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Good Morning Wolf Pack,

Today's newsletter covers Inspire Brands filing to go public in a move that could reshape the franchise IPO landscape, Freedom Boat Club buying out its biggest franchise operation in Boston and Cape Cod, and Chicken Salad Chick signing its largest development deal ever in upstate New York. 

Enjoy!

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FROM THE WOLF DEN

Inspire Brands, the Roark Capital-backed parent of Dunkin', Buffalo Wild Wings, Arby's, Sonic, Baskin-Robbins, and Jimmy John's, announced on May 8 that it has filed a confidential submission with the SEC for a proposed IPO. The number of shares and the offering price have not been disclosed, and the filing is pending SEC review, subject to market conditions.

Inspire said it intends to use IPO proceeds to repay outstanding debt and cover offering expenses. The brand portfolio is substantial: Buffalo Wild Wings posted an average unit volume of $3.57 million in 2025, Sonic came in at over $1.55 million, and Dunkin's AUV hit $1.37 million across more than 8,780 locations worldwide.

The announcement comes less than a month after Jersey Mike's made its own confidential SEC filing, reportedly targeting a $12 billion valuation. Between Inspire and Jersey Mike's, two of the largest franchise systems in the country are quietly making their way toward public markets at the same time.

Freedom Boat Club has acquired the Boston and Cape Cod franchise territories from operators Matt Carrick and Matt O'Connor, the brand's largest franchisees. The deal encompasses 21 locations, including a maintenance center and dealership.

The sellers plan to reinvest part of the proceeds into expanding their New Jersey operations and potentially acquiring new territories. For Carrick and O'Connor, this was a deliberate decision to monetize what they had built, not a distressed exit.

The Boston and Cape Cod club is the most productive in the entire FBC system, operating only six months a year due to seasonality. As President Cecil Cohn put it, that fact alone speaks to the strength of FBC's reciprocal membership model, which lets members use the brand's locations in Florida, Texas, Southern California, and other year-round markets. The brand has about 440 locations globally and has maintained a member retention rate approaching 90 percent, a number most franchise concepts only dream about.

Chicken Salad Chick has signed a 25-unit franchise development agreement covering Albany, Buffalo, Rochester, Syracuse, and the Upper Hudson Valley, marking the brand's largest deal in its history. The agreement comes on the heels of opening development opportunities in both New York and New Jersey.

The deal is backed by a multi-unit operator with an established track record in nationally recognized franchise brands. VP of Franchise Development Mark Verges called New York "a tremendous growth opportunity" for a concept that has already grown to more than 330 restaurants across 22 states.

Chicken Salad Chick has been named one of QSR magazine's Best Franchise Deals four consecutive years and ranked No. 3 on Fast Casual's Top 100 Movers & Shakers. Additional territories remain available in both New York and New Jersey as the brand continues its Northeast push.

EXTRA SAUCE 💥

Re/Max acquired by Real Brokerage in $880M deal, creating a 180,000-agent network Real Brokerage Inc. will acquire Re/Max Holdings in an $880 million transaction, with the combined company to be rebranded as Real ReMax Group spanning over 120 countries and territories.

FAT Brands bankruptcy auction splits the company into four parts; Smokey Bones shuts all stores Twin Peaks and 14 other FAT Brands properties have winners from a bankruptcy auction, though the buyers behind entities named Twnpks Bid Co. and FBG Bid Co. remain undisclosed pending court approval.

Jack in the Box names former board chair Mark King as interim CEO amid ongoing turnaround The leadership change is the latest move in the brand's "Jack on Track" initiative, as the company works to reverse declining sales and rebuild operator confidence across its franchise system.

Smoothie King unveils brand evolution plan with in-store redesign, menu expansion, and limited-time offers Chief Marketing Officer Claudia Schaefer says the overhaul is designed to meet consumers' evolving expectations around health and wellness, with fresh visuals and new menu items at the center of the strategy.

Five Star Franchising acquires In and Out Floors, entering the mobile flooring retail space The two-unit Michigan-based brand has been rebranded under Five Star's platform, adding flooring to its portfolio of home services franchise concepts across restoration, painting, and maintenance.

Boddie-Noell Enterprises, the largest Hardee's franchisee, diversifies with 31+ Scooter's Coffee units in NC and VA The longtime QSR operator is placing a significant bet on the drive-thru coffee segment, signaling a broader trend of established multi-brand franchisees adding beverage concepts to offset slower QSR traffic.

Code Ninjas expands into Dallas-area with new location opening in McKinney this August Led by technology executive and military veteran Kenneth Johnson and his partner Calvin Thomas, the new McKinney center will focus on hands-on coding, AI, and robotics education for kids ages 5-14.

Sparkle Grooming Co. signs 22-unit development agreement for Orange County, California The wellness-focused dog grooming franchise has now surpassed 500 development licenses awarded nationwide, with regional developers Greg Busch and John Entz leading the Southern California push on the heels of their Texas deal.

Celebree School adds 3-unit agreement in Philadelphia, bringing regional pipeline to 19 schools The early childhood education franchise is accelerating its Northeast footprint with 10 franchisees now developing locations across the greater Philadelphia market.

Heart to Home Meals signs 4th US franchise deal in Durham, North Carolina The senior-focused meal delivery franchise, backed by international parent company apetito, is expanding through the Research Triangle region as demand for senior independence services accelerates.

The Great Greek Mediterranean Grill signs master franchise agreement for Guyana and seven Caribbean countries The Beharry Group, an 80-year-old Guyana-based conglomerate with 4,000 employees and existing QSR experience, will open the brand's first Caribbean locations starting in Georgetown, Guyana's capital. 

Love & Honey Fried Chicken signs 20-unit development deal in Southeast Florida The Philadelphia-based premium fried chicken concept is expanding into communities across Southeast Florida and south of Orlando, backed by a multi-unit operator experienced in national franchise development. 

WOLF BITES

• Swatch shutters stores as demand for collaboration with Audemars Piguet peaks ⌚
• Snap, YouTube, and TikTok settle school district social media addiction lawsuit 📱
• US cruise passengers from hantavirus outbreak arrive in Nebraska for quarantine 🚢
• Scientists develop brain-controlled hearing system that isolates one voice in a crowded room 🧠
• OpenAI launches ChatGPT personal finance tools with bank account connections 💰
• SpaceX shareholders approve 5-for-1 stock split ahead of IPO 🚀
• Oil prices keep swinging up and down, and so do stocks worldwide 😵‍💫

That’s it for this edition of The Wolf Report. Feel free to reply with any questions or feedback. Thanks and see you Thursday!

— The Wolf

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