Barry Dubin of KBP Foods and Mike Cherney of Grand Mere Capital join Rick and discuss the following:
1. General outlook for their brands, QSR, and restaurants for 2021. Best case/worst case?
2. Comments on the impact of political changes on revenues, M&A, and operations.
3. Opinions on franchise M&A activity in 2021. Slowdown or consolidation?
4. How they are approaching acquisitions for 2021.
5. How they come up with a price given big EBITDA lifts.
6. What segments/brands do you like?
7. Post-COVID, what are longer-term trends/changes that might emerge.
Collectively, these two companies own about 1,000 franchise restaurants in the KFC, Pizza Hut, and Taco Bell systems. They are among the largest franchisees in the US.