... 65
Century Fast Foods, Inc. ..................181
Century Management, Inc................ 50
CLP Corporation ............................. 168
Cotti Foods Corp. ............................. 78
Covelli Enterprises ................................7
Creative Foods Corporation .............173
D.L. Rogers Corp. ..............................23
Daland Corporation .........................110
DavCo Restaurants, Inc. ....................37
Den-Tex Central, Inc. ....................... 113
Desert de Oro Foods, Inc. ................. 70
Dhanani Group ....................................4
DiPasqua Enterprises .......................142
Diversified Restaurant Holdings .........76
Doherty Enterprises, Inc. .................. 10
DORO, Inc. ........................................82
DRM, Inc. ....................................... 148
Falcon Holdings, LLC ........................ 36
First Sun Management Corp. ...........138
Flynn Restaurant Group, LLC ...............1
FourCrown, Inc. ...............................125
Fourjay, LLC .....................................143
Fowler Foods, Inc............................. 131
Franchise Management, Inc...............57
Frandeli Group ................................. 151
Frauenshuh Hospitality Group .......... 49
Friendly Franchisees
Corporation .................................... 104
Frisch’s Restaurants, Inc.................... 39
Fugate Enterprises............................. 38
Gala Corporation .............................163
GC Partners, Inc.............................. 188
Golden Gate Bell, LLC ........................92
GPS Hospitality, LLC ........................ 112
Great Circle Family Foods, LLC ........197
H & K Partners ................................ 190
Hallrich, Inc......................................122
Hamra Enterprises............................. 56
Harman Management
Corporation .......................................19
Hart Restaurant
Management, Inc. ...........................175
Hielan Restaurant Group ................ 109
High Plains Pizza ..............................119
Hospitality Restaurant
Group, Inc. .......................................115
Howley Bread Group, Ltd.................129
Huse, Inc..........................................195
Interfoods of America, Inc. ................33
J.S. Ventures, Inc. ............................ 154
Janjer Enterprises, Inc. ......................152
JAX, LLC ..........................................165
JEM Restaurant Group ...................... 94
JIB Management, Inc. ........................18
JRN, Inc............................................. 44
K-Mac Enterprises ..............................15
Kades Corporation ...........................134
Kazi Management VI, LLC ................ 85
KBP Foods, Inc. ..................................22
KC Bell, Inc.......................................126
Las Vegas Pizza Hut ........................ 189
Las-Cal Corporation ........................133
LDF Food Group, Inc. ......................155
Lehigh Valley
Restaurant Group ........................... 140
Lemek, LLC ........................................81
Luihn Four, Inc. ..................................97
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52
August 2015
Lunan Corporation ..........................194
Lund Brown Group ........................... 40
MarLu Investment Group ..................42
McEssy Investment Co. ..................... 89
Meritage Hospitality Group .............. 55
Metro Corral Partners ....................... 66
Metz Group ..................................... 161
Mirabile Investment Corp. ...............159
MUY! Companies ............................... 8
Neighborhood Hospitality
/Woodland Group, Inc. ....................101
Northcott Company ........................172
NPC International, Inc. ........................2
OCAT, Inc. .......................................118
Ocedon........................................... 150
Oerther Foods, Inc...........................132
Original Bread, Inc. ..........................124
Pacific Bells, Inc................................. 34
Palo Alto, Inc. .................................... 61
Paradigm Investment
Group, LLC........................................ 69
Parikh Network ................................. 68
Parrish Foods ...................................153
Peak Interests, LLC ..........................186
Pennant Foods, LLC .......................... 79
Pepper Dining, Inc. ............................26
Pilot Travel Centers, LLC ................... 20
Pizza Hut of Arizona ....................... 198
Pizza Properties, Inc.......................... 58
PJ Holdings KY, LLC .........................192
PJ United............................................62
Platinum Corral, LLC ....................... 108
Potomac Family Dining Group ...........67
PR Management Corporation ..........102
PRB Management, LLC ....................178
Primary Aim, LLC ............................ 166
QK Holdings, LLC ..............................93
Quality Dining, Inc.............................24
Quality Restaurant
Concepts, LLC....................................72
R.E.E. Inc. ......................................... 95
Rawson Foodservice, Inc. ................183
Restaurant Management Co............. 63
Restaurants Inc. 22 ..........................179
Retzer Resources, Inc. ..................... 100
RGT Management, Inc. ...................103
RLC Enterprises, Inc. ........................156
RMH Franchise Corporation ..............17
RoHoHo, Inc. .................................. 160
Romulus Restaurant Group ............... 80
Rottinghaus Co. .................................41
RPM Pizza, Inc. ..................................75
Rucker Restaurant
Holdings, LLC .................................. 121
Ryan Restaurant Corp......................167
S-Group Companies ....................... 164
S.L. Investments, Inc. ...................... 199
Schuster Enterprises, Inc. .................127
Servus! ...............................................47
Shamrock Companies ......................174
Sizzling Platter, Inc. ............................27
Southern Deli Holdings ....................157
Southern Multifoods, Inc. ................. 84
SRAC Holdings, Inc............................13
SSCP Management, Inc. ................... 64
Staab Management Co. Inc. ........... 158
Stanton & Associates, Inc. ............... 111
Starboard Group ................................87
Stine Enterprises, Inc. .......................107
Strang Corporation ........................... 98
Summit Restaurant Group ...................5
Summit Restaurant Group, LLC ........ 90
Sun Holdings, LLC................................9
T-Bird Restaurant Group ................... 48
T.L. Cannon Management .................52
Tacala, LLC .........................................14
TD Food Group, Inc. ..........................91
TEAM Schostak
Family Restaurants............................ 30
Tetra Management, Inc. ...................193
Texas Subs, Inc. ................................196
The Bistro Group .............................. 117
The Briad Group .................................16
The Jan Companies ............................77
The RC Group, LLC ......................... 130
The Rose Group ................................ 45
The Saxton Group ............................. 88
Thomas 5 Ltd. ..................................176
Top Line Restaurants, Inc. ................146
Treadwell Enterprises, Inc. ............... 105
Tricorp Food Services, Inc. .............. 200
Trigo Hospitality .............................. 184
U.S. Restaurants, Inc. ......................170
Ultimate Challenge, LLC ..................128
United Restaurant Group, L.P. .........116
United States Beef Corp. ....................21
Valenti Management .........................43
Vasari, LLC ....................................... 171
Verlander Enterprises, LLC ...............135
VKC Group....................................... 141
Wendco Group ................................169
WendPartners ....................................12
Wendy’s of Colorado Springs............ 54
Wendy’s of Montana .......................191
West Quality Food Service, Inc........139
Western Reserve
Restaurant Mgmt.............................. 46
Wisconsin Hospitality Group, LLC......71
WKS Restaurant Group..................... 60
WMCR Co. ..................................... 180
WORK SMARTER with the 2015
Top 400 Franchise Restaurant Company Report
-- Sales and unit rankings
COVERAGE
-- Beyond Franchise Monitor 200
-- Franchise primary concept
-- Key contact, headquarters and region(s) of operations
-- Updated for increased sales and marketing opportunities
312-506-3832
bhenyan@technomic.com
technomic.com/top400
August 2015
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