M&A Insider: The Calm Before a Franchise Deal Surge
M&A Insider is our inside look at the deals shaping franchising behind the scenes, pulled directly from our monthly insider newsletter, Franchise Unfiltered. Each edition breaks down the acquisitions, exits, and moves that matter most, with context you won’t find in press releases or headline-only deal coverage.
With another year officially in the books, December once again proved to be a quiet month in the world of M&A, particularly in the final two weeks. According to my sources, many deals were completed, but most are being held for announcement till 2026 when visibility is at its highest.
Even so, a handful of transactions made it across the finish line before the buzzer. Below are the deals worth noting before we closed the books on the year.
A Slow Start, But Not for Long
Like December, January was another incredibly slow month for deal announcements. Many of these transactions were likely deals that did not quite make it across the finish line before year-end 2025.
There is not a ton to unpack from a volume standpoint.
What matters more is what is ahead. February and March are already tracking to be far more active, with Q2 shaping up to be one of the busiest quarters we have seen in some time.
Buckle up! 2026 is about to get good.
Protein Bar & Kitchen Finds a Strategic Home Within Founders Table
Long rumored to be on the trade block by L Catterton, Protein Bar & Kitchen did not go far. It simply switched funds within the PE firm, landing under restaurant brand aggregator Founders Table.
Led by industry veterans Jeff Drake and Jared Cohen, the brand has capitalized on momentum from its newly launched franchise program to become a priority asset within the portfolio.
Between its strength in non-traditional locations, consistent menu innovation, and strong reputation within the space, Protein Bar & Kitchen is well positioned under this new structure. Do not be surprised if Drake and Cohen explore franchising other brands under the Founders Table umbrella, such as Chop’t and Dos Toros.
This feels like a strategic repositioning with meaningful upside.
Deal Grade: A
Main Post Partners Expands Into Senior Services With HomeWell Care
Senior services deal flow continues to accelerate, and for good reason, as explored in this month’s Deep Dive.
Main Post Partners, a minority owner of Smoothie King among other assets, acquired HomeWell Care Services, a steady performer with approximately 170 active territories.
While not the largest player in the category, HomeWell has demonstrated consistent growth. That type of predictability is exactly what institutional capital gravitates toward.
The larger question is whether this marks the beginning of another senior services platform strategy similar to Best Life Brands or part of what we saw with Evive Brands. With demographic tailwinds strengthening, it is unlikely this will be the last move in the space.
Deal Grade: A-
Smithfield Foods Takes Nathan’s Famous Private in Strategic CPG Play
In one of the more unique deal structures this month, Smithfield Foods, the pork processor behind Nathan’s Famous products, acquired the brand in a $450 million go-private transaction.
Nathan’s has leaned heavily into CPG over the past decade. This acquisition likely accelerates that trajectory, pushing the brand further into grocery and potentially further away from domestic brick-and-mortar expansion.
Smithfield likely sees Nathan’s international footprint as an opportunity to expand more aggressively into foreign markets by leveraging nostalgia and brand recognition.
Historically, supplier-acquires-brand deals do not always end well. This one, however, feels like a best-case scenario given the strategic alignment.
Deal Grade: B+
Transom Capital Makes a High-Risk Bet on WellBiz Brands
After more than two years on the market, WellBiz Brands has found a new home with Transom Capital Group, a first-time franchisor buyer.
KSL Capital Partners’ 11-year hold on the asset was unusually long for private equity. The platform had long been rumored to be evaluating asset sales in order to facilitate an exit.
Now the upside, and the risk, largely rests on Drybar.
With the well-documented struggles of the lash industry’s AUVs, slower momentum in their fitness brand, Fitness Together, and continued staffing challenges across massage and waxing, the path forward will require clarity and conviction.
With the veteran team remaining in place, I view this deal as high-risk, high-reward. If WellBiz is aggressive enough, they can put some major firepower behind franchise sales, sell-off some of their laggards assets, and really make a push around a more well-defined thesis. However, early messaging emphasizes operational expertise more than growth orientation.
Is it just me or is this beauty industry wide open for the taking? Will be watching this deal with much interest
Deal Grade: B
OneRyan Global Steps In to Stabilize Mr. Gatti’s Pizza
As full-service restaurant brands continue to struggle, nostalgic and well-capitalized buyers continue stepping in to stabilize them.
This month, G. Brint Ryan and OneRyan Global acquired Mr. Gatti’s Pizza for an undisclosed sum. With management remaining in place, the structure mirrors several FSR rescues we saw throughout 2025.
This deal appears designed to keep the brand breathing.
The key question is whether ownership will prioritize operational improvements or increase franchise development spending to spark growth.
My bet is on improving AUVs and streamlining the operator base before pursuing expansion.
Deal Grade: B-
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