Flynn Group, the world's largest franchisee, explores potential $5 bn-plus sale
People walk by Taco Bell's first digital-only U.S. cantina location at Times Square in New York City
The Flynn Group, recognised as the world's largest franchisee operator of restaurants and fitness clubs, is reportedly exploring a majority stake sale that could potentially value the company at over $5 billion, including debt.
Operating renowned franchises such as Applebee's, Taco Bell, Panera Bread, Arby's, Pizza Hut, Wendy's, and Planet Fitness, Flynn Group has enlisted the support of Bank of America for the sale process, according to sources familiar with the matter.
Sources suggest that Flynn Group, based in San Francisco, generates an impressive annual earnings figure exceeding $450 million before interest, taxes, depreciation, and amortisation.
Private equity firms and sovereign wealth funds are among the potential suitors for the majority stake, with the sale process attracting considerable interest.
The Ontario Teachers' Pension Plan (OTPP) and private equity firm Main Post Partners, both investors in Flynn Group, may consider selling part of their stakes while remaining invested after the deal.
Flynn Group's management, and significant shareholders in the company, may also follow a similar path.
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Flynn Group's ownership structure reveals that OTPP holds approximately a third of the company, while Main Post owns slightly over a third.
The remaining stake is owned by Flynn Group's management.
The potential sale offers an opportunity for stakeholders to reassess their positions and explore options for ongoing involvement in the company.
As the sale process unfolds, representatives for Flynn Group, OTPP, Main Post, and Bank of America have refrained from providing comments, maintaining confidentiality around the matter.
Founded in 1999 by commercial real estate investor Greg Flynn, Flynn Group has grown into a powerhouse in the franchise industry.
The company currently operates a vast network of over 2,600 restaurants and fitness clubs across the United States and Australia, boasting annual sales exceeding $4.5 billion, as highlighted on its website.
Ontario Teachers' Pension Plan made a significant investment of approximately $300 million in Flynn Group in 2014, valuing the company at over $1 billion at that time.
(With inputs from Reuters)