Boathouse Capital is pleased to announce that in partnership with Victory Park Capital, OFS Capital and KBP’s current management, it has completed a preferred equity investment in the management buyout of KBP Foods (“KBP” or the “Company”). Based in Overland Park, KS, KBP is a Yum! Brands restaurant franchisee that operates approximately 220 units across 10 states in the Southeast, South, and Midwest, and is the largest independent KFC operator in the country. Since its founding in the late 1990s, KBP has consistently demonstrated brand-leading financial and operating performance and has successfully integrated numerous accretive add-on acquisitions. The current management team will continue to execute on KBP’s strategy of acquiring and improving operations of franchised restaurants.

The Restaurant 200's top 10 franchisees remained largely unchanged in 2025 despite challenges including tariffs, rising food costs, labour issues, and inflation-driven consumer apathy. Revenue among the top 10 increased by 4.2% over 2024, whilst overall list growth was under 1%, the lowest since the COVID-19 pandemic. Flynn Group retained its position as the largest franchisee, adding 62 Pizza Hut locations to reach 1,321 total units. Revenue increased 3.2% to $4.9 billion. Notable movers included AES Restaurants, which jumped 30 spots to number 34 after acquiring 40 Arby's locations and 115 corporate-owned stores. Fresh Dining Concepts rose 45 positions to number 43 after completing 22 acquisitions, adding brands including Nothing Bundt Cakes, Little Caesars, and PopUp Bagels.