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Exclusive-Flynn Group, world’s largest franchisee, explores $5 billion-plus sale -sources

2024.02.08 14:51


© Reuters. People stroll by Taco Bell’s first digital-only U.S. cantina location at Times Square in New York City, U.S., April 14, 2021. REUTERS/Shannon Stapleton/File Photo

By Abigail Summerville

(Reuters) – Flynn Group, the world’s largest franchisee operator of eating places and health golf equipment, is exploring a majority stake sale that would worth it at greater than $5 billion, together with debt, in accordance with folks conversant in the matter.

Flynn Group, which operates Applebees, Taco Bell, Panera Bread (NASDAQ:), Arby’s, Pizza Hut, Wendy’s (NASDAQ:) and Planet Fitness (NYSE:) franchises, is working with Bank of America on a sale course of, the sources mentioned.

Flynn Group, which relies in San Francisco, generates over $450 million of annual earnings earlier than curiosity, taxes, depreciation and amortization, in accordance with the sources.

Private fairness corporations and sovereign wealth funds are among the many suitors for almost all stake that’s up for sale, added the sources, who requested anonymity as a result of the matter is confidential.

Ontario Teachers’ Pension Plan (OTPP) and personal fairness agency Main Post Partners, that are buyers in Flynn Group, might promote a part of their stakes and stay invested following a deal, in accordance with the sources.

Flynn Group’s administration, who’re additionally important shareholders, might do the identical, the sources added.

OTPP owns round a 3rd of Flynn Group, Main Post owns barely over a 3rd, and Flynn administration owns the remainder, the sources mentioned.

Representatives for Flynn Group, OTPP, Main Post and Bank of America declined to remark.

Founded in 1999 by industrial actual property investor Greg Flynn, the eponymous firm operates over 2,600 eating places and health golf equipment within the U.S. and Australia, producing over $4.5 billion in annual gross sales, in accordance with its web site.

In 2014, Ontario Teachers invested roughly $300 million within the firm, valuing it at over $1 billion.

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