Franchise operator Flynn Group is looking to sell a majority share worth more than $5 billion including debt, according to a report by Reuters.
One of the world’s largest franchisee operators, Flynn has more than 2600 restaurants and fitness facilities in the US and Australia, and an annual revenue of $4.5 billion. Reuters quoted sources saying the company is in talks with the Bank of America about a sale.
Current investors in Flynn Group, including the Ontario Teachers’ Pension Plan (OTPP) and private equity company Main Post Partners, could sell a portion of their shares while remaining invested, the report said.
Flynn Group, OTPP, Main Post and Bank of America declined to comment.
Commercial real estate investor Greg Flynn founded Flynn Group in 1999. He added 368 Arby’s locations to its portfolio after purchasing US Beef Corp in 2018, then it acquired 925 Pizza Hut stores in 2021 under a deal worth $553 million. The company also has Wendy’s, Panera, Taco Bell and Applebee stores in its portfolio.
Last August, Flynn signed a deal with Wendy’s as the exclusive franchisee for the brand in Australia, indicating plans to open 200 stores in the market.
