Big and Bigger: Annual ranking bulges with

Big and Bigger: Annual ranking bulges with pumped-up franchisees
The average franchisee on our list has 101 locations and $131.5 million in annual sales—up more than
20 percent since the end of the recession. How are they getting so large? With private equity fuel
flowing to legacy brands.
T
his isn’t your father’s franchise, anymore.
One franchisee, No. 1 Flynn Restaurant Group out of San Francisco,
Franchising used to be about small operators, mom-and-pop
companies that owned one or two locations and made it a
family business. But franchisees have matured and grown
over the years. Now franchising is dominated by giant, sophisticated
operations run by people in suits with Ivy League degrees. They have
restaurants across the country and collect hundreds of millions of
reported more than $1 billion in sales ($1.2 billion to be precise), the first
time in the ranking’s history that an operator reported a 10-figure
sales number. No. 2 NPC International, a Pizza Hut operator out of
Overland Park, Kansas, isn’t very far behind at just a shade under $1
billion.
Put another way: Franchisee Flynn is only slightly smaller than the
dollars in sales a year.
franchisor Jimmy John’s in terms of sales. In terms of unit count,
1,200-unit NPC is bigger than Carl’s Jr., and is actually the 9th
Proof is in the Franchise Times Restaurant 200, our
annual ranking of the nation’s largest restaurant
franchisees by total sales. Operators on the list are
getting bigger. Much bigger.
“It’s a natural evolution of the growth in the overall
marketplace,” said Dean Zuccarello, CEO of the Castle
Rock, Colorado-based investment bank Cypress
Group. “As franchising has become more mature,
largest restaurant operator of any kind in the United
Articles by
States, in terms of number of locations.
Jonathan Maze
One reason for much of this growth: the influx of
Research by
own many of the largest franchisees, or they have
Matt Haskin and
Abbi Nawrocki
franchisees have gotten larger. We’ve seen the industry
from the 1970s and ‘80s grow from onsies-twosies, momand-pop shops to large platform franchisees.”
Consider: In 2009, the average franchisee on our list had 83 locations
and $109 million in sales. By last year, the average operator had 101.6
private equity into the market. Private equity groups
significant investments in them.
“If you look at the investment criteria for private
equity groups, and you think about franchisees, they
almost always hit the hot spots for private equity firms,”
said Adam Birnbaum, managing director at the New York-
based investment banking firm Grandwood Capital.
One of those groups, Argonne Capital, has been on a franchise-buying
locations and $131.5 million in sales. In other words: unit count and
spree lately. It bought several IHOP operators and then branched into
sales for franchisees on the Restaurant 200 have grown more than
Applebee’s and put them all together to become our third-largest
20 percent since the end of the recession. And unit count and sales
franchisee: Richardson, Texas-based Summit Restaurant Group.
grew by 10 percent last year alone.
Another private equity group, Altamonte Capital Partners, bought Taco
Bell’s largest franchisee, Birmingham, Alabama-based Tacala (No. 13).
UNITS / REVENUE (IN BILLIONS)
25,000
started buying Wendy’s locations for the first time.
attract lenders in droves.
This lending has only recently started to be made available to smaller
operators and to other brands. But it’s been available to large
franchisees of legacy brands for years now. “Two years ago, it was
16,223
17
16,166
15,501
16,030
16,663
17.9
of steady sales and profits and are considered lower risks. And they
10,000
18.8
Wendy’s and a few others. These are legacy brands with long records
19
Applebee’s, Burger King, Yum’s concepts (KFC, Pizza Hut and Taco Bell),
30
19.9
largest franchisees tend to be concentrated in a handful of brands:
16,915
Investors in franchises have had the lending to make the deals. The
15,000
21.5
Schwanz, president of Franchise Capital Advisors in Scottsdale, Arizona.
40
35
20,331
20,000
26.3
“The equity funds have come into the business in a big, big way,” said Steve
16,489
In 2011 Olympus Partners bought NPC and recently the franchisee
past decade.
21.3
and the 76-unit Taco Bell operator Southern Bells.
except the recessionary year of 2008. Here are the numbers from the
16,715
99 Applebee’s units in the Southeast from the Polish company AmRest
Companies on the Restaurant 200 have increased sales every year
21.8
Restaurant Group and the next year Flynn made two huge deals, for
17,887
In 2011 Goldman Sachs bought out Weston Presidio’s investment in Flynn
23.2
K-MAC (No. 15) and in 2012 K-MAC bought a 25-unit operator out of Missouri.
Growing sales and units for
a decade, except one year
18,408
Associates bought the Fort Smith, Arkansas ,Taco Bell franchisee
23.9
Private equity groups are helping drive the consolidation trend because
they want the companies to grow. For instance, in 2011 Brentwood
5,000
0
25
20
15
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
10
hard to find money,” Schwanz said. “If I had a deal, I was going to three
or four institutions. Today, I could probably go to 15.
sold Southern Bells to Flynn when his partner decided to retire after
“Put it this way: availability of capital has opened up.”
30 years in the business.
These franchisees have also had plenty of available supply of franchise
systems in which to purchase. Much of that is due to refranchising.
To wit: No. 4 Carrols Restaurant Group, the Syracuse, New York-based
Burger King franchisee, bought 278 units from its franchisor, doubling
its size and setting itself up for a steady increase in the future.
“We also thought it was a good time to sell,” Brown said. “Taco Bell had a
great year. It had done well the last couple of years. And we had done
a lot of asset improvements.” Brown remained with the company as
president of the renamed Bell American Group, a subsidiary of Flynn
Restaurant Group.
Or consider Irving, Texas-based Sun Holdings, which jumped from No. 20
to No. 9 on the strength of two major refranchising deals: Sun bought
99 units in Orlando from Burger King, and then 50 locations in Dallas
from Arby’s.
Franchisees that got into the business in the 1970s, ‘80s and ‘90s may
start thinking along the same lines. “There are still a lot of franchisees
that fit that profile,” Zuccarello said. “They’ve done it for 10 to 15 years.
At some point, they’re going to look for an exit.”
But franchisors aren’t the only ones selling. Numerous franchisees are
selling. Some simply decide it’s time to exit. Others retire. Charlie Brown
In other words: Expect companies on the Restaurant 200 to keep
growing next year.
Wells Fargo Restaurant Finance provides financing to corporate restaurant brands,
large multi-unit restaurant 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
REVENUE IN DOLLARS
FT Restaurant 200
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financing, bridge/development financing, working capital revolvers, and interest rate
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FRANCHISE TIMES’ RESTAURANT 200
Franchise Times’ Restaurant 200: TOP 25
# Company
Revenue
# Company
Units Concepts
Units Concepts
6
Covelli Enterprises
482,300,000
Warren, OH
214
5
Panera Bread
O’Charley’s
1
Flynn Restaurant
1,190,737,000438 Applebee’s
Group, LLC
65
Taco Bell
San Francisco, CA
7
Strategic Restaurants
415,267,000
San Ramon, CA
292
27
Burger King
TGI Friday’s
2
NPC International, Inc.
999,718,000
1227
Overland Park, KS
8
Boddie-Noell Enterprises412,326,000
334
Rocky Mount, NC
3
Summit Restaurant Group656,000,000
Richardson, TX
9
Sun Holdings, LLC
393,000,000
Irving, TX
4
Carrols Restaurant
539,608,000
572
Burger King
Group, Inc. Syracuse, NY
10
Harman Management351,120,000 311
Corporation
4
Los Altos, CA
5
Bridgeman Foods
530,000,000165
Louisville, KY
125
11
The Briad Group
332,439,000
Livingston, NJ
67
49
12
Doherty Enterprises, Inc.321,757,000
Allendale, NJ
62
Applebee’s
32
Panera Bread
13
Tacala/Boom Foods
320,437,000
Birmingham, AL
225
66
Taco Bell
Sonic Drive-In
14
Heartland Food Corp.
317,220,000
380
Downers Grove, IL
Burger King
15
K-Mac Enterprises
306,965,000
Fort Smith, AR
182
32
16
Pilot Travel Centers, LLC290,760,000
Knoxville, TN
186
48
17*
Pepper Dining, Inc. 286,000,000105
Charlotte, NC
18
ADF Companies
279,000,000
Fairfield, NJ
287
13
Pizza Hut
Panera Bread
Flynn Restaurant Group
19
D. L. Rogers Corp.
257,000,000
210
N Richland Hills, TX
Sonic Drive-In
NPC International
20*
JIB Management
250,000,000
Fremont, CA
216
29
Jack in the Box
Denny’s
21
United States Beef Corp.246,918,000
Tulsa, OK
276
Arby’s
5
Taco Bueno
22
Muy Brands, LLC
243,946,000
San Antonio, TX
164
Pizza Hut
46 Long John Silver’s
23
Quality Dining, Inc.
232,725,000
Mishawaka, IN
168
48
24
KBP Foods, Inc.
231,000,000147
KFC
Overland Park, KS
47
Taco Bell
25
DavCo Restaurants, Inc.229,136,000 153
Ellicott City, MD
257
115
Pizza Hut
IHOP
Applebee’s
Wendy’s
Chili’s
* Denotes revenue estimate
For first time, Flynn
Restaurant Group
displaces NPC as no. 1
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
NPC International
NPC International
NPC International
NPC International
NPC International
NPC International
RTM Restaurant Group
RTM Restaurant Group
# Company
RTM Restaurant Group
August 2013
Hardee’s
176
72
Burger King
Popeye’s
KFC
Taco Bell
TGI Friday’s
Wendy’s
Taco Bell
YUM! Multi
Subway
Wendy’s
Chili’s
Burger King
Chili’s
Wendy’s
Franchise Times’ Restaurant 200: TOP 26-200
Units Concepts
$195 Million to $229 Million
26
30
Revenue
Apple Gold Group
Raleigh, NC
119Applebee’s
6
Burger King
The industry’s leading multi-unit, multi-concept franchisees
# Company
Units Concepts
# Company
Units Concepts
27
Sizzling Platter, Inc.
Murray, UT
150
23
Little Caesars
Sizzler
36
Pacific Bells, Inc.
Vancouver, WA
81
Taco Bell
20 Buffalo Wild Wings
28
Thomas and King, Inc.
Lexington, KY
88 Applebee’s
6
Carino’s
37*
T-Bird Restaurant Group
La Jolla, CA
63Outback Steakhouse
29
Interfoods of America, Inc.
Miami, FL
143
18
Popeye’s
Burger King
38*
Valenti Management
Tampa, FL
125 Wendy’s
17
Chili’s
30*
Rottinghaus Co.
La Crosse, WI
377Subway
39
Border Foods Companies
Golden Valley, MN
83
80
31*
Southern California Pizza Company
Norco, CA
224
Pizza Hut
40
Carlisle Corporation
Memphis, TN
134 Wendy’s
32
JRN, Inc.
Columbia, TN
156KFC
22
YUM! Multi
41
Century Management, Inc.
Memphis, TN
60
33
Cedar Enterprises, Inc.
Columbus, OH
151
42*
Fugate Enterprises
Wichita, KS
171
71
43
T.L. Cannon Management
Ponte Vedra Beach, FL
61Applebee’s
Wendy’s
$160 Million to $195 Million
Taco Bell
Pizza Hut
McDonald’s
Pizza Hut
Taco Bell
34
APEX Brands, LLC
Plano, TX
101 KFC
69 Long John Silver’s
44
Falcon Holdings, LLC
Westlake, TX
165 Church’s Chicken
44 Long John Silver’s
35
The Rose Group
Newtown, PA
58Applebee’s
6 Corner Bakery Café
45
Caspers Company
Tampa, FL
51McDonald’s
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August 2013
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FRANCHISE TIMES’ RESTAURANT 200
# Company
46
Western Reserve Restaurant Mgmt
Rochester, NY
Units Concepts
# Company
106Wendy’s
57
Wisconsin Hospitality Group
Waukesha, WI
83
38
Pizza Hut
Applebee’s
58
Celebration Restaurant Group
Celebration, FL
96
40
Pizza Hut
Taco Bell
$135 Million to $160 Million
Units Concepts
47
AppleILLINOIS/Applesauce, Inc.
Crestview Hills, KY
78Applebee’s
48
Restaurant Management Co.
Wichita, KS
135
Pizza Hut
15 Long John Silver’s
59
Quality Restaurant Concepts, LLC
Birmingham, AL
60Applebee’s
49*
Hamra Management Company
Springfield, MO
48
28
Panera Bread
Wendy’s
60
Palo Alto, Inc.
Denver, CO
98
38
50
Apple-Metro, Inc.
Harrison, NY
35Applebee’s
61
Fourteen Foods, LLC
Minneapolis, MN
135
Dairy Queen
51
MarLu Investment Group
Sacramento, CA
46
43
Church’s Chicken
Arby’s
62
The Jan Companies
Cranston, RI
100
2
Burger King
Popeye’s
52
Apple Investors Group
Pomona, CA
48 Applebee’s
22
Burger King
63
SSCP Management, Inc.
Dallas, TX
67
Applebee’s
53
PJ United
Birmingham, AL
154
Papa John’s
64
Friendly Franchisees Corporation
La Palma, CA
72
54
BR Associates, Inc.
Jasper, IN
103 Long John Silver’s
35
Wendy’s
65
Pennant Foods
Knoxville, TN
89Wendy’s
55
Metro Corral Partners
Winter Park, FL
29
Golden Corral
66
BurgerBusters, Inc.
Virginia Beach, VA
82
11
56
Pizza Properties, Inc.
El Paso, TX
43
39
Peter Piper Pizza
Burger King
67
Meritage Hospitality Group
Grand Rapids, MI
107
$110 Million to $135 Million
Taco Bell
Pizza Hut
Carl’s Jr.
Taco Bell
Pizza Hut
Wendy’s
Saxton Group leads big movers on this year's list
Some of the biggest movers on the Restaurant 200 have
Another debut came at No. 158, Janjer Enterprises, which
been among those franchisees at the very top, but some
surged with some new units acquired in late 2011 and built
smaller deals had an impact on our ranking, too. One
in 2012. That helped the company double revenue from the
of those deals: a 22-unit acquisition by big McAlister’s Deli
previous year, giving it a spot high up onto our ranking.
franchisee The Saxton Group.
The Dallas-based company acquired Bothwell Saxton last
Family Restaurants moved up 53 spots from No. 128 to No. 74.
year, giving it 50 total McAlister’s locations. That helped The
Schostak, a Burger King franchisee based in Livonia, Michigan,
Saxton Group not only make its first appearance on our
bought into the Applebee’s system last year, acquiring 65
ranking, but also vaulted it into the Top 100 at No. 98. It’s the
units from the company to shoot up our ranking.
biggest mover on our ranking.
Two spots higher is Goldco LLC, the Atlanta-based Burger King
Another big mover is Rucker Restaurant Holdings. The
franchisee that now has 96 units after it added 33 units last
Chappaqua, New York-based Jack in the Box franchisee
year—giving it a total of 96. The company surged 44 spots to
acquired 36 more units last year, helping the company to
No. 72.
debut on our list at No. 122.
32
Among companies already on our ranking: TEAM Schostak
August 2013
The industry’s leading multi-unit, multi-concept franchisees
# Company
Units Concepts
# Company
Units Concepts
68
RPM Pizza, Inc.
Gulfport, MS
135Domino’s
69
Wendy’s of Colorado Springs
Colorado Springs, CO
74
9
Wendy’s
Golden Corral
78
R.E.E. Inc.
Beaumont, TX
52McDonald’s
70
America’s Pizza Company, LLC
Lafayette, LA
128
Pizza Hut
79
B & G Food Enterprises, LLC
Morgan City, LA
59
20
Taco Bell
YUM! Multi
71
Paradigm Investment Group, LLC
San Diego, CA
94Hardee’s
4
Donovan’s
80
Southern Multifoods, Inc.
Jacksonville, TX
60
22
Taco Bell
YUM! Multi
72
Goldco, LLC
Atlanta, GA
96
Burger King
81
McEssy Investment Co.
Lake Forest, IL
42 McDonald’s
73
Desert De Oro Foods, Inc.
Kingman, AZ
81
50
Taco Bell
Pizza Hut
82
DORO, Inc.
Eau Claire, WI
96Hardee’s
5
Taco John’s
74
TEAM Schostak Family Restaurants
Livonia, MI
65Applebee’s
62
Burger King
83
Austaco, Ltd.
Austin, TX
79
Taco Bell
75
Carolina Restaurant Group
Charlotte, NC
68
Wendy’s
84
Rosenfield Restaurants, LLC
Lakewood, CO
86
15
Hardee’s
Carl’s Jr.
76
Pacific Island Restaurants, Inc.
Honolulu, HI
45
38
Pizza Hut
Taco Bell
85*
Southern River Restaurants Natchez, MS
48Applebee’s
77*
Lemek, LLC
Elkridge, MD
52
Panera Bread
86
Luihn Food Systems, Inc.
Morrisville, NC
32KFC
29
Taco Bell
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33
FRANCHISE TIMES’ RESTAURANT 200
# Company
Units Concepts
# Company
Units Concepts
87
QK, Inc.
Holbrook, AZ
79Denny’s
5
Del Taco
96
J&B Restaurant Partners
Bohemia, NY
58
8
88*
Gator Apple, LLC
West Palm Beach, FL
41Applebee’s
97
Frisch’s Restaurants, Inc.
Cincinnati, OH
29
Golden Corral
89*
Potomac Family Dining Group
Ashburn, VA
69Applebee’s
98
The Saxton Group
Dallas, TX
50
4
McAlister’s Deli
Pinkberry’s
99
Retzer Resources, Inc.
Greenville, MS
41 McDonald’s
100
PR Management Corporation
Newton, MA
32
$90 Million to $100 Million
90
Platinum Corral, LLC
Jacksonville, NC
28
91
CLP Corporation
Homewood , AL
41McDonald’s
92
Treadwell Enterprises, Inc.
Springfield, MO
92
3
93
Stine Enterprises, Inc.
Phoenix, AZ
71
94
Starboard Group
Coral Springs, FL
75Wendy’s
95
Daland Corporation
Wichita, KS
103
Golden Corral
KFC
HuHot
Jack in the Box
Friendly’s
Taco Bell
Panera Bread
$70 Million to $90 Million
101
Strang Corporation
Cleveland, OH
34
102*
Neighborhood Hospitality/ Woodland Group, Inc.
Hazard, KY
41Applebee’s
103
Morgan’s Foods, Inc.
Cleveland, OH
57
KFC
7
Taco Bell
104*
Mancha Development Co.
Corona, CA
36
34
Panera Bread
Pizza Hut
Denny’s
Burger King
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S I N C E 19 9 1
August 2013
FISU320758_FranchiseTimes_FlameOne_Aug.indd 1
7/15/13 12:16 PM
The industry’s leading multi-unit, multi-concept franchisees
# Company
Units Concepts
# Company
Units Concepts
115
Diversified Restaurant Holdings
Southfield, MI
33 Buffalo Wild Wings
12
Bagger Dave’s
Denny’s
116
Benton Properties, Inc.
Springdale, AR
65
105*
The Bistro Group
Cincinnati, OH
28
5
106
Den-Tex Central, Inc.
San Antonio, TX
71
107
Hospitality Restaurant Group, Inc.
Traverse City, MI
41
15
Taco Bell
Pizza Hut
117
Bros. Management, Inc.
Knoxville, TN
26 McDonald’s
108
Emerald Foods, Inc.
Houston, TX
71 Wendy’s
118
FourCrown, Inc.
Oakdale, MN
58Wendy’s
109
High Plains Pizza
Liberal, KS
87
Pizza Hut
119
Gala Corporation
Costa Mesa, CA
18Applebee’s
9
Famous Dave’s
110
Parikh Network
Edison, NJ
70Popeye’s
120
Kessler Group, Inc
Rochester, NY
45Friendly’s
21
Burger King
111
V&J Holding, Inc.
Milwaukee, WI
62
30
Pizza Hut
Burger King
121
Romulus, Inc.
Phoenix, AZ
46IHOP
112*
Kazi Management VI, LLC
St. Thomas, VI
53
24
KFC
Burger King
122
Rucker Restaurant Holdings, LLC
Chappaqua, NY
57
Jack in the Box
113*
Stanton & Assoc., Inc.
Jackson, MI
62 Wendy’s
2
Biggby Coffee
123
KC Bell, Inc.
Wichita, KS
61
Taco Bell
114
WKS Restaurant Corp.
Lakewood, CA
51
3
124*
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35McDonald’s
TGI Friday’s
McAlister’s Deli
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Denny’s
Sonic Drive-In
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FRANCHISE TIMES’ RESTAURANT 200
# Company
Units Concepts
$60 Million to $70 Million
# Company
Units Concepts
135
Carisch, Inc.
Naples, FL
68Arby’s
136*
Las-Cal Corporation
Las Vegas, NV
65
Taco Bell
Panera Bread
125
First Sun Management Corp.
Clemson, SC
48
126*
Original Bread, Inc.
Wichita, KS
34
Panera Bread
137
Howley Bread Group, Ltd.
Westlake, OH
25
127
Food Management Investors, Inc.
Minot, ND
23Applebee’s
1
Qdoba
138
DenSuccess
Apex, NC
48Denny’s
128*
Ultimate Challenge, LLC
Willmar, MN
94
Domino’s
139*
Fourjay, LLC
North Little Rock, AR
49Wendy’s
129
Hallrich, Inc.
Kent, OH
84
Pizza Hut
140
Ansara Restaurant Group, Inc.
Farmington Hills, MI
22
Red Robin
130
AB Enterprises
Redding, CA
14
12
Burger King
Applebee’s
141
RGT Management, Inc.
Collierville, TN
52
7
Taco Bell
Long John Silver’s
131
Kades Corporation
Pasadena, TX
29McDonald’s
142
Lehigh Valley Restaurant Group
Allentown, PA
19
Red Robin
132*
Janus 1 Unlimited, Inc.
Houston, TX
31 McDonald’s
143*
Apple Corps, L.P.
Witchita , KS
25Applebee’s
133
DiPasqua Enterprises
Winter Park, FL
106
Subway
144
Dolan Foster Enterprises, LLC
Pleasanton, CA
58
134
Cotti Foods Corp.
Rancho Santa Margarita, CA
61
Taco Bell
145
Parrish Foods
Dallas, TX
24McDonald’s
Wendy’s
Taco Bell
Lesser known brands make list, too, here and there
Franchisees on the Franchise Times Restaurant 200 aren’t
Some franchisees will jump on trends. Two franchisees on
the adventurous sort. For the most part, they stick with
our ranking operate frozen yogurt concepts—the source of
older, better-known brands considered less risky, whether
considerable growth in franchising the past two years. The
it’s their first, second or third concept.
Saxton Group (98), the Dallas-based company that operates
But a few do venture out into something new, or at least
something less well-known. And thus, among franchisees on
Another operator, No. 130 AB Enterprises out of Redding,
the 200, you’ll find an odd brand here or there that you may
California, owns three Spoon Me frozen yogurt locations
not have heard of—or at least isn’t that common among
in addition to 14 Burger Kings, 12 Applebee’s, eight Logans
list operators.
Roadhouse locations and four Marie Callendar’s.
So, in addition to 19 Moe’s Southwest Grill locations and
Another franchise, the Fort Worth-based, 57-unit Subway
18 Burger Kings, Raleigh, North Carolina-based Bullard
franchisee Texas Subs (No. 198), owns a unit of the growing
Restaurant Group owns eight locations of Smithfield
better burger concept Mooyah.
Chicken ‘N Bar-B-Q. That’s a 30-unit QSR chain specializing in
Eastern North Carolina-style barbecue—a local specialty. And
Springfield, Missouri-based Treadwell Enterprises (No. 92) has
two HuHot Mongolian Grill locations to go along with its 92 KFCs.
36
50 McAlister’s Deli locations, owns four Pinkberry locations.
August 2013
Jackson, Michigan-based Stanton & Associates (No. 113)
prefers coffee. The 62-unit Wendy’s franchisee has two
locations in the Biggby Coffee chain.
The industry’s leading multi-unit, multi-concept franchisees
# Company
Units Concepts
146
Metz Group
Dallas, PA
14
2
147*
Hunt Enterprises
Hauppauge, NY
27McDonald’s
148*
Oerther Foods, Inc.
Orlando, FL
25McDonald’s
TGI Friday’s
Krispy Kreme
Top brands dominate
FT Restaurant 200
The five brands with the most franchisees on the
$50 Million to $60 Million
Franchise Times Restaurant 200:
149
Verlander Enterprises, LLC
El Paso, TX
10
10
150
LDF Food Group, Inc. Wichita, KS
42
151*
William Tell, Inc.
Salt Lake City, UT
18Applebee’s
8
Famous Dave’s
152*
J.S. Ventures, Inc.
Wichita, KS
25Applebee’s
153
DRM, Inc.
Omaha, NE
70Arby’s
154
Fowler Foods, Inc.
Jonesboro, AR
45
KFC
15
YUM! Multi
155
Top Line Restaurants, Inc.
Chandler, AZ
37
156
Serazen, LLC
Orange, CA
68
Papa John’s
157
Mirabile Investment Corp.
Memphis, TN
43
7
Burger King
Popeye’s
158
Janjer Enterprises, Inc.
Silver’s Springs, MD
29
159
BMW Management, Inc.
Temecula, CA
23
160
RLC Enterprises, Inc.
Northbrook, IL
50
11
Taco Bell
KFC
161*
OCAT, Inc.
Modesto, CA
50
Taco Bell
162*
West Quality Food Service, Inc.
Laurel, MS
45KFC
20
YUM! Multi
163
Bullard Restaurant Group
Raleigh, NC
19
18
164
Brodersen Management Corp.
Glendale, WI
37Popeye’s
165
S-Group Companies
Sandusky, OH
33 Wendy’s
173
C & P Restaurant Company, LLC
Macon, GA
12
8
166*
Koning Restaurants International
Miami, FL
62
174*
C&R Management Co.
West Jordan, UT
26McDonald’s
167
The Bailey Company, LLP
Golden, CO
50
175
Northcott Company
Chanhassen, MN
21 Perkins
4
Houlihan’s
168
NRD Holdings, LLC
Atlanta, GA
28Domino’s
14
Popeye’s
176
Primary Aim, LLC
Zanesville, OH
30Wendy’s
169
VKC Group
Sugar Land, TX
100Subway
177
Wendco Group
Pensacola, FL
39Wendy’s
Village Inn
Applebee’s
Wendy’s
39
26
26
®
26
Denny’s
27
Popeye’s
Sizzler
Moe’s Southwest
Burger King
Pizza Hut
Arby’s
# Company
Units Concepts
170
GPS Hospitality
Atlanta, GA
42
Burger King
171
RoHoHo, Inc.
Charleston, SC
55
4
Papa John’s
Jersey Mike’s
172*
JAX, LLC
Charlotte, NC
16
Golden Corral
$40 Million to $50 Million
August 2013
Captain D’s
Cheddar’s
37
FRANCHISE TIMES’ RESTAURANT 200
# Company
Units Concepts
# Company
Units Concepts
178
Ryan Restaurant Corp.
Billings, MT
8 Applebee’s
7
Famous Dave’s
190
Bartlett Management Services
Clinton, IL
46KFC
179
Staab Management Co. Inc.
Grand Island, NE
62
Pizza Hut
191*
Ocedon Restaurant Mgmt.
Castle Rock, CO
52
180
SD Holdings
Matthews, NC
35
McAlister’s Deli
181
Shamrock Co, Inc.
Hinsdale, IL
24
11
Taco Bell
KFC
182
Hart Restaurant Management, Inc.
Corpus Christi, TX
42
Burger King
183*
GC Partners, Inc.
Winston-Salem, NC
13
184
R & L Foods, Inc.
San Antonio, TX
16
9
185*
Burger King
$36 Million to $40 Million
192
WMCR Co.
Alpena, MI
38KFC
2
Taco Bell
193*
Faris Properties, LLC
Clinton, TN
22McDonald’s
Golden Corral
194
Century Fast Foods, Inc.
Los Angeles, CA
32
YUM! Multi
Taco Bell
195
H & K Partners
Milwaukee, WI
34 KFC
7
YUM! Multi
Thomas 5 Ltd.
Dublin, OH
32Wendy’s
196
U.S. Restaurants, Inc.
Blue Bell, PA
34
Burger King
186
RREMC, LLC
West Palm Beach, FL
35Denny’s
1
Dairy Queen
197
Mach Robin, LLC
14
Sun Valley, ID
Red Robin
187
PFC/Classic Dining
Algonquin, IL
31 Denny’s
1
Ruby Tuesday
198
Texas Subs, Inc.
Fort Worth, TX
57Subway
1
Mooyah
188
RedKing Foods, LLC
Maple Grove, MN
36
Burger King
199
Tricorp Food Services, Inc.
Chesterfield, MO
12
TGI Friday’s
189
Rawson Foodservice, Inc.
Rocky Hill, NJ
21
Wendy’s
200
Pizza Hut of Arizona
Tucson, AZ
33
Pizza Hut
Taco Bell
How we compiled the ranking
Franchise Times Restaurant 200 is compiled annually using a
combination of companies’ self-reported information and
estimates gleaned from publicly available documents. Those
documents include annual reports, Securities and Exchange
Commission filings, and Franchise Disclosure Documents. The
ranking is compiled by Franchise Times’ sister publication, the
Restaurant Finance Monitor.
The ranking is based on the companies’ prior year revenue from
their operations for which they are a franchisee. It does not
count franchisees’ privately owned, non-franchised concepts,
or concepts for which they are the franchisor. Nor does the
ranking include revenue from other business operations, such
as hotels or real estate interests. In some cases, where an
acquisition took place during the year, we derive pro-forma
38
August 2013
revenue in calculating the company’s ranking.
For companies that did not respond to our survey, we confirmed
the number of units operated by the company and then
estimated the revenue. In the case of a tie in the amount of
total revenue we give favor to the company with the most units.
We give preference on our ranking to companies that provide
us with their information, rather than companies for which we
have to estimate annual revenue.
If you believe your company might make the list or we missed you,
or you know another company that should be listed, contact
Abbi Nawrocki at (612) 767-3200; [email protected]
Our ranking of the top 200 franchisees is combined with the
second 200 franchisees in a report prepared by the Chicago
consulting firm Technomic.