M&A Deal Summary

Cracker Barrel Old Country Store Acquires Punch Bowl Social

On July 23, 2019, Cracker Barrel Old Country Store acquired restaurant Punch Bowl Social from L Catterton Partners for 140M USD

Acquisition Highlights
  • This is Cracker Barrel Old Country Store’s 1st transaction in the Restaurants sector.
  • This is Cracker Barrel Old Country Store’s largest (disclosed) transaction.
  • This is Cracker Barrel Old Country Store’s 1st transaction in the United States.
  • This is Cracker Barrel Old Country Store’s 1st transaction in Colorado.

M&A Deal Summary

Date 2019-07-23
Target Punch Bowl Social
Sector Restaurants
Buyer(s) Cracker Barrel Old Country Store
Sellers(s) L Catterton Partners
Deal Type Add-on Acquisition
Deal Value 140M USD

Target

Punch Bowl Social

Denver, Colorado, United States
website
Punch Bowl Social LLC serves weekend brunch, lunch, dinner and late-night snacks alongside a variety of creative punches, local microbrews, and craft non-alcoholic beverages. Punch Bowl Social was founded in 2012 and is based in Denver, Colorado.

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Buyer(S) 1

Buyer

Cracker Barrel Old Country Store

Lebanon, Tennessee, United States

website


Category Company
Founded 1969
Sector Restaurants
Employees73,000
Revenue 3.3B USD (2022)
DESCRIPTION

Cracker Barrel Old Country Store is an operator of country stores and restaurants. Cracker Barrel Old Country Store was founded in 1969 and is based in Lebanon, Tennessee.


DEAL STATS #
Overall 1 of 2
Sector (Restaurants) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (Colorado) 1 of 1
Country (United States) 1 of 2
Year (2019) 1 of 2
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-11 Maple Street Biscuit

Jacksonville, Florida, United States

Maple Street Biscuit Co. has 28 company-owned and five franchised fast-casual locations across seven states.

Buy $36M

Seller(S) 1

SELLER

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1989
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 58 of 95
Sector (Restaurants) 9 of 13
Type (Add-on Acquisition) 24 of 42
State (Colorado) 6 of 6
Country (United States) 51 of 72
Year (2019) 3 of 6
Size (of disclosed) 10 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 SteelSeries

Copenhagen, Denmark

SteelSeries is a manufacturer of professional gaming mice, headsets, keyboards and other peripherals for PC, Mac and Xbox 360 platforms. SteelSeries improves performance through first-to-market innovations and technologies that enable gamers to play harder, train longer, and rise to the challenge. SteelSeries was founded in 2001 and is based in Copenhagen, Denmark.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-25 Guangdong Marubi Biotechnology

Guangzhou, China

Guangdong Marubi Biotechnology is a domestic brand cosmetics company that operates two uniquely positioned skincare brands in Marubi and Haruki. While Marubi targets the mid-to-high end market segment within the price point of USD 30-60 (age 28-48), Haruki targets the younger mid-market segment (age 18-38) with products at the USD 6-30 price point. Guangdong Marubi Biotechnology was founded in 2002 and is based in Guangzhou, China.

Sell -