Add-on Acquisition • Restaurants

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 Context
  • 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.

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M&A Deal Summary

Date July 23, 2019
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 Company

Punch Bowl Social

Denver, Colorado, United States
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 Overview 1

Buyer

Cracker Barrel Old Country Store

Lebanon, Tennessee, United States

Category Company
Founded 1969
Sector Restaurants
Employees77,000
Revenue 3.5B USD (2024)
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 Context for Buyer #
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 Co.

Jacksonville, Florida, United States

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

Buy $36M

Seller Profile 1

SELLER

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1989
PE ASSETS 37.0B 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 Context for Seller #
Overall 57 of 105
Sector: Restaurants 9 of 14
Type: Add-on Acquisition 24 of 49
State: Colorado 6 of 6
Country: United States 50 of 76
Year: 2019 3 of 6
Size (of disclosed) 12 of 14
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. Guangdong Marubi Biotechnology was founded in 2002 and is based in Guangzhou, China.

Sell -