Behind the
Scenes
Franchise Times’ Restaurant 200
The industry’s leading multi-unit, multi-concept franchisees
Sponsored by
Franchise Times’ Restaurant 200
Restaurant Rank and File
Once you’ve read our latest ranking,
file it away for future reference. These
are the top restaurant franchisees in
the country—and there’s a lot more
to them than you see here.
R
emember the days when franchise insiders referred to the relationship between
franchisors and franchisees as parent and
child? Well no more.
We’ve been saying for years that franchisees
are becoming more sophisticated and often
have operations as large, or larger, than some
franchisors. Now we have proof.
Once a year our sister publication, the
Restaurant Finance Monitor, collects data on
the largest restaurant franchisee operations in
the U.S. An analysis of their findings by restaurant reporter Jonathan Maze starts on page 32.
W hen c ompa r i n g ou r R e st au r a nt
200—“The industry’s leading multi-unit,
multi-concept franchisees”­—with Franchise
Times’ Top 200 franchise companies, we discovered some interesting trends.
The largest U.S. restaurant franchisee, NPC
International in Pittsburg, Kansas, has revenues
that are slightly higher than Hooters’ 2009
sales as reported in our Top 200 last October.
(We’re currently in the process of compiling
this year’s list.) Hooters’ $992 million in sales
earned it the 79th spot on our franchisor list—
ahead of other well-known brands, such as
UPS/MailBoxes Etc. and Krispy Kreme.
NPC’s revenue was $934 million for 1,136
Pizza Hut restaurants. Sure, Hooters had fewer
restaurants earning almost the same revenues,
less than half as many at 452. But nobody can
argue with the cash register.
No. 2 and No. 3 on the franchisee list had
revenues that equaled those of the franchisors
ranked No. 93 and No. 123, respectively on the
Top 200 franchisor list.
Apple American Group, based in San
Francisco had $671 million from 269
Applebee’s. And No. 3, Bridgeman Foods/ERJ
Dining, the largest multi-concept franchisee
on the list, had revenues of $508 million from
its Chili’s and Wendy’s operations. The company, based in Louisville, Kentucky, operates
161 Wendy’s and 124 Chili’s in multiple states.
The smallest of the multi-unit franchisees
ranked—Nos. 190 through 200—fall in the
$36 million to $40 million revenue range. No.
200, H&K Partners reach its numbers with 37
KFCs and 7 YUM multi-units and is based in
Milwaukee.
This is somewhat like comparing apples to
oranges, because our Top 200 franchisor ranking includes all franchises, not just restaurants.
However, in the top 25, 12 are restaurants and
two are convenience stores, with some hotels
sprinkled in.
Imagine what our franchisee list would
look like if we had non-restaurant franchisees
included. We can only imagine that franchisors might wish they could go to the “kids” to
see if they could borrow the keys to the car. So
in answer to that other question: “Yes, you can
make money in franchising.”
—Nancy Weingartner
About Franchise Times’ Restaurant 200
R
esearch for this feature was conducted
by Franchise Times’ sister publication, The Restaurant Finance Monitor.
Questionnaires, phone surveys, and in some
cases, a review of public documents, such as
annual reports and 10Ks, was used to collect
data. However, most of the Top 200 companies
provided us with their data.
Our report ranks companies according to
revenue generated by a company’s franchised
restaurants. If the company also operates a
restaurant concept not franchised, or is the nue, we settled in favor of the company with
franchisor of another concept, we did not the most units.
include that figure in the overall revenue or unit
If you believe your company might make
total. In cases where an acquisition took place this list and we’ve missed you (or you know of
during the year, we derive pro-forma revenues another company that should be listed), contact
Abbi Nawrocki at 612- 767-3200 to be included
in calculating the company’s ranking.
For companies that did not respond to our in the 2012 ranking.
survey, we confirmed the number of units operThis listing, which also runs in The Monitor,
ated by the company, and then estimated the is combined with a Second 200 report prepared
revenue based on reported chain averages. In by Technomic. The entire Top 400 report can
the case of a tie in the amount of total reve- be purchased by visiting RestFinance.com.
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 financing, fixed and floating rate term loans, acquisition facilities, sale-leaseback financing,
bridge/development financing, working capital revolvers, and interest rate swaps. www.wellsfargo.com/restaurants.
24
August 2011
The industry’s leading multi-unit, multi-concept franchisees
Franchise Times’ Restaurant 200: TOP 25
# Company
# Company
Revenue
Units* Concepts
Revenue
Units* Concepts
9
Briad Group (The) $328,187,000 Livingston, NJ
70 42
Pizza Hut
10
Pilot Travel Centers
$308,147,000 Knoxville, TN
152 52
Subway
Wendy’s
Applebee’s
11
Pepper Dining
Charlotte, NC
106 Chili’s
12
Doherty Enterprises
$286,875,000 Allendale, NJ
61 25
Applebee’s
Panera Bread
13
Heartland Food Corp.
Downers Grove, IL
$270,400,000 256 Burger King
14
ADF Companies $268,200,000 Fairfield, NJ
286 12
Pizza Hut
Panera Bread
15
JIB Management*
$245,000,000 Fremont, CA
215 29
Jack in the Box
Denny’s
16
AmRest
Atlanta, GA
$242,000,000 103 Applebee’s
17
United States Beef
$241,844,000 Tulsa, OK
277 5
Arby’s
Taco Bueno
1
NPC International
Pittsburg, KS
$934,807,000 1,136
2
Apple American Group
San Francisco, CA
$671,188,000 269
3
Bridgeman Foods$508,000,000 /ERJ Dining, LLC
Louisville, KY
161
Wendy’s
124Chili’s
4
Harman Management Corp. $416,362,500 Los Altos, CA
139
119
KFC
KFC/A&W
5
Covelli Enterprises
$400,000,000 Warren, OH
176
5
Panera Bread
O’Charley’s
6
Strategic Restaurants$380,377,000 Acquisition Corp.
San Ramon, CA
277 18
Burger King
TGI Friday’s
7
Boddie-Noell Enterprises
$372,718,000 Rocky Mount, NC
337 9
Hardee’s
Moe’s
8
Carrols Restaurant Group
Syracuse, NY
305 Burger King
$357,073,000 $300,000,000 TGI Friday’s
Wendy’s
* Total Units
Own the Hottest Brand in the Country!
• 29 Consecutive Same Store Sales Growth Quarters*
• $1,275,058 Average NET Sales*
• $264,805 Average EBITDA*
• Executive Team with over 60 years
combined restaurant experience
• Ratio of average investment to first year
gross sale 1:3*
Winner at the 2010
National Buffalo
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*This advertisement is not an offering of a franchise. An offering can be made only by prospectus. We only sell franchisees in states where
our offering is registered.. Figures reflect averages for lowest and highest sales and EBITDA as submitted by our full service franchised
restaurants operating in 2010 as published in item 19 of our April 2011 Franchise Disclosure Document. Same store sales growth figures
are from 1/1/94 through 3/31/11 as reported by franchisees. Individual financial performance will vary.
©2011 East Coast Wings Corporation. All rights reserved.
Lead Generation Ad.indd 1
LG-SSS 052011
For Franchise Information, Contact
Lee S. Easley
1.800.381.3802
www.eastcoastwings.com
August 2011
7/18/11 11:23 AM25
Franchise Times’ Restaurant 200
# Company
Revenue
Units* Concepts
# Company
Units* Concepts
18
MUY Brands
$238,000,000 San Antonio, TX
115 53
Pizza Hut
Long John Silver
37
Western Reserve Restaurant Mgmt
Rochester, NY
111 19
Tacala
$237,266,000 Birmingham, AL
161 69
Taco Bell
Sonic
38
Kaizen Group of Companies
Beaverton, OR
69 55
Burger King
Denny’s
20
Kazi Management VI*
$230,000,000 Studio City, CA
214 25
KFC
Burger King
39
Apple Sauce, Inc.
Crestview Hills, KY
79 Applebee’s
21
Quality Dining, Inc.
$229,000,000 Mishawaka, IN
114 48
Burger King
Chili’s
40
T-Bird Restaurant Group
63 La Jolla, CA
Outback
Steakhouse
22
Thomas and King
$223,432,000 Lexington, KY
89 6
Applebee’s
Carino’s
41
Caspers Company
Tampa, FL
51 McDonald’s
23
Sunshine Restaurant
Partners
North Miami Beach, FL
$220,000,000 153 IHOP
42
REE Inc
Beaumont, TX
73 McDonald’s
24
DavCo Restaurants, Inc.
Crofton, MD
$217,607,000 156 Wendy’s
25
K-MAC Enterprises
$215,535,000 Ft. Smith, AR
144 22
Taco Bell
KFC/Taco Bell
Franchise Times’ Restaurant 200: TOP 26-200
# Company
Units* Concepts
$185 Million to $210 Million
$125 Million to $150 Million
43
Jan Companies (The) Cranston, RI
97 2
Burger King
Popeyes
44
Hamra Management Company
Springfield, MO
47 Panera Bread
28Wendy’s
45
Pacific Bells Inc
Vancouver, WA
81 4
Taco Bell
Taco Bell/LJS
46
Casual Restaurant Concepts
Tampa, FL
49 Applebee’s
47
B & B Consultants
Las Cruces, NM
144 48
Metro Corral Partners
Orlando, FL
27 49
Restaurant Management Co.
Wichita, KS
130 Pizza Hut
16 Long John Silvers
50
Wisconsin Hospitality Group
Wauwatosa, WI
82 40
Pizza Hut
Applebee’s
Sonic
26
D. L. Rogers Corp.
N Richland Hills, TX
198 Sonic
27
JRN, Inc.
Columbia, TN
174 14
KFC
KFC/Taco Bell
28
Interfoods of America, Inc.
Miami, FL
144 21
Popeyes
Burger King
29
Fugate Enterprises
Wichita, KS
205 70
Pizza Hut
Taco Bell
147 Wendy’s
Carlisle Corporation
Memphis, TN
Wendy’s
Cedar Enterprises, Inc.
Columbus, OH
51
97 30
31
Southern California Pizza Company
Corona, CA
222 Pizza Hut
52
Apple Gold Group
Raleigh, NC
73 6
Applebee’s
Burger King
32
Sun Holdings, LLC
Irving, TX
72 45
53
BR Associates, Inc.
Jasper, IN
104 Long John Silver
33
Wendy’s
54
Friendly Franchisees Corporation64 Carl’s Jr.
La Palma, CA
18Denny’s
55
Apple-Metro, Inc.
34 Harrison, NY
Applebee’s
56
Sizzling Platter, Inc.
Murray, UT
92 22
Little Caesars
Sizzler
57
Pizza Properties, Inc.
El Paso, TX
40 Peter Piper Pizza
38
Burger King
Popeyes
Burger King
$150 Million to $175 Million
33
Valenti Management
Tampa, FL
112 17
34 Rose Group (The) 59 Newtown, PA
4
26
Wendy’s
Wendy’s
Chili’s
Applebee’s
Corner
Bakery Café
35
Border Foods Companies
Golden Valley, MN
90 74
Taco Bell
Pizza Hut
36
T.L. Cannon Management
Ponte Vedra Beach, FL
61 Applebee’s
August 2011
Golden Corral
$100 Million to $125 Million
58
Palo Alto, Inc.
Denver, CO
73 39
Taco Bell
Pizza Hut
The industry’s leading multi-unit, multi-concept franchisees
# Company
Units* Concepts
59
Carolina Restaurant Group
83 Charlotte, NC
Wendy’s
60
Quality Restaurant Concepts
58 Birmingham, AL
Applebee’s
61
Apex Restaurant Mgmt., Inc.
Plano, TX
94 53
LJS/A&W
KFC
62
SSCP Management Inc.
Dallas, TX
39 18
Applebee’s
Burger King
63
Fourteen Foods
Bloomington, MN
119 Dairy Queen
64
Wendy’s of Colorado Springs
Colorado Springs, CO
74 9
Wendy’s
Golden Corral
65
PJ United
Birmingham, AL
123 66
Pennant Foods
Knoxville, TN
91 Wendy’s
67
By the Rockies
Lakewood, CO
84 15
Hardees
Carl Jr.
68
Desert De Oro Foods, Inc.
Kingman, AZ
77 40
Taco Bell
Pizza Hut
69
Scarbrough Management San Ramon, CA
69 5
Burger King
Chili’s
70
Concord Hospitality, Inc.
Lincoln, NE
42 4
Applebee’s
Village Inn
71
Strang Corporation
Cleveland, OH
15 30
Applebee’s
Panera Bread
72
Falcon Holdings, LLC
156Church’s
Westlake, TX
Chicken
73
Pacific Island Restaurants, Inc.
Honolulu, HI
50 38
Pizza Hut
Taco Bell
74
ACG Texas, L.P.
Richardson, TX
61 IHOP
75
Frisch’s Restaurants Inc.
Cincinnati, OH
35 Golden Corral
76
RPM Pizza
Gulfport, MS
135 Domino’s Pizza
77
QK, Inc.
Scottsdale, AZ
77 5
Papa John’s
Denny’s
Del Taco
# Company
Units* Concepts
78
42 McEssy Investment Co.
Lake Forest, IL
McDonald’s
$90 Million to $100 Million
79
Tar Heel Capital Boone, NC
75 Wendy’s
80
Southern Multifoods, Inc.
Jacksonville, TX
55 17
Taco Bell
Taco Bell/KFC
81
Luihn Food Systems, Inc.
Morrisville, NC
33 24
KFC
Taco Bell
82
Treadwell Enterprises, Inc.
Springfield, MO
84 3
KFC
Ruby Tuesday
83
Daland Corporation
Wichita, KS
95 8
Pizza Hut
Sonic
84 MRCO, LLC
68
Brentwood, TN
15
Taco Bell
Taco Bell
/Pizza Hut
85
BurgerBusters Inc.
Virginia Beach, VA
81 11
Taco Bell
Pizza Hut
86
Paradigm Investment Group
San Diego, CA
88 1
Hardee’s
TGI Friday’s
87
Austaco, Inc.
Austin, TX
77 Taco Bell
88
Bistro Group (The) Cincinnati, OH
31 5
TGI Friday’s
McAlister’s
89
Morgan’s Foods, Inc.
Cleveland, OH
72 9
KFC
KFC/Taco Bell
90
V&J Holding Inc.
Milwaukee, WI
65 36
Pizza Hut
Burger King
91
Southern Bells, Inc.
Indianapolis, IN
63 5
Taco Bell
KFC
$80 Million to $90 Million
92
CLP Corporation
Homewood, AL
93
AppleCreek Management Co., Inc.
Duluth, GA
43 McDonald’s
40 Applebee’s
* Total Units
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August 2011
27
Franchise Times’ Restaurant 200
# Company
Units* Concepts
# Company
94
Both Inc
Virginia Beach, VA
20 Golden Corral
117 Kilian Management Services
35 West Bend, WI
95
Neighborhood Hospitality/Woodland
Hazard, KY
41 Applebee’s
96
Kessler Group Inc
Rochester, NY
48 21
Friendly’s
Burger King
97
Hospitality Restaurant Group, Inc.
Traverse City, MI
33 23
Taco Bell
YUM! Multi
98
Missoula Mac Inc
Poynette, WI
42 McDonald’s
99
CFRA, Inc.
Concord, NC
46IHOP
$70 Million to $80 Million
28
Units* Concepts
McDonald’s
$60 Million to $70 Million
118 Trigo Hospitality
St. Joseph, MI
29 20
Pizza Hut
Panera Bread
119 Apple Core Enterprises, Inc.
Minot, ND
24 2
Applebee’s
Village Inn
120 Gala Corporation
Costa Mesa, CA
18 7
Applebee’s
Famous Dave’s
121 JDK Management Co.
Bloomsberg, PA
40 3
Perkins
Quaker Steak
122 First Sun Management Corp.
51 Clemson, SC
Wendy’s
100 Emerald Foods, Inc.
Columbus, OH
74 Wendy’s
123 J&B Restaurant Partners Ronkonkoma, NY
33 8
Friendly’s
Taco Bell
101 Patterson & Associates Inc.
Louisville, KY
52 Wendy’s
124 Team Schostak Family Restaurants
Livonia, MI
59 3
Burger King
Del Taco
102 Meritage Hospitality Group
Grand Rapids, MI
69 3
Wendy’s
O’Charley’s
125 B & G Food Enterprises, LLC
Morgan City, LA
40 6
Taco Bell
KFC
103 Mancha Development Company
Corona, CA
36 27
Burger King
Denny’s
126 High Plains Pizza
75 Liberal, KS
Pizza Hut
104 Stanton & Assoc., Inc.
Jackson, MI
62 Wendy’s
127 Janus 1 Unlimited Inc
31 Houston, TX
McDonald’s
105 Duke & King Acquisition Corp
Burnsville, MN
87 Burger King
128 Carisch, Inc.
71 Naples, FL
Arby’s
106 Goldco, Inc.
Atlanta, GA
63 Burger King
129 Apple J, LP
32 Greenville, SC
Applebee’s
107 AB Enterprises
Redding, CA
13 11
Burger King
Applebee’s
130 Bros. Management Inc.
26 Knoxville, TN
McDonald’s
108 Benton Properties, Inc.
Springdale, AR
65 Sonic
131 Hallrich Inc.
81 Kent, OH
Pizza Hut
109 Restaurant Management Group
Kingsport, TN
42 39
Hardee’s
Little Caesars
110 FourCrown, Inc.
Oakdale, MN
58 111 Austin Sonic Inc
Austin, TX
18 8
Applebee’s
Famous Dave’s
Wendy’s
133 Dolan Foster Enterprises, LLC
62 Pleasanton, CA
Taco Bell
64 Sonic
134 Oerther Foods Inc
25 Orlando, FL
McDonald’s
112 Platinum Corral LLC
Jacksonville, NC
30 Golden Corral
113 KBP Foods Inc.
Overland Park, KS
49 16
KFC
Taco Bell
114 MarLu Investment Group
Sacramento, CA
44 Church’s Chicken
21
Jack in the Box
115 Retzer Resources, Inc.
Greenville, MS
30 McDonald’s
116 WKS Restaurant Corp.
Lakewood, CA
53 3
El Pollo Loco
Denny’s
August 2011
132 William Tell, Inc.
Salt Lake City, UT
135 RGT Management, Inc.
Collierville, TN
53 12
Taco Bell
LJS/LAW
136 Ansara Restaurant Group, Inc. Farmington Hills, MI
22 5
Red Robin
Big Boy
$50 Million to $60 Million
137 Romulus, Inc.
34 Phoenix, AZ
IHOP
138 Apple Corps, L.P.
25 Witchita, KS
Applebee’s
The industry’s leading multi-unit, multi-concept franchisees
# Company
Units* Concepts
139 Hunt Enterprises Inc
27 Hauppauge, NY
McDonald’s
140 Original Bread, Inc.
31 Wichita, KS
Panera Bread
# Company
Units* Concepts
148 West Quality Food Service Inc Laurel, MS
70 4
KFC
Rally’s/Checkers
149 Cutchall Management Company
Omaha, NE
16 7
Sonic
Famous Dave’s
141 Kades Corporation
Pasadena, TX
29 McDonald’s
150 DiPasqua Enterprises
Winter Park, FL
96 Subway
142 DORO, Inc.
Eau Claire, WI
58 5
Hardee’s
Taco John’s
151 Verlander Enterprises
El Paso, TX
10 10
Applebee’s
Village Inn
143 Cotti Foods Corp
Rancho Santa Margarita, CA
59 Taco Bell
152 Fowler Foods Inc.
Jonesboro, AR
37 15
KFC
KFC/Taco Bell
144 Den-Tex Central, Inc.
58 San Antonio, TX
Denny’s
153 Howley Bread Group, Ltd.
Westlake, OH
21 Panera Bread
154 Mirabile Investment Corp. (MIC)
Memphis, TN
45 5
Burger King
Popeyes
145 J.S. Ventures, Inc.
Wichita, KS
25 Applebee’s
146 LDF Food Group, Inc. Wichita, KS
42 Wendy’s
155 Koning Restaurants International
Miami, FL
62 Pizza Hut
147 KC Bell Inc.
Wichita, KS
52 Taco Bell
156 DRM, Inc.
Omaha, NE
71 Arby’s
* Total Units
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August 2011
29
Currents / Times’
Franchise
a constant
Restaurant
ebb and 200
flow of news
# Company
Units* Concepts
# Company
157 Parrish Foods
Dallas, TX
25 McDonald’s
179 J & S Restaurants
42 Hardee’s
Cleveland, TN
158 Bailey Company, LLP (The)
Golden, CO
56 1
Arby’s
Good Times
180 Northcott Company
Chanhassen, MN
159 Whit-Mart, Inc.
25 Charleston, SC
160 LeHigh Valley Restaurant Group
Allentown, PA
21 4
Perkins
Houlihan’s
Applebee’s
181 RREMC, LLC
36 West Palm Beach, FL
Denny’s
17 Red Robin
182 PFC/Classic Dining
Crystal Lake, IL
161 OCAT, Inc.
Modesto, CA
37 1
162 RLC Enterprises, Inc.
Northbrook, IL
31 1
Denny’s
Ruby Tuesday
Taco Bell
YUM! Multi
183 RedKing Foods, LLC
36 Minnetonka, MN
Burger King
47 9
Taco Bell
KFC
184 Primary Aim, LLC
29 Zanesville, OH
Wendy’s
163 S-Group Companies
33 Sandusky, OH
Wendy’s
185 VKC Group
78 Sugar Land, TX
Subway
186 R & L Foods, Inc.
San Antonio, TX
$40 Million to $50 Million
164 Miller Apple Limited Partnership
Flint, MI
21 2
Applebee’s
Sonic
165 BMW Management, Inc.
23 Temecula, CA
Sizzler
166 Frandeli Group, LLC
66 Orange, CA
Papa John’s
167 U.S. Restaurants, Inc.
35 Blue Bell, PA
Burger King
168 RoHoHo, Inc.
Charleston, SC
55 3
Papa John’s
Jersey Mike’s
169 Lal Restaurant Group
Queens, NY
37 6
Popeyes
Dunkin’ Donuts
170 Restaurant Partnership of Central Texas
21 Houston, TX
Applebee’s
171 MetzGroup
Dallas, PA
12 3
TGI Friday’s
Krispy Kreme
172 Shamrock Co, Inc.
Hinsdale, IL
25 12
30 KFC/Taco Bell
187 L & K Hodge
64 McKinleyville, CA
Papa Murphy’s
188 Apple Investors Group
Chino Hills, CA
27 17
Applebee’s
IHOP
189 Pizza Hut of Southern Wisconsin
34 Madison, WI
Pizza Hut
$36 Million to $40 Million
190 Diversified Restaurant Holdings
21 Southfield, MI
191 Ryan Restaurant Corp.
Billings, MT
7
6
192 Bartlett Management Services
Clinton, IL
35 8
Buffalo
Wild Wings
Applebee’s
Famous Dave’s
KFC
YUM! Multi
193 Rawson Foodservice Inc
21 Rocky Hill, NJ
Wendy’s
Taco Bell
KFC
194 WMCR Co.
Alpena, MI
KFC
Taco Bell
173 Wendco Group
38 Pensacola, FL
Wendy’s
195 Tricorp Food Services, Inc.
12 Chesterfield, MO
TGI Friday’s
174 C&R Management Co
26 West Jordan, UT
McDonald’s
196 Century Fast Foods Inc.
33 Los Angeles, CA
Taco Bell
175 Thomas 5 Ltd.
33 Dublin, OH
Wendy’s
197 Wendy’s of Montana
23 Billings, MT
Wendy’s
McAlister’s Deli
Pinkberry
198 Waterloo Restaurant Ventures, Inc.
12 Vancouver, WA
176 Saxton Group (The) Dallas, TX
27 4
40 2
Romano’s
Macaroni Grill
177 Brodersen Management Corp. 34 Popeyes Chicken
Glendale, WI
199 C & P Restaurant Company, LLC
Macon, GA
12 6
Captain D’s
Cheddar’s
178 Bullard Restaurant Group
Raleigh, NC
200 H & K Partners
Milwaukee, WI
37 7
KFC
YUM! Multi
20 Burger King
8 Smithfield Chicken
* Total Units
30
Units* Concepts
August 2011
