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Middle Eastern fast-casual concept Naf Naf Grill, along with an unidentified investor group, acquired the entire minority ownership from private equity company Roark Capital. Naf Naf Grill, now up to 40 stores, was founded in 2009 and sold its first franchise in 2019. Roark made its investment in June 2015 when the brand had just 13 stores in the Greater Chicago area. Franchise Times previously reported that Greg Willman, who opened the first Naf Naf Grill franchise location and has broken ground on his second, was named CEO of the emerging brand and assumed the role in June 2020. In a statement, Willman said he is “excited about the future of Naf Naf Grill.” Financial terms of the deal were not disclosed.

Delight Restaurant Group acquired 44 Wendy’s restaurants from corporate on Long Island, New York. As part of the deal, Delight Restaurant Group—founded by managing partners Andrew and Richard Krumholz in 2016—will build several new Wendy’s in the area and remodel some of the restaurants bought under the brand’s “Image Activation” initiative. Delight Restaurant Group is one of the Restaurant Finance Monitor’s Top 200 largest franchisees in the U.S., with 155 Wendy’s and Taco Bell restaurants and total revenue of more than $290 million. This is the group’s second acquisition this year after they bought 54 Wendy’s in North Carolina as part of the NPC bankruptcy sale process.

Global private investor The Riverside Company has invested in Radiant Plumbing and Air Conditioning, which since 1999 has been owned and operated by Brad and Sarah Casebier. Radiant provides maintenance plumbing, sewer and HVAC services to about 12,000 residential customers per year in the Austin, Texas metro area. “We’re thrilled to partner with Brad and Sarah to enhance the growth efforts of an already thriving organization,” said Meranee Phing, Riverside senior partner in a statement. “We plan to assist with organic growth in Austin as well as inorganic growth in plumbing and HVAC services in Texas and beyond. This could also include the addition of complementary services, like electrical.” For the past 10 years, Riverside has focused on investing on the smaller end of the middle market, especially in essential home services. Riverside plans to help increase Radiant’s recruiting and training pipeline to achieve more growth in Texas.

Orangetheory Fitness CEO and co-founder David Long invested in emerging pet care franchise Scenthound and will serve as an advisory board member. Founded in 2015 and franchising since 2019, Scenthound claims to be the nation’s first wellness-focused, membership-based dog grooming franchise with 86 locations open or under development across nine states. Though the amount of investment was not disclosed, Scenthound’s vice president of marketing Christian Betancourt said that Long “got involved with Scenthound to take an active role in advising and helping grow the organization, not simply to ‘sit on the sidelines and watch his investment.’” This announcement follows Scenthound’s closure of two 20-unit development deals in Atlanta and Virginia/Maryland.

Led by Mike James, Guernsey Holdings bought 10 Sonic restaurants in Southern Illinois from franchisee Penny Guthrie. Guthrie and her family have been a part of the Sonic system for 50 years and they’ll continue to own and operate 25 Sonics throughout the Southeast U.S., but about a year ago, started to consider downsizing and consolidating their business closer to home. The buyer, Guernsey Holdings, is a new franchisee to Sonic. Unbridled Capital provided sell-side advisory to Guthrie, and as a condition of closing will make a charitable contribution to the Sonic Employee Relief Fund, which helps employees that have been negatively impacted by recent hurricanes.

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