Dive Brief:
- Thrive Restaurant Group has acquired Modern Market Eatery, the company said in a press release emailed to Restaurant Dive. The terms of the transaction were not disclosed.
- Thrive previously signed a 41-unit franchising deal with Modern Market in 2022 to develop the concept across 11 new markets.
- The restaurant group has been excited about the brand’s potential since it became a franchisee, John Rolph, Thrive CEO, wrote in an email to Restaurant Dive. Buying the brand was a “natural next step with our growth into fast casual with a focus on health centered concepts,” he said.
Dive Insight:
Thrive, which operates over 190 restaurants across six brands including Applebee’s and Qdoba, previously purchased three Modern Market units in Austin, Texas, and built two Modern Market units in the Kansas City area, the press release said. Modern Market has locations in Colorado, Kansas, Missouri and Texas, in addition to licensed locations in Colorado, Georgia, Indiana and Massachusetts. The acquisition expands Thrive’s holdings into seven states, and the restaurant group now operates 24 restaurants and five licensed locations.
Modern Market has been exploring new formats, opening its first drive-thru restaurant in Colorado Springs, Colorado last year.
Modern Market COO Robin Robison will join Thrive as president of the Modern Market brand, per the press release.
“We are preparing the concept for growth as we welcome the Modern Market team into the Thrive culture and integrate our systems together,” Rolph said. “This growth will include both franchisee partners and company owned restaurants as we expand in our current markets and invite others to invest in this vibrant brand.”
Modern Market’s previous owner, Butterfly Equity, is focusing more of its resources on Qdoba, which it acquired in 2022, according to The Wichita Eagle. Thrive signed a deal earlier this summer to open 30 Qdoba units in North Carolina and South Carolina by 2028, per the Wichita Eagle. Qdoba has plans to surpass 1,000 units by 2027, up from its 750 store count as of January 2024.
