{"id":6223,"date":"2024-04-29T12:56:55","date_gmt":"2024-04-29T12:56:55","guid":{"rendered":"https:\/\/www.paperchase.ac\/?p=6223"},"modified":"2026-02-27T09:26:48","modified_gmt":"2026-02-27T09:26:48","slug":"the-perfect-plate-march-2024","status":"publish","type":"post","link":"https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-march-2024\/","title":{"rendered":"The Perfect Plate \u2013 March 2024"},"content":{"rendered":"\n\n\t<section class=\"section casestudy__fm-section\" id=\"section_1134946326\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t<img decoding=\"async\" width=\"2346\" height=\"1146\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2026\/02\/Image-1.jpg\" class=\"bg attachment-original size-original\" alt=\"Image 1\" \/>\t\t\t\t\t\t<div class=\"section-bg-overlay absolute fill\"><\/div>\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row align-center\"  id=\"row-985712985\">\n\n\n\t<div id=\"col-1427168110\" class=\"col medium-10 small-12 large-10\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2353424689\" class=\"text casestudy__heading\">\n\t\t\n\n<h1><span class=\"ez-toc-section\" id=\"The_Perfect_Plate_%E2%80%93_March_2024\"><\/span>The Perfect Plate \u2013 March 2024<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\t\t\n<style>\n#text-2353424689 {\n  text-align: center;\n  color: rgb(255, 255, 255);\n}\n#text-2353424689 > * {\n  color: rgb(255, 255, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-2155024793\" class=\"text\">\n\t\t\n\n<p>Looking back at Pre-Covid and Post-Covid Same Store Sales Growth we see that QSR and Fast\u2026<\/p>\n\n\t\t\n<style>\n#text-2155024793 {\n  text-align: center;\n  color: rgb(255, 255, 255);\n}\n#text-2155024793 > * {\n  color: rgb(255, 255, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1134946326 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n  min-height: 450px;\n}\n#section_1134946326 .section-bg-overlay {\n  background-color: rgba(57, 0, 119, 0.5);\n}\n#section_1134946326 .section-bg img {\n  object-position: 50% 100%;\n}\n@media (min-width:550px) {\n  #section_1134946326 {\n    min-height: 600px;\n  }\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section newsletter-post-single-page\" id=\"section_269479203\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-608382398\">\n\n\n\t<div id=\"col-1136653581\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-1955967778\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1955967778 {\n  padding-top: 70px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3803935454\" class=\"text hidden\">\n\t\t\n\n<h1><span class=\"ez-toc-section\" id=\"The_Perfect_Plate_%E2%80%93_March_2024-2\"><\/span>The Perfect Plate \u2013 March 2024<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\t\t\n<style>\n#text-3803935454 {\n  text-align: left;\n  color: rgb(0, 0, 0);\n}\n#text-3803935454 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-402959620\" class=\"text subtitle-newsletter hidden\">\n\t\t\n\n<p>Every month, we\u2019ll provide updates on the latest trends in the restaurant industry. We\u2019ll include financial insights, charts, and public market comps.<\/p>\n\t\t\n<style>\n#text-402959620 {\n  text-align: left;\n  color: rgb(0, 0, 0);\n}\n#text-402959620 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-70127119\">\n\n\n\t<div id=\"col-703013972\" class=\"col medium-8 small-12 large-3\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-166366849\" class=\"text author-box-newsletter\">\n\t\t\n\n<p><img decoding=\"async\" class=\"newsletter-author-img\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/03\/DIMITRE-KROUCHEV_-Head-Shot.png\" alt=\"Paperchase\"><\/p>\n<p class=\"newsletter-author\">By <a href=\"https:\/\/www.paperchase.ac\/dimitre-krouchev\/\">Dimitre Krouchev<\/a><\/p>\n\t\t\n<style>\n#text-166366849 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-730474338\" class=\"col medium-8 small-12 large-3\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"social-icons share-icons share-row relative full-width text-right icon-style-outline\" style=\"font-size:80%\"><a href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-march-2024\/\" data-label=\"Facebook\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip facebook\" title=\"Share on Facebook\" aria-label=\"Share on Facebook\" rel=\"noopener nofollow\"><i class=\"icon-facebook\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/x.com\/share?url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-march-2024\/\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip x\" title=\"Share on X\" aria-label=\"Share on X\" rel=\"noopener nofollow\"><i class=\"icon-x\" aria-hidden=\"true\"><\/i><\/a><a href=\"mailto:?subject=The%20Perfect%20Plate%20%E2%80%93%20March%202024&body=Check%20this%20out%3A%20https%3A%2F%2Fwww.paperchase.ac%2Fnewsletter%2Fthe-perfect-plate-march-2024%2F\" class=\"icon button circle is-outline tooltip email\" title=\"Email to a Friend\" aria-label=\"Email to a Friend\" rel=\"nofollow\"><i class=\"icon-envelop\" aria-hidden=\"true\"><\/i><\/a><a href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/www.paperchase.ac\/newsletter\/the-perfect-plate-march-2024\/&title=The%20Perfect%20Plate%20%E2%80%93%20March%202024\" onclick=\"window.open(this.href,this.title,'width=500,height=500,top=300px,left=300px'); return false;\" target=\"_blank\" class=\"icon button circle is-outline tooltip linkedin\" title=\"Share on LinkedIn\" aria-label=\"Share on LinkedIn\" rel=\"noopener nofollow\"><i class=\"icon-linkedin\" aria-hidden=\"true\"><\/i><\/a><\/div>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-1585418234\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1585418234 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse\"  id=\"row-703845751\">\n\n\n\t<div id=\"col-231814324\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<div class=\"text-center\"><div class=\"is-divider divider clearfix\" style=\"margin-top:0px;margin-bottom:0px;max-width:1000px;height:1px;background-color:rgb(57, 0, 119);\"><\/div><\/div>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-2013697432\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2013697432 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1512415807\">\n\n\n\t<div id=\"col-2032532860\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3751871127\" class=\"text txt-a\">\n\t\t\n\n<p>If you are a hospitality investor or interested in learning more about investing in restaurants &#038; hospitality \u2013 <a href=\"#\" class=\"popmake-4962\"><strong>subscribe<\/strong><\/a>\u00a0to access private offerings from our select clients.<\/p>\n\t\t\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_269479203 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section newsletter-post-single-page\" id=\"section_309653598\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-844836093\">\n\n\n\t<div id=\"col-26843402\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-13637082\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-13637082 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-275172335\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"A_Look_To_Restaurant_Segment_Same_Store_Sales_Trends\"><\/span>A Look To Restaurant Segment Same Store Sales Trends<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-275172335 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-275172335 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1234524228\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1234524228 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3134756692\" class=\"text\">\n\t\t\n\n<p>Looking back at Pre-Covid and Post-Covid Same Store Sales Growth; We see that QSR and Fast Casual have benefited in terms of growing sales through added off-premise sales.<\/p>\n\t\t\n<style>\n#text-3134756692 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1194630016\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1194630016 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_29977172\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2028\" height=\"948\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-1.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate 1\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-1.png 2028w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-1-300x140.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-1-1024x479.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-1-768x359.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-1-1536x718.png 1536w\" sizes=\"(max-width: 2028px) 100vw, 2028px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_29977172 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-1228453055\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1228453055 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1579911859\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2014\" height=\"970\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-2.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate 2\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-2.png 2014w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-2-300x144.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-2-1024x493.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-2-768x370.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-2-1536x740.png 1536w\" sizes=\"(max-width: 2014px) 100vw, 2014px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1579911859 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-499088202\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-499088202 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-146364026\" class=\"text\">\n\t\t\n\n<p><strong>Fine Dining<\/strong> saw a strong recovery since Covid, when customer demand for hospitality and high-higher average check spend was at its highest; data then showed a steeper drop from the Post-Covid recovery in comparison to QSR and Fast Casual.<\/p>\n\t\t\n<style>\n#text-146364026 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_455820809\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1814\" height=\"810\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-12.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate 12\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-12.png 1814w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-12-300x134.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-12-1024x457.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-12-768x343.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-12-1536x686.png 1536w\" sizes=\"(max-width: 1814px) 100vw, 1814px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_455820809 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-206564973\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-206564973 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1472073051\" class=\"text\">\n\t\t\n\n<p><strong>Casual Dining<\/strong> has seen consistent SSS declines since the Post-Covid bump and is not recovering in the same manner as Fine Dining.<\/p>\n\t\t\n<style>\n#text-1472073051 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1489961848\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1808\" height=\"810\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-3.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate 3\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-3.png 1808w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-3-300x134.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-3-1024x459.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-3-768x344.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-3-1536x688.png 1536w\" sizes=\"(max-width: 1808px) 100vw, 1808px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1489961848 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3603852388\" class=\"text img-source-txt\">\n\t\t\n\n<p><em><strong>Source: Restaurant Business \u2013 SSS Report<\/strong><\/em><\/p>\n\t\t\n<style>\n#text-3603852388 {\n  font-size: 0.75rem;\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-2100304429\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2100304429 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1952938121\">\n\n\n\t<div id=\"col-2013861648\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2233519469\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Public_Market_Top_10_for_the_Week\"><\/span>Public Market Top 10 for the Week<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2233519469 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2233519469 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1296315381\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1296315381 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3829783180\" class=\"text\">\n\t\t\n\n<p>Luckin Coffee leads the top 10 for the week ending March 29th, 2024<\/p>\n\t\t\n<style>\n#text-3829783180 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1218204831\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1218204831 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_348921799\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2058\" height=\"822\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-4.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate 4\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-4.png 2058w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-4-300x120.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-4-1024x409.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-4-768x307.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-4-1536x614.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-4-2048x818.png 2048w\" sizes=\"(max-width: 2058px) 100vw, 2058px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_348921799 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-408793705\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-408793705 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-58601509\">\n\n\n\t<div id=\"col-639485319\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3452512998\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Our_Top_Article_Choices\"><\/span>Our Top Article Choices<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-3452512998 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-3452512998 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1032138354\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1032138354 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-949743817\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li>McKinsey Throwback &#8211; A recipe for restaurant revenue and sales growth. &#8211; <a href=\"https:\/\/www.mckinsey.com\/industries\/retail\/our-insights\/cooking-up-extraordinary-growth-for-restaurants-during-a-downturn\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Restaurant Dive &#8211; Fast food is getting faster, data shows &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/fast-food-is-getting-faster-data-shows\/712720\/?utm_source=Sailthru&#038;utm_medium=email&#038;utm_campaign=Newsletter%20Weekly%20Roundup:%20Restaurant%20Dive:%20Daily%20Dive%2004-13-2024&#038;utm_term=Restaurant%20Dive%20Weekender\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Restaurant Dive &#8211; Cost pressures may drive restaurant franchisee bankruptcies in 2024 &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/labor-shortage-costs-drive-restaurant-franchisee-bankruptcies-in-2024\/705991\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-949743817 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-1472842891\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1472842891 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1135486350\">\n\n\n\t<div id=\"col-1331101487\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-2875125479\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Deal_Making_Transaction_Activity\"><\/span>Deal Making: Transaction Activity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-2875125479 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-2875125479 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-254548784\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-254548784 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3432260998\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2024_Q1\"><\/span>M&#038;A in 2024 Q1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3432260998 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-536354660\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-536354660 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-847031279\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li>Craveworthy Brands buys major stake in Dirty Dough Cookies \u2013 <a href=\"https:\/\/www.restaurantdive.com\/news\/craveworthy-brands-acquires-dirty-dough-cookies\/705432\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Thai Union Group looks to sell stake in Red Lobster &#8211; <a href=\"https:\/\/www.restaurantdive.com\/news\/Thai-Union-to-sell-minority-stake-Red-Lobster\/704654\/\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<li>Burger King Company to Acquire Carrols Restaurant Group for $1.0B &#8211; <a href=\"https:\/\/www.rbi.com\/English\/news\/news-details\/2024\/Burger-King-Company-to-Acquire-Carrols-Restaurant-Group\/default.aspx\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-847031279 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1086323288\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1086323288 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-989241484\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2023_Q4\"><\/span>M&#038;A in 2023 Q4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-989241484 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-644727301\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-644727301 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3007148270\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li>Authentic Restaurant Brands acquired Fiesta Restaurant Group for <a href=\"https:\/\/www.restaurantdive.com\/news\/fiesta-restaurant-group-reportedly-nearing-225-million-sale\/690056\/\" target=\"_blank\" rel=\"noopener\">$220m<\/a><\/li>\n<\/ul>\n\t\t\n<style>\n#text-3007148270 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1810286349\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1810286349 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2655148961\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2023_Q3\"><\/span>M&#038;A in 2023 Q3<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-2655148961 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2025450947\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2025450947 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-719585369\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li><a href=\"https:\/\/www.restaurantdive.com\/news\/ftc-reportedly-investigating-roarks-subway-purchase\/700615\/\" target=\"_blank\" rel=\"noopener\">FTC reportedly investigating Roark\u2019s Subway purchase<\/a> | The FTC is concerned the deal could create a monopoly in the sandwich segment, as Roark Capital also owns Arby\u2019s, Jimmy John\u2019s, and related chains.\n<ul class=\"small-li\">\n<li>Subway to be <a href=\"https:\/\/www.restaurantdive.com\/news\/subway-agrees-sale-roark-9B\/649717\/\" target=\"_blank\" rel=\"noopener\">acquired by Roark Capital<\/a> for $9B. Subway has been going through their sales process since late 2022.<\/li>\n<\/ul>\n<\/li>\n<li>Bain Capital <a href=\"https:\/\/www.restaurantdive.com\/news\/Fogo-de-chao-to-be-acquired-bain-capital-private-equity\/690901\/\" target=\"_blank\" rel=\"noopener\">acquired<\/a> Fogo de Chao for $560 million after it rapidly grew under Rhone Capital.<\/li>\n<li>Fat Brands <a href=\"https:\/\/www.restaurantdive.com\/news\/fat-brands-acquires-smokey-bones-for-30-million\/694716\/\" target=\"_blank\" rel=\"noopener\">buys<\/a> Smokey Bones for $30m<\/li>\n<\/ul>\n\t\t\n<style>\n#text-719585369 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-883849384\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-883849384 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3344152483\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"M_A_in_2023_Q1_Q2\"><\/span>M&#038;A in 2023 Q1 &#038; Q2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3344152483 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1463672839\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1463672839 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3601269823\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li>Darden acquired <a href=\"https:\/\/www.restaurantdive.com\/news\/darden-to-buy-ruths-hospitality-group-for-715m\/649282\/\" target=\"_blank\" rel=\"noopener\">Ruth\u2019s Hospitality Group for $715m<\/a><\/li>\n<li>Mohari acquired <a href=\"https:\/\/www.prnewswire.com\/news-releases\/mohari-hospitality-finalizes-acquisition-of-tao-group-hospitality-301814871.html\" target=\"_blank\" rel=\"noopener\">TAO Group Hospitality for $550m<\/a><\/li>\n<li>Main Squeeze Juice Co. [Conscious Capital] <a href=\"https:\/\/www.restaurantdive.com\/news\/main-squeeze-juice-co-buys-I-love-juice-bar\/646145\/\" target=\"_blank\" rel=\"noopener\">acquired I Love Juice Bar\u2019s 20 units<\/a><\/li>\n<li>SSCP Restaurant Investors bought out bankrupt <a href=\"https:\/\/www.restaurantdive.com\/news\/corner-bakery-bought-by-sscp-restaurant-investors\/652030\/\" target=\"_blank\" rel=\"noopener\">Corner Bakery for $15m<\/a><\/li>\n<\/ul>\n<p><em>Source: <a href=\"https:\/\/www.restaurantdive.com\/topic\/ma\/\" target=\"_blank\" rel=\"noopener\">Restaurant Mergers &amp; Acquisitions | Restaurant Dive<\/a><\/em><\/p>\n\t\t\n<style>\n#text-3601269823 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-1132938961\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1132938961 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1613964022\">\n\n\n\t<div id=\"col-937676803\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3578456898\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Market_Update_Public_Comps\"><\/span>Market Update: Public Comps<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-3578456898 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-3578456898 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1393027949\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1393027949 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-4040152116\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>Week Ending | 23\/03\/2024<\/p>\n\t\t\n<style>\n#text-4040152116 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1516811215\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1516811215 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1684922452\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Top_10_Monthly_Price_Movements\"><\/span>Top 10 Monthly Price Movements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-1684922452 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-640251973\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-640251973 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-333611210\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The last 90-day performance has been strong with an average of +35% for the Top 10.<\/p>\n\t\t\n<style>\n#text-333611210 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1794284326\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1794284326 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_435195496\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2054\" height=\"918\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-5.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate 5\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-5.png 2054w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-5-300x134.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-5-1024x458.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-5-768x343.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-5-1536x686.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-5-2048x915.png 2048w\" sizes=\"(max-width: 2054px) 100vw, 2054px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_435195496 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-451647931\" class=\"text img-source-txt\">\n\t\t\n\n<p><em><strong>Source: TIKR, Paperchase<\/strong><\/em><\/p>\n\t\t\n<style>\n#text-451647931 {\n  font-size: 0.75rem;\n  text-align: right;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1101909689\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1101909689 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3586985281\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>This Top 10 cohort has <strong>outperformed the S&amp;P<\/strong> and S&amp;P Consumer index over the last year.<\/p>\n\t\t\n<style>\n#text-3586985281 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1468174952\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1468174952 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_473273645\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1968\" height=\"698\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-6.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate 6\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-6.png 1968w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-6-300x106.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-6-1024x363.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-6-768x272.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-6-1536x545.png 1536w\" sizes=\"(max-width: 1968px) 100vw, 1968px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_473273645 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1487759902\" class=\"text img-source-txt\">\n\t\t\n\n<p><em><strong>Source: TIKR, S&#038;P, Paperchase<\/strong><\/em><\/p>\n\t\t\n<style>\n#text-1487759902 {\n  font-size: 0.75rem;\n  text-align: right;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-755278521\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-755278521 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-429521700\">\n\n\n\t<div id=\"col-2004821721\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-1898079243\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Top_10_Enterprise_Value_EV_NTM_Revenue_Multiples\"><\/span>Top 10 Enterprise Value [EV] \/ NTM Revenue Multiples<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-1898079243 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-748941931\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-748941931 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3308608060\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The top 10 is made up of mostly Franchisor entities, which have higher multiples than company owned concepts. Consensus revenue growth forecasts estimate ~10% growth into 2024. The growth guidance is attributable to store growth and price increases.<\/p>\n\t\t\n<style>\n#text-3308608060 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-728565240\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-728565240 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_352926950\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2018\" height=\"826\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-7.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate 7\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-7.png 2018w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-7-300x123.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-7-1024x419.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-7-768x314.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-7-1536x629.png 1536w\" sizes=\"(max-width: 2018px) 100vw, 2018px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_352926950 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1741177040\" class=\"text img-source-txt\">\n\t\t\n\n<p><em><strong>Source: TIKR, Paperchase<\/strong><\/em><\/p>\n\t\t\n<style>\n#text-1741177040 {\n  font-size: 0.75rem;\n  text-align: right;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-672273760\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-672273760 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1699425704\">\n\n\n\t<div id=\"col-1198561082\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3740355309\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Public_Comps_%E2%80%93_Trends\"><\/span>Public Comps &#8211; Trends<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-3740355309 {\n  text-align: left;\n  color: rgb(187, 176, 255);\n}\n#text-3740355309 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-255777651\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-255777651 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-2176751456\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Trend_%E2%80%93_Enterprise_Value_EV_LTM_Revenue_Multiples\"><\/span>Trend &#8211; Enterprise Value [EV] \/ LTM <span style=\"text-decoration: underline;\">Revenue<\/span> Multiples<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-2176751456 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-143278442\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-143278442 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-30515647\" class=\"text newsletter-txt-li\">\n\t\t\n\n<p>The restaurant industry has seen valuations decline due to interest rate increases.<\/p>\n\t\t\n<style>\n#text-30515647 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-911149523\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-911149523 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1520077816\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1984\" height=\"768\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-8.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate 8\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-8.png 1984w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-8-300x116.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-8-1024x396.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-8-768x297.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-8-1536x595.png 1536w\" sizes=\"(max-width: 1984px) 100vw, 1984px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1520077816 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-3557830364\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Trend_%E2%80%93_Enterprise_Value_EV_LTM_EBITDA_Multiples\"><\/span>Trend &#8211; Enterprise Value [EV] \/ LTM <span style=\"text-decoration: underline;\">EBITDA<\/span> Multiples<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3557830364 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-222083004\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-222083004 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1759245069\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1974\" height=\"764\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-9.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate 9\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-9.png 1974w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-9-300x116.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-9-1024x396.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-9-768x297.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-9-1536x594.png 1536w\" sizes=\"(max-width: 1974px) 100vw, 1974px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1759245069 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-922616747\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-922616747 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n<div class=\"row row-collapse align-center\"  id=\"row-1649279163\">\n\n\n\t<div id=\"col-2088254551\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3268002579\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"Revenue_Multiple_Trends\"><\/span>Revenue Multiple Trends<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3268002579 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1504689342\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1504689342 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-1043356960\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<p>Restaurant businesses are generally valued on multiples of their revenue or EBITDA, depending on their capital structure, growth potential, and franchise model. For example, a McDonald&#8217;s franchise has a higher revenue multiple than a company-owned restaurant chain like Shake Shack.<\/p>\n\t\t\n<style>\n#text-1043356960 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3706654121\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<p>Here are some of the factors that affect restaurant valuation multiples:<\/p>\n\t\t\n<style>\n#text-3706654121 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-662093160\" class=\"text newsletter-txt-li txt-a\">\n\t\t\n\n<ul>\n<li><strong>Capital structure:<\/strong> Businesses with less debt and more equity tend to have higher valuation multiples.<\/li>\n<li><strong>Growth potential:<\/strong> Businesses with high growth potential tend to have higher valuation multiples.<\/li>\n<li><strong>Franchise model:<\/strong> Franchise businesses tend to have higher valuation multiples than company-owned businesses.<\/li>\n<\/ul>\n\t\t\n<style>\n#text-662093160 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-1760972561\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1760972561 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_491154714\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"2080\" height=\"1126\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-10.png\" class=\"attachment-original size-original\" alt=\"Perfect Plate 10\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-10.png 2080w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-10-300x162.png 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-10-1024x554.png 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-10-768x416.png 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-10-1536x832.png 1536w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-10-2048x1109.png 2048w\" sizes=\"(max-width: 2080px) 100vw, 2080px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_491154714 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-716391711\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-716391711 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1881446857\">\n\n\n\t<div id=\"col-924086737\" class=\"col medium-8 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-3055213867\" class=\"text\">\n\t\t\n\n<h3><span class=\"ez-toc-section\" id=\"EBITDA_Multiple_Trends\"><\/span>EBITDA Multiple Trends<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\t\t\n<style>\n#text-3055213867 {\n  text-align: left;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-2117936832\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-2117936832 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"gap-789134840\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-789134840 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1794407338\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img decoding=\"async\" width=\"1672\" height=\"1120\" src=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-112.jpg\" class=\"attachment-original size-original\" alt=\"Perfect Plate 112\" srcset=\"https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-112.jpg 1672w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-112-300x201.jpg 300w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-112-1024x686.jpg 1024w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-112-768x514.jpg 768w, https:\/\/www.paperchase.ac\/wp-content\/uploads\/2024\/04\/Perfect-Plate-112-1536x1029.jpg 1536w\" sizes=\"(max-width: 1672px) 100vw, 1672px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1794407338 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_309653598 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section newsletter-bottom-sec source-disc-sec\" id=\"section_1205510357\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1248910338\">\n\n\n\t<div id=\"col-2047005838\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"gap-1663124265\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1663124265 {\n  padding-top: 40px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\t<div id=\"text-611146100\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Sources\"><\/span>Sources<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-611146100 {\n  color: rgb(187, 176, 255);\n}\n#text-611146100 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3217929164\" class=\"text headingWithCopyText\">\n\t\t\n\n<p>TIKR<br \/>Bloomberg<br \/>Company 10-Q and 10-K Filings<br \/>Restaurant Business<\/p>\n\t\t\n<style>\n#text-3217929164 {\n  color: rgb(0, 0, 0);\n}\n#text-3217929164 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3096176217\" class=\"text headingWithCopyText links-txt-p\">\n\t\t\n\n<p>Bureau of Labor Statistics (BLS) [<a href=\"https:\/\/www.bls.gov\" target=\"_blank\" rel=\"noopener\">bls.gov<\/a>]\n<p>U.S. Bureau of Economic Analysis (BEA) [<a href=\"https:\/\/www.bea.gov\" target=\"_blank\" rel=\"noopener\">bea.gov<\/a>]\n<p>U.S. Department of Agriculture (USDA) Economic Research Service [<a href=\"https:\/\/www.ers.usda.gov\" target=\"_blank\" rel=\"noopener\">ers.usda.gov<\/a>]\n<p>Federal Reserve Economic Data (FRED) [<a href=\"https:\/\/www.fred.stlouisfed.org\" target=\"_blank\" rel=\"noopener\">fred.stlouisfed.org<\/a>]\n<p>National Restaurant Association [<a href=\"https:\/\/www.restaurant.org\" target=\"_blank\" rel=\"noopener\">restaurant.org<\/a>]\n<p>International Monetary Fund (IMF) [<a href=\"https:\/\/www.imf.org\" target=\"_blank\" rel=\"noopener\">imf.org<\/a>]\n\t\t\n<style>\n#text-3096176217 {\n  color: rgb(0, 0, 0);\n}\n#text-3096176217 > * {\n  color: rgb(0, 0, 0);\n}\n<\/style>\n\t<\/div>\n\t\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\t<div id=\"gap-1569758304\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1569758304 {\n  padding-top: 30px;\n}\n<\/style>\n\t<\/div>\n\t\n\n<div class=\"row row-collapse align-center\"  id=\"row-1249494439\">\n\n\n\t<div id=\"col-1473456242\" class=\"col medium-12 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t<div id=\"text-4212363532\" class=\"text\">\n\t\t\n\n<h2><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\t\t\n<style>\n#text-4212363532 {\n  color: rgb(187, 176, 255);\n}\n#text-4212363532 > * {\n  color: rgb(187, 176, 255);\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-2439454730\" class=\"text headingWithCopyText\">\n\t\t\n\n<p>The information provided is believed to be from reliable sources, but no liability is accepted for any inaccuracies.  This is for information purposes and should not be construed as an investment recommendation.  Past performance is no guarantee of future performance.<\/p>\n<p>This post and the information presented are intended for informational purposes only. The views expressed herein are the author\u2019s alone and do not constitute an offer to sell, or a recommendation to purchase, or a solicitation of an offer to buy, any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the author nor any of his employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness, or completeness of this information. 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