![]() Kalinowski's take: Kalinowski said the Cava Group concepts are "the most likely Mediterranean concepts that Yum Brands could acquire, should it choose to move within that category." He added: "They are the two largest concepts within the Mediterranean sector, and of these five concepts, Zoe's Kitchen generates the largest average unit volumes. That number has decreased to 292, according to Datassential's 2022 "Firefly 500" report. ![]() At the time of the acquisition, the combined chains encompassed 327 restaurants in 24 states. ![]() Cava, a fast-casual chain often described as the Chipotle of Mediterranean food, took the publicly traded Zoe's private and began rebranding some stores as Cava. Zoe's Kitchen could be a buy target for Yum Brands, a veteran analyst wrote in a research note last week.Ģ021 units: 168 (Cava), 124 (Zoe's Kitchen)Ģ021 sales: $168.2 million (Cava), $206.8 million (Zoe's Kitchen)Īverage unit volume: $1 million (Cava), $1.7 million (Zoe's Kitchen)īackground: In 2018, Cava Group, the owner of Cava, bought Zoe's Kitchen in a deal valued at $300 million. (Units, sales, and AUVs, or average yearly sales per store, were obtained from Datassential's 2022 "Firefly 500" report.) Kalinowski identified seven chains that could be a good fit for Yum Brands, including Cava and Dutch Bros Coffee. Yum Brands declined to comment on Turner's comments. "Yum doesn't own any coffee concepts, and coffee is big," he said. In a follow-up interview with Insider, he said Yum Brands could also go after a coffee company. The founder of Kalinowski Equity Research wrote a note last week about possible acquisition targets for Yum Brands. "If Yum Brands decides to go Mediterranean, it's a bet on the future of the segment itself," Kalinowski said. Kalinowski said that the burger chain from California filled a hole in Yum's portfolio and that a Mediterranean buy could do the same. Habit was Yum Brands' latest acquisition - it purchased the fast-casual chain in March 2020 in a deal valued at $375 million. The company and its franchisees own and operate more than 53,000 restaurants in 155 countries under the brand names Taco Bell, Pizza Hut, KFC, and Habit Burger Grill. Turner said Yum Brands opened a new store every two hours in 2021. "If you have a long-term outlook, do you really care if we're going into recession six months from now?" "If you're an acquirer, now might be the wise time to pull the trigger," Kalinowski told Insider in an interview. ![]() Earlier this year, Kalinowski suggested that Restaurant Brands International, the owner of Burger King and Popeyes, was looking to buy a big fast-food brand. Mark Kalinowski, a veteran industry analyst, said that with valuations sputtering in a tough macroeconomic climate, it's not surprising that Yum Brands might be looking to expand its portfolio. There's lots of interesting categories out there that we're studying." The Mediterranean-foods space is interesting. "We're keeping our eyes open," Turner said at the JPMorgan US All Stars Conference on September 20. Yum Brands, which owns Taco Bell and KFC and whose most recent acquisition came at the onset of the pandemic, is looking for another brand to buy, possibly a Mediterranean chain, Chris Turner, its chief financial officer, said at a recent investor conference. The analyst Mark Kalinowski identified seven chains that Yum Brands could target for an acquisition."The Mediterranean-foods space is interesting," Chris Turner said at a JPMorgan conference.A Yum Brands exec said the company was "scanning categories" that don't compete with its brands. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |