Each year, our sister publication, the Restaurant

Photo illustration by Nicholas Upton and Joe Veen
Each year, our sister publication,
the Restaurant Finance Monitor, surveys the largest restaurant franchisees in the country and pores over
publicly available data to prepare this
exclusive listing: a ranking of the top
200 franchised restaurant owners in
the United States.
The numbers are ever more eyepopping: Our biggest operator, Flynn
Restaurant Group, topped more than
$1.65 billion in revenue last year from
484 Applebee’s and 179 Taco Bells, a
newer brand for Flynn.
Meanwhile Serazen, No. 95, put
up just shy of 100 percent (nearly
$60 million) sales growth by jumping
on a CKE Restaurants refranchising
plan. Read on to see how the big get
bigger, and with what brands.
Mega-franchisees ‘earn our ability
to grow,’ pushing sales to $34.6B
T
he largest restaurant operations keep in the industry, but the amount of dollars
He’ll be remodeling more than 33 of those
getting larger. Fueled by big acquisi- they had then was relatively small and there restaurants in the next couple years, which
tions bought with cheap capital or pri- were only a few of them.”
highlights another benefit of large operations.
vate equity investment, the top 25 operaThe numerous Internet disruptors are It’s one shared by Michael Kulp, CEO at No.
tors now account for more than $14 billion also changing the calculus for investors 18 KBP Foods, who said the company would
in revenue. That is a $1.4 billion increase across the consumer space. And since 2014, be reimaging 89 of the 91 KFC restaurants
from 2014 results in our annual tally of the private equity has been struggling to grow they bought in May by the end of 2017.
nation’s largest restaurant franchisees.
increasingly large cash reserves. An extra
“As brands get more mature, there are inRevenue for the top 10 companies alone few billion in “dry powder” is an enviable creasing capital requirements for remodels
grew by $1 billion. The top 10 now account problem, but it means firms are looking for and reimages,” said Rockwell. “We’re seeing
for $8.5 billion in sales. Overall, the Restau- anything Amazon can’t ship.
that with Burger King and Wendy’s if you’re
rant 200 account for $34.6 billion in top“They are sitting on a lot of money and a one or two unit franchisee, your access to
line sales. That’s an average of $173 million they’re kind of frustrated about getting some capital is a lot less.”
in sales for each operator.
investments,” said Tom Coba, who served as
Those commitments can be impossible
The growth shouldn’t come as a big sur- VP of Dunkin’ Brands, COO at Subway and without the right cash flow. At between
prise—we noted similar movements in the consultant with Premier Franchise Advisors. $450,000 and $650,000 at a Wendy’s for exindustry last year, but the reasons for the
He said big operations
ample, that’s a lot of capital
amalgamation are difficult to pin down.
are getting plenty of attenwhen an operator has one or
In the mix is an increasingly competi- tion, and not just out of a
two stores.
By Nicholas Upton
tive industry, more sophisticated operators, desperate gamble for growth.
Companies like GPS HosResearch by
the desire for bigger returns and a healthy “I think they’re breaking out
pitality, which picked up 86
Matt Haskin
amount of capital floating around, especially of their pattern a bit and reBurger King restaurants in
from private equity investors.
alizing that some franchisee
and Leah Meyer
2015, have the cash flow to
Whether smarter operators brought in- networks can do the same
renovate. The No. 36 comvestors to the industry or if their presence thing as far as providing a
pany started renovating
brought better leadership is a classic chicken return,” said Coba. “If they
the bulk of the restaurants
and egg question. Steven Rockwell, former- put good management and good operators in immediately. That keeps the brand fresh
ly a managing director at BTIG focused on place, the returns there can be comparable in the crowded, 1 million-unit restaurant
the restaurant space, said there is a little of to other investments they make.”
environment.
both happening, but the fact is, more priMega-franchisees are also getting cozy
“If there’s a franchisee that doesn’t have
vate equity investors are pumping money with banks, which like the stability of large the capital, let’s say a two unit franchisee,
into the industry.
operations and are happy to dole out cheap to upgrade his branding, that brand is prob“To some degree, I think the private eq- capital.
ably going to be losing market share to anuity interest in the industry is contributing
Anil Yadav, who now runs 368 restau- other brand that has the capital to keep the
to the rise of the mega-franchisees. There rants, said he had no problem getting capital operations fresh,” sad Rockwell.
are a number of private equity firms that to buy 72 TGI Friday’s in 2015, with some
Franchisors are acting as happy gatehave bought small or medium size franchi- internal cash and the rest from BBVA Com- keepers for growing operations, who push
sees and used that as a platform to acquire pass and Fifth Third Bank.
for more efficient operations, but they’re not
others,” said Rockwell.
“My relationship with lenders has been just going to hand out hundreds of restau“It’s hard to pinpoint a date. If you go back very good because of my track record finan- rants to anyone with a pile of capital since
to the ‘80s and ‘90s, there were a handful of cially,” said Yadav back in August 2015. “So they have to work with the operators for
private equity firms that made investments access to funding is easy.”
the long term.
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56 Franchise Times | August 2016
“We earn our ability to grow,” said Kulp.
“KFC and Taco Bell and Yum Brands in general is not going to allow us to become a
half-billion dollar company in their portfolio if we’re not out there leading by example.”
The stability that keeps banks happy
also means regular royalties for franchisors.
“There’s so much more stability,” with large
operators. “Even a small multi-unit operator has a lot of ups and downs,” said John
Metz, who straddles the line as a Denny’s
franchisee and franchisor as CEO of Hurricane Grill & Wings and comes in at No.
175 on the list.
Having a bench of good people means
good operations, but also means getting new
restaurants up to speed faster. “When you
have 30 to 40 stores, you can bring management out of another store,” said Metz.
Then there’s the new breed of operator
that isn’t looking to grow a family business,
much different from the industry standard
30 years ago.
“Executives that have been in leadership
roles in big businesses seem to be coming
into the franchise industry as well and they
don’t want to be a mom and pop, they don’t
want to run one and two locations,” said
Coba, noting operators like billionaire Reebok founder Dan Fireman and his father’s
investment in 38 Dunkin’ units. “They’ll
find a way either through their own financial
wherewithal or link up with a private equity
firm or other executives to get enough money
to have a much bigger network.”
Fireman, and those like him, isn’t going
to be getting sticky behind the counter—
it’ll ruin his suit. So does that mean the end
for the American dream of opening up a
franchise and working hard? Not really. It
certainly makes it difficult for a new franchisee to jump into a system like Wendy’s
or McDonald’s, but with the new concepts
emerging, there are plenty of opportunities
for new franchisees and small operations.
Metz said that while he prefers to
grow Hurricane Grill & Wings with
multi-unit operators, it’s not that easy.
“The problem is there are only about
1,000 of the big, big multi-unit operators and everybody is inundating
them with opportunities,” said
Metz. So, he has options for franchisees, full-service sport grills for
the big developers and smaller, more simple
restaurants for mom and pop operators.
Coba said there’s still plenty of room for
small and single operations, especially in
smaller markets. Focusing only on large operators can be damning when “that takes out of
the game of meeting someone that could
be the best operator of your
brand in their
town,” said Coba.
HOW TO WARM UP A COLD CALL...
Invest in the 2016 Restaurant Finance Monitor’s
200 report on the top foodservice franchisees
Get to know who you’re calling (so you avoid pushing the wrong buttons),
before you dial. Here’s a sample of our research that will save you time
and make you money:
•
•
•
•
Who the key contacts are for these top restaurant franchisees;
Headquarters’ location and states company operates in;
Annual sales and unit counts;
All the concepts each franchise company owns.
For more information on the Monitor/Franchise Times
restaurant company report, contact Lucas Wagner at
[email protected] or call him at 612-296-7186.
Hi, can I talk to
someone interested
in purchasing...
What do you mean
no one fitting that
description works
there? Hello, Hello?
Can I talk to the
CEO? ... I don’t
KNOW his name. ...
OK, I don’t know
her name. Hello?
You hung up?
That’s cold.
Betty, we gotta
get a better
call list.
I’m dying out
here...
August 2016 | Franchise Times 57
FRANCHISE TIMES’
RESTAURANT 200: TOP 25
1
Flynn Restaurant
Group
San Francisco, CA
$1,654,919,000
484 Applebee’s
179 Taco Bell
10 Sun Holdings
Dallas, TX
559,000,000
293 Burger King
102 Popeyes
2
NPC International
Overland Park, KS
1,223,299,000
1,251 Pizza Hut
144 Wendy’s
11Doherty
Enterprises
Allendale, NJ
465,059,000
107 Applebee’s
42 Panera Bread
3
Dhanani Group
Sugarland, TX
871,000,000
490 Burger King
179 Popeyes
12Boddie-Noell
Enterprises
Rocky Mount, NC
445,693,000
336 Hardee’s
4
Carrols Restaurant
Group
Syracuse, NY
859,004,000
705 Burger King
13Tacala
Birmingham, AL
443,417,000
272 Taco Bell
66 Sonic Drive-In
5Manna
Louisville, KY
814,000,000
261 Wendy’s
125 Chili’s
6Summit
Restaurant Group
Richardson, TX
756,000,000
290 IHOP
121 Applebee’s
7
MUY! Companies
San Antonio, TX
631,493,000
314 Pizza Hut
172 Wendy’s
8
Covelli Enterprises
Warren, OH
623,600,000
268 Panera Bread
9 Dairy Queen
9
Yadav Enterprises
Fremont, CA
602,200,000
218 Jack in the Box
72 T.G.I. Friday’s
58 Franchise Times | August 2016
Flynn again
keeps the
top spot on
the Restaurant 200
for the fifth year,
adding $220 million
in top-line sales with
the acquisition of 14
Applebee’s, 29 Taco
Bells and 47 Panera
Bread restaurants.
The company first
appeared on the list
back in 2002 and
grew fast with help
from Goldman
Sachs and Weston
Presidio, picking up
franchisees in the
Taco Bell system and
Applebee’s that
corporate was
refranchising to pay
down debt.
14 RMH Franchise
Holdings
Atlanta, GA
430,000,000
175 Applebee’s
15 K-Mac Enterprises
Fort Smith, AR
421,261,000
247 Taco Bell
17 KFC
16 The Briad Group
Livingston, NJ
397,700,000
87 Wendy’s
61 T.G.I. Friday’s
17 SRAC Holdings
San Ramon, CA
375,285,000
245 Burger King
18 KBP Foods
Overland Park, KS
357,000,000
267 KFC
57 Taco Bell
19 United States
Beef Corp.
Tulsa, OK
351,138,000
331 Arby’s
6 Taco Bueno
20 Pilot Travel
Centers
Knoxville, TN
339,067,000
205 Subway
147 Cinnabon
21 Sizzling Platter
Murray, UT
335,483,000
245 Little Caesars
29 Dunkin’ Donuts
22 Cedar Enterprises
Columbus, OH
335,000,000
211 Wendy’s
23Harman
Management
Corp.
Los Altos, CA
333,961,000
135 KFC
184 YUM! Multi
Manna, the
company
owned by
storied basketball
star and franchisee
Junior Bridgeman,
grew sales by nearly
$55 million with the
addition of 21
Wendy’s and 13
Blaze Pizza
restaurants.
24*WendPartners
Cortland, NY
330,000,000
204 Wendy’s
25 D.L. Rogers Corp.
N Richland Hills, TX
329,688,000
234 Sonic Drive-In
$225-$325
MILLION
26
Quality Dining
Mishawaka, IN
162 Burger King
46 Chili’s
27
Lund Brown Group
Boulder, CO
273 Hardee’s
10 Carl’s Jr.
28
Ampex Brands
Dallas, TX
188 KFC
58 Long John Silver’s
29 Pacific Bells
Vancouver, WA
112 Taco Bell
29 Buffalo Wild
Wings
Argonne
Capitalbacked
Summit Restaurant
Group added 28
IHOP restaurants in
2015, further
solidifying the
company as the
largest IHOP franchisee in the system.
The company has
also been acquiring
Applebee’s restaurants in big buyouts
across the
Southeast.
30
ADF Companies
Fairfield, NJ
284 Pizza Hut
15 Panera Bread
31
American West
Restaurant Group
Orange, CA
268 Pizza Hut
32
Falcon Holdings
Westlake, TX
140 Church’s Chicken
44 Long John Silver’s
33
Apple Gold Group
Raleigh, NC
134 Applebee’s
4 Burger King
34
NRD Holdings
Atlanta, GA
95 Big Boy
18 Popeyes
35 National Food
Services
Miami, FL
131 Popeyes
19 Burger King
36 GPS Hospitality
Atlanta, GA
222 Burger King
37* Starboard Group
Coral Springs, FL
179 Wendy’s
$200-$225
MILLION
38
Apple Investors
Group
Chino Hills, CA
87 Burger King
54 Applebee’s
39
Desert de
Oro Foods
Kingman, AZ
112 Taco Bell
58 Pizza Hut
40
Fugate Enterprises
Wichita, KS
175 Pizza Hut
75 Taco Bell
41
Hamra Enterprises
Springfield, MO
65 Wendy’s
54 Panera Bread
42
DavCo Restaurants
Crofton, MD
149 Wendy’s
43 MarLu Investment
Group
Elk Grove, CA
47 Arby’s
47 Church’s Chicken
44Frauenshuh
Hospitality Group
Minneapolis, MN
170 Dairy Queen
45Meritage
Hospitality Group
Grand Rapids, MI
161 Wendy’s
46*Sundance
Brighton, MI
146 Taco Bell
1 KFC
$175-$200
MILLION
47Franchise
Management
Woodstock, NB,
Canada
140 Pizza Hut
63 KFC
48* Rottinghaus Co.
La Crosse, WI
399 Subway
Sun Holdings tops
the list for
number of units
added this year.
CEO and massive
operator Guillermo
Perales picked up
108 Burger Kings, 21
Arby’s, six Popeye’s,
four Krispy Kreme
and two Golden
Corral units. The
new units allowed
Sun to grow sales
by nearly $100
million.
49JRN
Columbia, TN
146 KFC
19 YUM! Multi
50
Border Foods
New Hope, MN
119 Taco Bell
3 Au Bon Pain
51*Valenti
Management
Tampa, FL
120 Wendy’s
17 Chili’s
52* Greer Companies
Lexington, KY
44 Cheddar’s
Anil Yadav
had a year
of explosive
growth. Yadav
Enterprises recorded
the strongest sales
growth on the
Restaurant 200,
adding 75 percent
and $259 million in
sales. He grabbed a
total of 72 TGI
Friday’s and five
Corner Bakery
Cafes.
53
TEAM Schostak
Family Restaurants
Livonia, MI
67 Applebee’s
5 MOD Pizza
54
Wendy’s of
Colorado Springs
Colorado Springs, CO
112 Wendy’s
10 Golden Corral
55
The Rose Group
Newtown, PA
56 Applebee’s
9 Corner Bakery
56* T-Bird Restaurant
Group
La Jolla, CA
63 Outback
Steakhouse
57Century
Management
Memphis, TN
69 McDonald’s
58* Caspers Company
Tampa, FL
53 McDonald’s
* Denotes revenue estimate
August 2016 | Franchise Times 59
$150-$175
MILLION
59 RPM Pizza
Gulfport, MS
195 Domino’s
60Celebration
Restaurant Group
Celebration, FL
133 Pizza Hut
41 Taco Bell
KBP Foods
added a
cool $53
million to the books
in 2015 with the
purchase of 15
KFCs and eight Taco
Bells. CEO Michael
Kulp says he needs
to keep growth up
to fuel a unique
employee-equity
program that gives
executives an
ownership stake in
the company.
61 T.L. Cannon
Management
Ponte Vedra Beach, FL
62 Applebee’s
62*Manna
Development
Group
Encinitas, CA
78 Panera Bread
63
Pizza Properties
El Paso, TX
49 Peter Piper Pizza
39 Burger King
64 WKS Restaurant
Group
Lakewood, CA
63 El Pollo Loco
26 Denny’s
65
Cotti Foods Corp.
Rancho Santa
Margarita, CA
62 Taco Bell
43 Wendy’s
66Romulus
Restaurant Group
Phoenix, AZ
78 IHOP
67
Palo Alto
Denver, CO
99 Taco Bell
36 Pizza Hut
68BurgerBusters
Virginia Beach, VA
90 Taco Bell
11 Pizza Hut
69 PJ United
Birmingham, AL
149 Papa John’s
60 Franchise Times | August 2016
75
Potomac Family
Dining Group
Herndon, VA
67 Applebee’s
76
Parikh Network
Edison, NJ
102 Popeyes
77 PR Management
Corporation
Newton, MA
64 Panera Bread
85Carlisle
Corporation
Memphis, TN
76 Wendy’s
78DORO
Eau Claire, WI
116 Hardee’s
4 Taco John’s
86 Pennant Foods
Knoxville, TN
89 Wendy’s
79SERVUS!
Jasper, IN
88 Long John Silver’s
35 Wendy’s
70Apple-Metro
Harrison, NY
37 Applebee’s
2 Pizza Studio
71Restaurant
Management Co.
Wichita, KS
135 Pizza Hut
13 Long John Silver’s
72
SSCP Management
Dallas, TX
69 Applebee’s
$130-$150
MILLION
73 Metro Corral
Partners
Winter Park, FL
31 Golden Corral
74Diversified
Restaurant
Holdings
Southfield, MI
62 Buffalo Wild
Wings
$120-$130
MILLION
80*Paradise
Companies
Natchez, MS
45 Applebee’s
15 Pizza Hut
81
QK Holdings
Holbrook, AZ
91 Denny’s
6 Del Taco
82Wisconsin
Hospitality Group
Waukesha, WI
82 Pizza Hut
36 Applebee’s
83Quality
Restaurant
Concepts
Birmingham, AL
59 Applebee’s
84
The Jan Companies
Cranston, RI
93 Burger King
4 Krispy Kreme
87*Lemek
Elkridge, MD
58 Panera Bread
88*
Breads of
the World
St. Louis, MO
58 Panera Bread
89 The Saxton Group
Dallas, TX
63 McAlister’s Deli
90Paradigm
Investment Group
San Diego, CA
106 Hardee’s
8 Jersey Mike’s
91Southern
Multifoods
Jacksonville, TX
70 Taco Bell
21 YUM! Multi
Sizzling
Platter
bulked up
sales by more than
25 percent by
adding a staggering
83 Little Caesars
restaurants. It also
jumped into the
fast-casual Wingstop system with a
35-unit development, the first of
which they’ve
already opened.
BULKING UP: THE RESTAURANT 200 IN NUMBERS
FOR THE FIRST TIME, THE 10
LARGEST OPERATORS ADDED
MORE THAN $1B IN REVENUE
IN 2015.
2015 .............. 8,594,515,940
2014 .............. 7,520,002,805
2013 ............. 6,563,468,224
2012 .............. 5,970,076,965
THE RESTAURANT 200 NOW OWNS
MORE THAN 25,000 RESTAURANTS,
UP 8,300 FROM 2009.
30,000
TOTAL UNITS
25,176
25,000
21,831
20,000
18,408
THE TOP 25 ACCOUNTS
FOR MORE THAN
$14 BILLION IN SALES.
RESTAURANT 200 OPERATORS
POSTED AVERAGE SALES OF
$173M, UP FROM $109M IN 2009.
2015 ................
2014 ................
2013 ................
2012 ................
2011 ................
2010 ................
2009 ...............
173,000,000
155,000,000
143,500,000
131,500,000
119,500,000
116,000,000
109,000,000
16,715
20,331
17,887
15,000
2009
2010
2011
2012
2013
2014
2015
THE AVERAGE RESTAURANT
200 OPERATOR NOW
CONTROLS 125 UNITS,
UP BY 36 SINCE 2010.
150
AVERAGE UNITS
120
102
116
126
2014
2015
109
89
90
THE RESTAURANT 200
NOW ACCOUNTS FOR
$34.6 BILLION IN SALES.
23,177
92
84
60
2009
2010
2011
2012
2013
August 2016 | Franchise Times 61
92 B & G Food
Enterprises
Morgan City, LA
77 Taco Bell
14 YUM! Multi
93
TD Food Group
Honolulu, HI
44 Pizza Hut
38 Taco Bell
94America’s
Pizza Company
Lafayette, LA
129 Pizza Hut
95Serazen
Newport Beach, CA
70 Papa John’s
50 Hardee’s
96* Star Partner
Enterprises
Round Rock, TX
104 KFC
10 YUM! Multi
Wendpartners unloaded a
whopping 90
Wendy’s restaurants. Once the unit
leader in the system,
the company has
been selling off
restaurants for the
past few years. But
with 204 Wendy’s
restaurants remaining, it still comes in
at a healthy No. 24
on the list.
$110-$120
MILLION
97 Golden Gate Bell
Pleasanton, CA
87 Taco Bell
98*Summit
Restaurant
Group, LLC
Blue Springs, MO
117 Pizza Hut
13 Long John Silver’s
99 Kazi Management
St. Croix
Frederiksted,
Virgin Islands
65 KFC
24 Burger King
100Carolina
Restaurant Group
Charlotte, NC
82 Wendy’s
101 Luihn Food
Systems
Morrisville, NC
51 Taco Bell
10 KFC
102*American
Franchise Capital
Greenwich, CT
56 Applebee’s
29 Taco Bell
103*Jackmont
Hospitality
Atlanta, GA
40 T.G.I. Friday’s
104Retzer
Organization
Greenville, MS
54 McDonald’s
105McEssy
Investment Co.
Lake Forest, IL
42 McDonald’s
106Cambridge
Franchise Holdings
Henderson, NC
85 Burger King
62 Franchise Times | August 2016
NRD
Capital
picked up
Frisch’s Big Boy. The
franchise operation
turned private
equity group under
Aziz Hashim bought
the company for
$175 million.
$100-$110
MILLION
107 Strang Corporation
Cleveland, OH
40 Panera Bread
108 Emerald City Pizza
Mukilteo, WA
109 Pizza Hut
109*R.E.E.
Beaumont, TX
50 McDonald’s
110
RGT Management
Memphis, TN
55 Taco Bell
30 KFC
111*JEM Restaurant
Group
Charleston, SC
87 Pizza Hut
27 Taco Bell
112
AJP Enterprises
Fife, WA
47 Jack in the Box
25 Arby’s
113
Stine Enterprises
Phoenix, AZ
70 Jack in the Box
3 Qdoba Mexican
Eats
114*Neighborhood
Hospitality/
Woodland Group
Hazard, KY
40 Applebee’s
15 Wendy’s
$90-$100
MILLION
115Friendly
Franchisees
Corporation
La Palma, CA
72 Carl’s Jr.
116Treadwell
Enterprises
Springfield, MO
84 KFC
2 Taco Bell
117 Den-Tex Central
San Antonio, TX
75 Denny’s
118 Hielan Restaurant
Group
Highland Village, TX
43 Chili’s
119 Benton Properties
Springdale, AR
67 Sonic Drive-In
120Daland
Corporation
Wichita, KS
106 Pizza Hut
121OCAT
Modesto, CA
56 Taco Bell
GPS Hospitality is the
percentage
growth leader for
the year. Top-line
sales at the Burger
King operator
surged ahead by
nearly 150 percent.
The Atlanta-based
operator picked up
86 stores across
Michigan and
added more than
$136 million in sales.
Topline
sales for
Franchise
Management
jumped more than
$38 million in 2015
with the addition of
69 Pizza Hut restaurants. The company
also embarked on a
green energy
project that aims to
shed 70 percent of
energy costs in the
next three years.
128 Original Bread
Wichita, KS
34 Panera Bread
129*Hoover Foods
Suwanee, GA
55 Wendy’s
5 Zaxby’s
130 Rucker Restaurant
Holdings
Austin, TX
60 Jack in the Box
131Hallrich
Stow, OH
104 Pizza Hut
132 Primary Aim
Zanesville, OH
73 Wendy’s
122*Great American
Chicken Corp.
Santa Monica, CA
67 KFC
12 Long John Silver’s
123Hospitality
Restaurant Group
Traverse City, MI
45 Taco Bell
24 Pizza Hut
124 Platinum Corral
Jacksonville, NC
26 Golden Corral
$80-$90
MILLION
125
KC Bell
Wichita, KS
60 Taco Bell
8 Freddy’s
126 Southern Deli
Holdings
Fort Collins, CO
59 McAlister’s Deli
3 MOD Pizza
127*United Restaurant
Group
Glen Allen, VA
28 T.G.I. Friday’s
133*The Bistro Group
Cincinnati, OH
25 T.G.I. Friday’s
5 McAlister’s Deli
134*Cowabunga
Alpharetta, GA
103 Domino’s
$70-$80
MILLION
135 High Plains Pizza
Liberal, KS
82 Pizza Hut
136*Schuster
Enterprises
Columbus, GA
63 Burger King
137FourCrown
Oakdale, MN
55 Wendy’s
138*JDK
Management Co.
Bloomsburg, PA
31 Perkins
10 Quaker Steak
139*McClain Sonics
Ridgeland, MS
59 Sonic Drive-In
140 Howley Bread
Group
Westlake, OH
28 Panera Bread
141Brodersen
Management Corp.
Glendale, WI
46 Popeyes
142
Lehigh Valley
Restaurant Group
Allentown, PA
21 Red Robin
143*Genesh
Lenexa, KS
58 Burger King
144
Fowler Foods
Jonesboro, AR
50 KFC
1 Taco Bell
145 The Kades
Corporation
Pasadena, TX
29 McDonald’s
146Verlander
Enterprises
El Paso, TX
11 Village Inn
11 Applebee’s
147
Ansara Restaurant
Group
Farmington Hills, MI
22 Red Robin
1 Twin Peaks
RPM Pizza,
the largest
Domino’s
franchisee, continued growing at a
breakneck pace,
adding 56 restaurants in a single
deal, for revenue
growth of nearly
$45 million. The
deal included
restaurants in and
around Indianapolis
and was the largest
ever for a Domino’s
franchisee.
The heavily
diversified
WKS
Restaurant Group
got into the El Pollo
Loco system in a big
way in 2015, acquiring 63 restaurants.
It also added two
Denny’s, three
Krispy Kremes and
Two Corner Bakery
Cafes.
148*Oerther Foods
Orlando, FL
24 McDonald’s
149
RC Group
Annapolis, MD
45 Taco Bell
1 Long John Silver’s
150
West Quality
Food Service
Laurel, MS
39 KFC
5 Checkers
151Carisch
Wayzata, MN
65 Arby’s
152*Apple Core
Enterprises
Minot, ND
25 Applebee’s
$60-$70
MILLION
153DRM
Omaha, NE
71 Arby’s
154 Bullard Restaurant
Group
Raleigh, NC
28 Moe’s SW Grill
18 Burger King
August 2016 | Franchise Times 63
155*Kergan Bros.
Sonic
Youngsville, LA
54 Sonic Drive-In
156*Wendy’s of
Bowling Green
Bowling Green, KY
53 Wendy’s
157MRCO
Brentwood, TN
33 Taco Bell
13 YUM! Multi
158
J & A Food Service
Redding, CA
13 Burger King
11 Applebee’s
159Goldco
Dothan, AL
46 Burger King
160
VKC Group
Sugar Land, TX
103 Subway
19 Great Am. Cookies
161
First Sun
Management Corp.
Piedmont, SC
18 Wendy’s
162*Fourjay
North Little Rock, AR
48 Wendy’s
163*Ocedon
Westerville, OH
50 Burger King
164DiPasqua
Enterprises
Winter Park, FL
120 Subway
165 Janjer Enterprises
Silver Spring, MD
28 Popeyes
166 Capital Dough
Westlake, OH
26 Panera Bread
167*Apple Corps
Wichita, KS
25 Applebee’s
The public
Diversified
Restaurant
Holdings doubled
down its focus on
Buffalo Wild Wings
over companybrand Bagger
Dave’s. It added 20
Buffalo Wild Wings
restaurants and
closed eight underperforming Bagger
Dave’s restaurants.
To communicate
that to investors,
the company
changed its stock
ticker symbol from
BAGR to SAUC, a
move that CEO
Michael Ansley said
better aligns with
their strategic focus.
$50-$60
MILLION
168Parrish
Restaurants
Dallas, TX
20 McDonald’s
169 C & P Restaurant
Company
Macon, GA
12 Captain D’s
9 Cheddar’s
170RoHoHo
Charleston, SC
54 Papa John’s
10 Jersey Mike’s
171BMW
Management
Temecula, CA
22 Sizzler
172*J.S. Ventures
Wichita, KS
24 Applebee’s
64 Franchise Times | August 2016
173 LDF Food Group
Wichita, KS
38 Wendy’s
174 Four Foods Group
American Fork, UT
32 Kneaders
175
Metz Group
Dallas, PA
11 T.G.I. Friday’s
2 Krispy Kreme
176*Beavers
Fort Walton Beach, FL
51 Arby’s
177S-Group
Companies
Sandusky, OH
33 Wendy’s
$40-$50
MILLION
185 CLP Corporation
Homewood , AL
21 McDonald’s
186 Ryan Restaurant
Corp.
Billings, MT
8 Applebee’s
8 Famous Dave’s
187*JAX
Charlotte, NC
14 Golden Corral
178 Top Line
Restaurants
Chandler, AZ
14 Denny’s
3 Corner Bakery
188
179 Wendco Group
Pensacola, FL
43 Wendy’s
189 Apple Gilroy
San Jose, CA
13 Applebee’s
180 J & S Restaurants
Cleveland, TN
42 Hardee’s
190*La Raza Pizza
Indianapolis, IN
61 Pizza Hut
181Staab
Management Co.
Grand Island, NE
67 Pizza Hut
182 Creative Foods
Corporation
Garden City, NY
28 Burger King
183Vasari
Irving, TX
76 Dairy Queen
184 U.S. Restaurants
Blue Bell, PA
34 Burger King
Restaurants, Inc.
Omaha, NE
21 HuHot
9 PepperJax Grill
Serazen put
up just shy
of 100
percent (nearly $60
million) sales
growth in 2015
when the Papa
John’s operator
jumped on a major
CKE Restaurants
refranchising plan,
snapping up 50
restaurants in North
and South Carolina.
The company got
$30.7 million from
GE Capital to fund
the acquisition and
re-imaging endeavor that also includes
a 14-unit development deal.
191 Brumit Restaurant
Group
Asheville, NC
44 Arby’s
192Century
Fast Foods
Los Angeles, CA
33 Taco Bell
193Northcott
Hospitality
Chanhassen, MN
22 Perkins
3 Houlihan’s
194Southern
Rock Restaurants
Franklin, TN
48 McAlister’s Deli
195
WMCR Co.
Alpena, MI
37 KFC
2 Taco Bell
196*Trigo Hospitality
Stevensville, MI
31 Pizza Hut
8 Sonic Drive-In
197 PJ Holdings KY
Lexington, KY
50 Papa John’s
198 S & L Companies
Portage, WI
18 Culver’s
199Rawson
Foodservice
Rocky Hill, NJ
19 Wendy’s
200
Tetra Management
Wichita, KS
42 Pizza Hut
3 Freddy’s
ABOUT THIS PROJECT
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 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 revenue 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 Liz Olson at (612) 7673200 or [email protected].
Our ranking of the top 200 franchisees can be ordered at www.restfinance.com, or contact
Lucas Wagner, [email protected].
ALPHABETICAL LISTING
Company.............................. Rank
ADF Companies................................30
AJP Enterprises............................... 112
America’s Pizza Company.................94
American Franchise Capital............102
American West
Restaurant Group............................. 31
Ampex Brands...................................28
Ansara Restaurant Group................ 147
Apple Core Enterprises....................152
Apple Corps....................................167
Apple Gilroy....................................189
Apple Gold Group.............................33
Apple Investors Group......................38
Apple-Metro.....................................70
B & G Food Enterprises.....................92
Beavers........................................... 176
Benton Properties........................... 119
BMW Management........................ 171
Boddie-Noell Enterprises...................12
Border Foods................................... 50
Breads of the World..........................88
Brodersen Management Corp......... 141
Brumit Restaurant Group................ 191
Bullard Restaurant Group...............154
BurgerBusters...................................68
C & P Restaurant Company............169
Cambridge Franchise Holdings.......106
Capital Dough................................166
Carisch............................................ 151
Carlisle Corporation..........................85
Carolina Restaurant Group............ 100
Carrols Restaurant Group...................4
Caspers Company.............................58
Cedar Enterprises..............................22
Celebration Restaurant Group......... 60
Century Fast Foods.........................192
Century Management......................57
CLP Corporation.............................185
Cotti Foods Corp..............................65
Covelli Enterprises...............................8
Cowabunga....................................134
Creative Foods Corporation............182
D.L. Rogers Corp..............................25
Daland Corporation........................120
DavCo Restaurants...........................42
Den-Tex Central.............................. 117
Desert de Oro Foods........................39
Dhanani Group...................................3
DiPasqua Enterprises......................164
Diversified Restaurant Holdings........74
Doherty Enterprises.......................... 11
DORO..............................................78
DRM...............................................153
Emerald City Pizza..........................108
Falcon Holdings................................32
First Sun Management Corp........... 161
Flynn Restaurant Group......................1
Four Foods Group........................... 174
FourCrown...................................... 137
Fourjay............................................162
Fowler Foods..................................144
Franchise Management.................... 47
Frauenshuh Hospitality Group..........44
Friendly Franchisees Corporation.... 115
Fugate Enterprises........................... 40
Genesh...........................................143
Goldco............................................159
Golden Gate Bell...............................97
GPS Hospitality.................................36
Great American Chicken Corp........122
Greer Companies..............................52
Hallrich........................................... 131
Hamra Enterprises............................. 41
Harman Management Corp..............23
Hielan Restaurant Group................ 118
High Plains Pizza.............................135
Hoover Foods.................................129
Hospitality Restaurant Group.........123
Howley Bread Group......................140
J & A Food Service..........................158
J & S Restaurants............................180
J.S. Ventures...................................172
Jackmont Hospitality.......................103
Janjer Enterprises............................165
JAX................................................. 187
JDK Management Co......................138
JEM Restaurant Group.................... 111
JRN...................................................49
K-Mac Enterprises.............................15
Kazi Management St. Croix..............99
KBP Foods.........................................18
KC Bell............................................125
Kergan Bros. Sonic..........................155
La Raza Pizza..................................190
LDF Food Group.............................173
Lehigh Valley Restaurant Group.....142
Lemek...............................................87
Luihn Food Systems........................101
Lund Brown Group...........................27
Manna................................................5
Manna Development Group.............62
MarLu Investment Group.................43
McClain Sonics...............................139
McEssy Investment Co....................105
Meritage Hospitality Group..............45
Listing c ontinued
on 66
August 2016 | Franchise Times 65
Listing continued
from 65
Metro Corral Partners.......................73
Metz Group....................................175
MRCO............................................ 157
MUY! Companies...............................7
National Food Services.....................35
Neighborhood Hospitality/
Woodland Group............................ 114
Northcott Hospitality......................193
NPC International...............................2
NRD Holdings...................................34
OCAT............................................. 121
Ocedon...........................................163
Oerther Foods................................148
Original Bread.................................128
Pacific Bells.......................................29
Palo Alto...........................................67
Paradigm Investment Group............ 90
Paradise Companies......................... 80
Parikh Network.................................76
Parrish Restaurants.........................168
Pennant Foods..................................86
Pilot Travel Centers...........................20
Pizza Properties................................63
PJ Holdings KY................................ 197
PJ United...........................................69
Platinum Corral............................... 124
Potomac Family Dining Group..........75
PR Management Corporation...........77
We can’t claim more white pages than a library (remember those?), but we can claim
a library of whitepapers that will give you the inside track on moving your franchised
business to the next level and beyond. Written by franchise experts, whitepapers give
in-depth information on a variety of topics that busy execs need to get a handle on—
all downloadable on computers or mobile phones. New research is constantly being
added to the papers already posted on the site. Here is the current collection
of Franchise Times’ whitepapers:
Financing for Franchises:
The Key to Franchise Success
Download any or all of these papers at www.franchisetimes.com. If you’d like more
information on how to submit your whitepaper, contact Mary Jo Larson at
[email protected] or Lucas Wagner at [email protected].
66 Franchise Times | August 2016
Primary Aim.................................... 132
QK Holdings.....................................81
Quality Dining..................................26
Quality Restaurant Concepts............83
R.E.E...............................................109
Rawson Foodservice.......................199
RC Group........................................149
Restaurant Management Co............. 71
Restaurants, Inc..............................188
Retzer Organization........................104
RGT Management.....................110
RMH Franchise Holdings.............14
RoHoHo.....................................170
Romulus Restaurant Group......... 66
Rottinghaus Co........................... 48
RPM Pizza....................................59
Rucker Restaurant Holdings.......130
Ryan Restaurant Corp................186
S & L Companies........................198
S-Group Companies..................177
Schuster Enterprises...................136
Serazen........................................95
SERVUS!......................................79
Sizzling Platter.............................21
Southern Deli Holdings..............126
Southern Multifoods....................91
Southern Rock Restaurants........194
SRAC Holdings............................ 17
SSCP Management......................72
Staab Management Co..............181
Star Partner Enterprises.............. 96
Starboard Group..........................37
Stine Enterprises........................ 113
Strang Corporation....................107
Summit Restaurant Group.............6
Summit Restaurant Group, LLC.. 98
Sun Holdings................................10
Sundance.................................... 46
T-Bird Restaurant Group............. 56
T.L. Cannon Management........... 61
Tacala...........................................13
TD Food Group............................93
TEAM Schostak
Family Restaurants......................53
Tetra Management................... 200
The Bistro Group........................133
The Briad Group...........................16
The Jan Companies..................... 84
The Kades Corporation..............145
The Rose Group...........................55
The Saxton Group....................... 89
Top Line Restaurants..................178
Treadwell Enterprises..................116
Trigo Hospitality.........................196
U.S. Restaurants........................184
United Restaurant Group........... 127
United States Beef Corp...............19
Valenti Management................... 51
Vasari.........................................183
Verlander Enterprises.................146
VKC Group................................ 160
Wendco Group..........................179
WendPartners..............................24
Wendy’s of Bowling Green........156
Wendy’s of Colorado Springs..... 54
West Quality Food Service....... 150
Wisconsin Hospitality Group.......82
WKS Restaurant Group............... 64
WMCR Co.................................195
Yadav Enterprises...........................9