John Norton
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National Sector Report · H1 2026

U.S. Hospitality & Food M&A — strategic operators keep buying brands

72 lower-middle-market hospitality and food & beverage transactions closed in the first half of 2026, clustered in California, Texas and Florida. Restaurants and multi-unit concepts, craft beverage and wine, specialty foods and resorts/lodging all traded, with strategic operators taking 86% of the volume.

72
Deals captured
86%
Strategic buyers
10
Financial / PE
21
States active

Market read

Operators lead, sponsors buy brands

Buyers are largely strategic — multi-brand restaurant groups, distributors and food platforms — with select financial sponsors acquiring branded food producers. Deal sizes skew small and are usually undisclosed, so volume and buyer behavior tell the story better than headline prices.

Most active acquirers in the period: Trek One Capital (2), MetroNational (2) and Chesapeake Beverage (2). With a buyer set that fragmented, the right acquirer is rarely obvious in advance — which is exactly the case for running a process rather than taking the first call.

Top states by deal count

  • California
    11
  • Texas
    10
  • Florida
    6
  • Illinois
    5
  • New York
    4
  • Colorado
    4
  • North Carolina
    3

Transaction detail

H1 2026 hospitality & food transactions (72)

AnnouncedTargetLocationAcquirerBuyer typeValue
Jun 202686 RepairsChicago, ILParts TownStrategicUndisclosed
Jun 2026Cotton Patch CafeGrapevine, TXLocal Favorite RestaurantsStrategicUndisclosed
Jun 2026Harrisburg DairiesHarrisburg, PAPatanjali FoodsStrategic$5M
Jun 2026Hopdoddy Burger BarAustin, TXFounders Table Restaurant GroupStrategicUndisclosed
Jun 2026Highland BakingNorthbrook, ILEuropastryStrategicUndisclosed
Jun 2026Jimmy's Gourmet BakeryClifton, NJRise Baking Co.StrategicUndisclosed
Jun 2026Floyd County BrewingNew Albany, INUpland BrewingStrategicUndisclosed
Jun 2026Cheeca Lodge & SpaIslamorada, FLBass Pro ShopsStrategicUndisclosed
Jun 2026La VersaSanta Maria, CAMack & Schuhle ItaliaStrategicUndisclosed
Jun 2026Hot LuckMesquite, TXPeople Inc.StrategicUndisclosed
Jun 2026BonvagoMiami, FLTrip ConciergeStrategicUndisclosed
Jun 2026Cedar Crest Ice CreamCedarburg, WIHoffmann Family of CompaniesFinancial / PEUndisclosed
Jun 2026Neese Country SausageGreensboro, NCJesse JonesStrategicUndisclosed
Jun 2026Beverage Flavors InternationalChicago, ILFlavorSumStrategicUndisclosed
Jun 2026The Arizona Hideaway CollectionTubac, AZMountain Capital PartnersFinancial / PEUndisclosed
Jun 2026Crystal Springs ResortSussex, NJSouth Street PartnersFinancial / PEUndisclosed
Jun 2026Twang FoodserviceSan Antonio, TXSolina GroupStrategicUndisclosed
Jun 2026Masi MasaDenver, COPoolhouse TechnologiesStrategicUndisclosed
Jun 2026Envoy TechnologiesCulver City, CABladeRangerStrategicUndisclosed
Jun 2026Lyons MagnusFresno, CATruelink CapitalFinancial / PEUndisclosed
Jun 2026NutraBlend FoodsLancaster, NYApplied NutritionStrategic$16M
May 2026Bridgewell AgribusinessClackamas, ORVireo GrowthStrategic$40M
May 2026StrongwaterDenver, COThe Perfect PuréeStrategicUndisclosed
May 2026No CowDenver, COTrek One CapitalFinancial / PEUndisclosed
May 2026Good Karma FoodsBoulder, COTrek One CapitalFinancial / PEUndisclosed
May 2026Capital EagleWashington, DCChesapeake BeverageStrategicUndisclosed
May 2026Katcef BrothersAnnapolis, MDChesapeake BeverageStrategicUndisclosed
May 2026Menu AnalyticsCary, NCNutrisliceStrategicUndisclosed
May 2026BrainiacBurlingame, CABel U.SStrategicUndisclosed
May 2026Old Hickory SmokehouseLewisburg, TNColorado premiumStrategicUndisclosed
May 2026Yves Veggie CuisineMelville, NYMaple Leaf FoodsStrategicUndisclosed
May 2026The MoranHouston, TXMetroNationalStrategicUndisclosed
May 2026Mews TavernWakefield, RIHeritage Restaurant GroupStrategicUndisclosed
May 2026VeritasAfton, VAVeritas Legacy PartnersStrategicUndisclosed
May 2026Wayne Combustion SystemsFort Wayne, INR.W. Beckett CorporationStrategicUndisclosed
Apr 2026Commercial Hospitality SolutionsGeorgia, LAAmeribrandsStrategicUndisclosed
Apr 2026Roger Wood FoodsSavannah, GASigma FoodsStrategicUndisclosed
Apr 2026Brothers International FoodRochester, MNSK Capital PartnersFinancial / PEUndisclosed
Apr 2026Terrasoul SuperfoodsFort Worth, TXLaird SuperfoodStrategic$48M
Apr 2026Stone BrewingEscondido, CAFirestone WalkerStrategicUndisclosed
Apr 202621st Amendment BrewerySan Leandro, CAEvil Genius BeerStrategicUndisclosed
Apr 2026Shirazi DistributingBoston, MAOdekoStrategicUndisclosed
Apr 2026The Long Drink CompanyNew York, NYMark Anthony GroupStrategicUndisclosed
Apr 2026RuddOakville, CASt. Supery Estate Vineyards & WineryStrategicUndisclosed
Apr 2026Mayflower Inn & SpaWashington, DCDovehill Investment and DevelopmentStrategicUndisclosed
Apr 2026Teasdale Latin FoodsFlower Mound, TXKnighthead Capital ManagementFinancial / PEUndisclosed
Apr 2026Keg LogisticsIndianapolis, INEvaaroStrategicUndisclosed
Apr 20266AM HealthWaltham, MAHUNGRYStrategicUndisclosed
Apr 2026Season HealthAustin, TXOpenLoop HealthStrategicUndisclosed
Apr 2026El Latino FoodsDoral, FLApex CapitalFinancial / PEUndisclosed
Apr 2026GiftAMealSt Louis, MOSwipe SavvyStrategicUndisclosed
Mar 2026Lanovara Specialty FoodsRochester, NYSpecial Touch BakeryStrategicUndisclosed
Mar 2026Sheraton Raleigh HotelRaleigh, NCWhite LodgingStrategicUndisclosed
Mar 2026M-K-T HeightsHouston, ARMetroNationalStrategicUndisclosed
Mar 2026HOP WTRLos Angeles, CAConstellation BrandsStrategicUndisclosed
Mar 2026Keystone Food ProductsEaston, PACK SnacksStrategicUndisclosed
Mar 2026So Good So YouMinneapolis, MNBansk GroupFinancial / PEUndisclosed
Mar 2026Atomic BrandsMiami, FLMolson CoorsStrategicUndisclosed
Mar 2026Dunn & GrouxLos Angeles, CAVictory Yacht SalesStrategicUndisclosed
Mar 2026Dirty ShirleyAustin, TXSazerac CompanyStrategicUndisclosed
Mar 2026La Posada de Santa FeSanta Fe, NMCrescent Hotels & ResortsStrategicUndisclosed
Mar 2026Hospitality Development GroupFort Lauderdale, FLIdeal Group of CompaniesStrategicUndisclosed
Mar 2026ShinyAustin, TXeTipStrategicUndisclosed
Mar 2026CoenCanonsburg, PACumberland FarmsStrategicUndisclosed
Mar 2026Logan's RoadhouseNashville, TNSSCP ManagementStrategicUndisclosed
Mar 2026BUNNSpringfield, ILAli GroupStrategicUndisclosed
Mar 2026Maplewood Brewery & DistilleryChicago, ILHalf AcreStrategicUndisclosed
Mar 2026Dawn Food ProductsJackson, MIPuratosStrategicUndisclosed
Mar 2026Chauvin CoffeeSt Louis, MOHudson-Leramo Beverage GroupStrategicUndisclosed
Mar 2026My/Mo Mochi Ice CreamLos Angeles, CAMorinagaStrategicUndisclosed
Mar 2026NP NutraGardena, CAHerbCoStrategicUndisclosed
Mar 2026RoamiMiami, FLCozySuitesStrategicUndisclosed

Source: Rogo deal screening — target HQ in the United States, H1 2026 (January–June 2026), transactions ≤ $100M enterprise value (undisclosed retained). Reflects deals captured by the screen, a representative sample of a larger national market, curated to on-theme targets. Buyer type reflects the acquirer entity; many strategic acquirers are PE-backed platforms executing add-ons.

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