Transaction overview
Biscuit Belly, a U.S.-based restaurant chain specializing in biscuits and coffee, acquired Maple Street Biscuit Company's 34 locations on July 21, 2026, for $36 million. The deal significantly expands Biscuit Belly’s footprint by tripling its number of restaurants, supporting the company's strategic goal to operate over 60 outlets by the end of 2028. Maple Street Biscuit Company previously operated under Cracker Barrel before being divested.
Deal structure and financing
The acquisition was structured as a straight cash deal with no disclosed debt or equity components. RBC Capital Markets served as the sell-side financial advisor to Maple Street Biscuit Company, while PJT Partners advised Biscuit Belly on the transaction. DLA Piper provided legal counsel for Biscuit Belly, and Covington & Burling represented Maple Street Biscuit Company.
Strategic context
Biscuit Belly's acquisition of Maple Street Biscuit Company was driven by a strategic intent to rapidly expand its market presence in key geographic areas previously owned by Cracker Barrel. The deal provides immediate scale benefits for Biscuit Belly, which has ambitious growth targets. Meanwhile, Cracker Barrel divested the business as part of an ongoing strategy to focus on core restaurant and gift retail operations within its portfolio.
Regulatory path
No significant regulatory hurdles were encountered during the acquisition process, likely due to the relatively modest size and scope of the deal compared to other food service mergers in recent years. The transaction was not subject to mandatory merger control filings under U.S. antitrust laws. However, both parties engaged with relevant state regulators ahead of closing to ensure compliance with local business licensing requirements.
The acquisition allows Biscuit Belly to enter new markets and capture additional market share without facing substantial regulatory delays or conditions.