How Private Equity Is Buying Up Franchise Owner Groups

The Buyout Show with Fexingo: Private Equity, Roll-Ups, and Business Acquisitions · Jul 17, 2026 · 12m · transcript

Private equity has been quietly consolidating the franchisee side of the business for years—buying up the owners who operate multiple McDonald's, Pizza Hut, or Great Clips locations. In this episode, Lucas and Luna examine the case of Sun Holdings, one of the largest Burger King franchisees in the US, which was acquired by KKR in 2022. They break down why PE firms are targeting multi-unit franchise operators, how the economics work (including the typical 6–8 times EBITDA multiples), and what it means for the franchisors themselves. They also touch on the broader roll-up strategy in…