2009 Year in Review: Growth and Deals

2009 Year in Review: Growth and Deals

There’s going to be a very rude awakening for a lot of types of restaurants if they’re not aware yet how drastically things have changed. There is going to be an apocalyptic shakeout. On the plus side, the bullsh** will be the first to go.” – celebrity chef Anthony Bourdain

Notable Bankruptcies

 
COMPANY TYPE STATUS
Max and Erma’s Chap. 11 Columbus, Ohio-based casual dining chain filed in October.
Tavern on the Green Chap. 11 New York City landmark Tavern on the Green filed in September.
Oceanaire Inc. Chap. 11 12-unit fine-dining seafood chain filed in July and shuttered four units.
Boston Blackies Chap. 11 Chicago-based chain filed Chapter 11 documents for each of its eight restaurants and its parent company in November.
ARG Enterprises Chap. 11 Parent of Black Angus steakhouses filed in January.
Tailor Chap. 11 New York City independent filed in May and closed.
Eateries Inc. Chap. 11 Oklahoma-based parent of Garfield’s Restaurant and Pub chain filed in May.
Santa Fe Holding Company Inc. Chap. 11 Parent the Santa Fe Cattle Co. casual-dining chain filed in July.
Damon’s Grill Chap. 11 Sister chain of Max and Erma’s filed in October.

Notable Deals

 
TARGET BUYER PURCHASE PRICE ($ IN MILLIONS) DEAL CLOSE
Landry’s Restaurants Inc. CEO Tilman Fertitta $1,200.0 Pending
Diedrich Coffee Green Mountain Coffee Roasters Inc. 290.0 Pending
Baker’s Square and Village Inn American Blue Ribbon Holdings LLC 55.0 April
Gloria Jean’s Coffees Praise International North America 3.1 April
La Senorita Hacienda Mexican Restaurants 2.6 April
Cheeseburger in Paradise Investor group, chain management 2.0 September
Pat & Oscar’s Management Team Undisclosed January
Church’s Chicken Friedman Fleischer & Lowe LLC Undisclosed July
Flat Top Grill Walnut Group Undisclosed August
Canyons Burger Company Growth Concepts Undisclosed September
Timothy’s World Coffee Bruegger’s Enterprises Inc. Undisclosed November

TOP 100 GROWTH COMPANIESOut of the 100 companies ranked in NRN’s June 29 Top 100 report (FYE=fiscal-year-end date; Revenues=corporate, from U.S. foodservice operations, in millions; Growth=percentage change in domestic foodservice revenues, latest year vs. preceding year)

 
RANK COMPANY FYE REVENUES %GROWTH
1 DineEquity Inc. Dec. ‘08 $1,344.4 461.57%
2 Blackstone Group LP Dec. ‘08 1,130.0 320.07
3 gategroup Dec. ‘08 554.0 167.63
4 Texas Pacific Group Dec. ‘08 520.0 151.21
5 LRI Holdings Inc. July ‘08 531.0 74.38
6 F&H Acquisition Corp. Dec. ‘08 347.0 73.50
7 Bain Capital LLC Dec. ‘08 3,656.6 66.21
8 Aramark Holdings Corp. Sept. ‘08 6,740.0 58.40
9 Sun Capital Partners Inc. Dec. ‘08 2,450.7 51.09
10 Wendy’s/Arby’s Group Inc. Dec. ‘08 1,737.5 45.53

TOP 100 GROWTH CHAINSOut of the 100 chains ranked in NRN’s June 29 Top 100 report (FYE=fiscal-year-end date; Sales=U.S. systemwide from foodservice, in millions; Growth=percentage change in domestic sales, latest year vs. preceding year) *CHIPOTLE MEXICAN GRILL/CHIPOTLE; BUFFALO WILD WINGS GRILL & BAR; PAPA MURPHY’S TAKE ‘N BAKE PIZZA; LEVY RESTAURANTS SPORTS CONCESSIONS

 
RANK COMPANY FYE SALES %GROWTH
1 Chipotle Mexican Grill* Dec. ‘08 $1,331.5 22.27%
2 Buffalo Wild Wings* Dec. ‘08 1,229.4 20.85
3 Zaxby’s Dec. ‘08 664.1 18.00
4 Subway Dec. ‘08 9,637.5 17.17
5 Panera Bread Dec. ‘08 2,447.0 16.25
6 Papa Murphy’s* Dec. ‘08 581.0 16.06
7 Panda Express Dec. ‘08 1,197.0 15.54
8 Levy Restaurants* Sept. ‘08 575.0 15.00
9 Chick-fil-A Dec. ‘08 2,962.3 12.17
10 Costco Aug. ‘08 492.0 11.82

SECOND 100 GROWTH COMPANIESOut of the 100 companies ranked in NRN’s July 22 Second 100 report (FYE=fiscal-year end date; Growth=percentage change in domestic foodservice revenues, latest year vs. preceding year; Revenues=corporate, from U.S. foodservice operations, in millions)

 
RANK COMPANY FYE REVENUES %GROWTH
1 Rita Restaurant Group Dec. ‘08 $125.0 941.67%
2 ERJ Dining Dec. ‘08 313.0 247.78
3 Falfurrias Capital Partners Dec. ‘08 220.0 238.46
4 Susser Holdings Corp. Dec. ‘08 148.3 65.51
5 Argonne Capital Group LLC Dec. ‘08 219.0 54.23
6 Potbelly Corp. Dec. ‘08 213.0 20.41
7 Zaxby’s Franchising Inc. Dec. ‘08 152.9 19.64
8 Seminole Tribe of Florida Dec. ‘08 210.0 16.67
9 Roark Capital Group Dec. ‘08 115.1 16.38
10 Peet’s Coffee & Tea Inc. Dec. ‘08 133.9 16.23

SECOND 100 GROWTH CHAINSOut of the 100 chains ranked in NRN’s July 22 Second 100 report (FYE=fiscal-year end date; Growth=percentage change in domestic sales, latest year vs. preceding year; Sales=U.S. systemwide from foodservice, in millions) **RANKING REFLECTS PARENT YUM! BRANDS INC. PRACTICE OF REPORTING NUMBERS ROUNDED TO THE NEAREST $100 MILLION.*BJ’S RESTAURANT & BREWERY/BREWHOUSE/PIZZA & GRILL

 
RANK COMPANY FYE SALES %GROWTH
1 Five Guys Burgers and Fries Dec. ‘08 $295.3 74.32%
2 A&W All American Food** Dec. ‘08 300.0 50.00
3 Wingstop Dec. ‘08 255.4 23.44
4 Restaurant Associates Sept. ‘08 400.0 23.08
5 Potbelly Sandwich Works Dec. ‘08 213.0 20.41
6 Qdoba Mexican Grill Oct. ‘08 399.2 18.49
7 BJ’s Restaurant & Brewery* Dec. ‘08 376.5 18.14
8 Johnny Rockets April ‘09 265.0 14.72
9 Pei Wei Asian Diner Dec. ‘08 278.2 14.49
10 Bruegger’s Bagel Bakery Dec. ‘08 200.0 12.36