Private equity firms are on a buying binge, snapping up giant restaurant franchise groups at high speed. Rather than targeting entire restaurant chains, they’re devouring the franchisees who run huge blocks of locations.

The appeal is obvious. Franchise portfolios are cash machines with a built-in growth engine. Investors get three easy wins: boost performance at existing units, open new stores and buy out other franchisees in the same system. And because these operators already know the business cold, PE money can scale them at high speed.

Sellers are lining up, too, especially in hot categories like Mexican fast casual, chicken, and anything drive-thru.

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