Fast Food Today: December 22 2024

Jersey Mike’s opens it’s 3,000th location

• Known for its submarine subs. Blackstone private equity bought it in 2024 for $8 billion. Since Blackstone bought, it has gone through rapid expansion.  In 2024, it opened 322 locations.

Victory for restaurant industry

• FTC new transparency rule does not apply to restaurant. Previous proposed version would have required restaurant to disclose multiple fees as part of total fees. Unlike many other industry (like banks) that are in cross hair of FTC about the fees, restaurant industry have mostly escaped scrutiny from FTC. Upcoming administration is expected to be even more friendlier toward the industry.          

KKR investment in Indian cloud kitchen company Rebel Foods

• One of the fastest growing company in India received KKR investment for expansion. With main concentration in India, with presence in UK and UAE, it is one of the largest cloud kitchen company in India. Investment size was not released but according to news sources, it was $60 to $70 million. 

People: 

P.F. Chang’s appoints new CMO

• Sonia Patel was appointed new CMO of P.F. Chang’s. 

Dutch Bros appoints new CTO

• Venki Krishnababu was appointed as new CTO of Dutch Bros. Before this, he was CTO in Lululemon. 

Lamb Weston Appoints new CEO

• Michael Smith appointed as new CEO of Lamb Weston. He is currently COO of the company.