The restaurant industry has lost 110,000 restaurants, according to the National Restaurant Association. And, based on a Cowen analysis of the past three recessions, 90% of closures have occurred among independent operators who were ill-prepared for a prolonged pandemic that required full-service establishments to depend on off-premise sales to survive.
But it hasn t been bad news for all of the industry.
The purging of restaurants is expected to leave $39 billion in sales up for grabs, according to Cowen. That s created an opportunity for well-financed multi-unit operators and private-equity backed restaurant companies to strike.
These big restaurant players are seizing a moment in a crisis to increase market share by buying solid brands found flatfooted during the pandemic.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
Allied Moves to Become Leader in Psilocybin Space with Intent to Acquire of Pacific Sun Fungi
Allied Corp.December 24, 2020 GMT
KELOWNA, British Columbia, Dec. 24, 2020 (GLOBE NEWSWIRE) Allied Corp. (“Allied”) (OTCQB: ALID) – an international medical cannabis company focused on creating and providing health solutions to address today’s medical mental health issues is pleased to announce the signing of a letter of intent to acquire the psilocybin company Pacific Sun Fungi (“Pacific Sun”). This further expands upon Allied’s press release of October 20, 2020 communicating the submission of the provisional patent for Allied’s functional mushroom formulation targeting major depression and anxiety.
Press release content from Business Wire. The AP news staff was not involved in its creation.
Elion Partners Acquires 180,000 Sq. Ft. Class A Industrial Asset in Fort Lauderdale, Expanding the Firm’s Last-Mile Logistics Portfolio
December 23, 2020 GMT
Google Street View (Photo: Business Wire)
MIAMI (BUSINESS WIRE) Dec 23, 2020
Elion Partners (Elion), a real estate investment firm, today announced it has acquired a 180,000-square-foot Class A last-mile industrial asset known as Griffin Pointe Business Park located at 2281 Griffin Road in Fort Lauderdale, FL, directly off Interstate 595 and Interstate 95.
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Google Street View (Photo: Business Wire)
The $31.5 million acquisition is a part of a series of acquisitions the firm has planned for its last-mile portfolio aggregation strategy across key logistics markets, including Broward and Miami-Dade County.
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
XP Inc. Acquires Riza M&A
XP Inc.December 24, 2020 GMT
SÃO PAULO, Brazil, Dec. 24, 2020 (GLOBE NEWSWIRE) XP Inc. (Nasdaq: XP). XP Inc., or XP, a leading, technology-driven platform and a trusted provider of low-fee financial products and services in Brazil, announced today the acquisition of Riza M&A, an independent financial advisory company. Riza has one of the most seasoned and respected teams in the segment, with experience in important financial institutions and active participation in some of the most relevant M&A transactions over the last decades. Riza’s partners, among them Marco Gonçalves and André Quaresma, will join XP Inc.’s M&A team, enhancing XP’s capabilities to better serve our corporate clients.