What Fresh Dining Concepts does

Fresh Dining Concepts (FDC) is a multi-unit, multi-brand franchise operator founded in 2015 by Luis San Miguel with the acquisition of 22 Auntie Anne's stores. Headquartered in Manhattan, the company has grown through a roll-up strategy — six acquisitions in less than ten months during 2021–2022, including a doubling deal for 73 Auntie Anne's units from Double P Corporation — to become the largest franchisee group in the GoTo Foods (formerly Focus Brands) portfolio. FDC operates 215+ retail locations across 8 brands, including Auntie Anne's, Cinnabon, Carvel, Jamba Juice, PopUp Bagels, and Jack in the Box, distributed coast-to-coast across 35+ states and reaching Hawaii following a 2024 Pacific acquisition.

FDC's revenue model is traditional franchise operations: same-store sales across owned units, new unit development, and co-branded locations (notably Auntie Anne's + Cinnabon) that drive higher traffic and per-location sales. Distribution spans four real-estate formats — shopping malls (the historical core), airports (including O'Hare and Honolulu), outlet centers, and street-side or retail-plaza storefronts in markets like NYC and Long Island. Customer acquisition is largely passive, driven by mall foot traffic, parent-brand marketing from GoTo Foods, and organic social media (notably TikTok virality for PopUp Bagels).

The company is private equity-backed: Boathouse Capital acquired FDC in December 2019 in partnership with Green Shoot Partners, with a $44 million growth investment in June 2022 funding subsequent expansion. FDC has been recognized on the Franchise Times Restaurant 200 list (2022) and as the 2023 Multi-Brand Franchise Winner. Current leadership includes CEO Mike Evans, with a professionalized C-suite supporting a strategy that blends acquisition roll-up, new-brand onboarding (PopUp Bagels targeting 70 stores), co-branding, and geographic expansion.

Name

Fresh Dining Concepts

Legal name

Fresh Dining Concepts

Website

https://freshdiningconcepts.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

251–500 employees

Short description

Fresh Dining Concepts is a multi-brand franchise operator managing 215+ quick-service restaurant locations across 8 brands — including Auntie Anne's, Cinnabon, Jamba Juice, and PopUp Bagels — serving consumers through mall, airport, and street-side retail locations nationwide. The company is PE-backed by Boathouse Capital.

Ownership category

akta.pro rank

Headquarters

HQ city

Coral Gables

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Franchise Operations Revenue: Fresh Dining Concepts generates revenue as a multi-unit franchisee operator by operating retail food service locations across multiple brands including Auntie Anne's, Cinnabon, Carvel, Jamba Juice, Jack in the Box, and PopUp Bagels. Revenue comes from same-store sales, new store openings, and co-branding initiatives that drive higher traffic and sales per location.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels2 records

Core offering

Fresh Dining Concepts is a multi-unit, multi-brand franchise operator that develops, acquires, and runs quick-service restaurant locations for established brands under the GoTo Foods (Focus Brands) portfolio and partner brands. The company sells pretzels, cinnamon rolls, ice cream, smoothies, bagels, and fast-food items directly to consumers through more than 215 stores spanning coast-to-coast U.S. markets including malls, airports, outlet centers, and street-side storefronts.

Product overview

Fresh Dining Concepts operates as a multi-unit, multi-brand restaurant franchise operator with a portfolio of eight brands and nearly 400 locations nationwide. The company manages a portfolio of quick-service restaurant brands including Auntie Anne's (soft pretzels), Cinnabon (cinnamon rolls), Carvel (ice cream), Jamba Juice (smoothies), PopUp Bagels (bagels), and Jack in the Box (fast food). The company also operates co-branded units combining Auntie Anne's and Cinnabon locations. The portfolio spans coast-to-coast with locations across California, Florida, New York, Illinois, Hawaii, Texas, Nevada, and numerous other states, operating in malls, airports, and street-side locations. Under CEO Luis San Miguel's leadership, FDC has grown from 22 Auntie Anne's stores in 2015 to over 215 locations, with further expansion plans targeting 70 PopUp Bagels locations and additional stores across major markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Auntie Anne's Soft pretzel franchise brand operated by FDC; the company has become the largest Auntie Anne's franchisee through multiple acquisitions, including the 2022 purchase of 73 locations from Double P Corporation. Sold to consumers at mall, airport, outlet, and street-side locations.
• Cinnabon Cinnamon roll bakery brand operated within FDC's portfolio, frequently co-located with Auntie Anne's in malls and street-side locations across New York City and other markets.
• Carvel Ice cream and frozen dessert franchise brand operating under FDC's management alongside its other Focus Brands holdings.
• Jamba Juice Smoothie and health-focused beverage brand; FDC acquired 26 Jamba locations in Hawaii in 2024, establishing a Pacific market presence.
• PopUp Bagels TikTok-famous bagel chain that gained viral recognition during the pandemic; FDC supports expansion with plans for 36 additional stores across East and West Coast markets including Hawaii, targeting 70 locations by year-end.
• Jack in the Box Fast food burger chain brand operated in FDC's portfolio, with locations in the Pacific region alongside Jamba Juice.
• Co-branded Auntie Anne's + Cinnabon Units Combined Auntie Anne's and Cinnabon locations operating under one roof, part of FDC's strategy to accelerate development outside of malls with street-side co-branded units across New York City's five boroughs and other markets.

Named customers3 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered flagship, core and minor.

• GoTo Foods (formerly Focus Brands)flagshipChannel Partner/ Reseller/ DistributorGoTo Foods (parent company of Auntie Anne's, Carvel, Cinnabon, and Jamba Juice) is Fresh Dining Concepts' primary franchisor partner. FDC is GoTo Foods' largest franchisee group. FDC operates locations for multiple GoTo Foods brands and has received co-branding support for expansion initiatives.
• PopUp BagelscoreStrategic or Co-development PartnerFresh Dining Concepts supports PopUp Bagels' expansion as a multi-brand restaurant operator. FDC opened PopUp Bagels' first East End location in Westhampton and plans to debut 36 additional stores across major East and West Coast markets including Hawaii.
• Double P CorporationminorChannel Partner/ Reseller/ DistributorDouble P Corporation sold 73 Auntie Anne's locations to Fresh Dining Concepts in early 2022. This was FDC's sixth acquisition in less than 10 months and doubled their holdings from 73 to 146 stores.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Flynn Restaurant Group: Largest US franchisee operator (Applebee's, Taco Bell, Panera, Arby's, Wendy's, Pizza Hut). Largest direct comparable multi-brand franchisee, operating Quick Service and Fast Casual brands across diverse US markets with similar franchisee-of-many-brands economics.
• NPC International: Formerly the largest Pizza Hut and Wendy's franchisee in the US, operating thousands of QSR units under multiple brands. The closest historical precedent to a multi-brand QSR roll-up under PE ownership and a direct example of the scale trajectory FDC is pursuing.
• Sun Holdings: Multi-brand franchisee operating Popeyes, Burger King, Arby's, Sonic, and Golden Corral units across multiple US states. Compares to FDC on multi-brand franchise strategy, mall/retail-adjacent real estate, and acquisitions-led expansion.
• GPS Hospitality: Multi-unit franchisee operating 450+ Burger King, Popeyes, and Pizza Hut locations across the Midwest, Southeast, and Mid-Atlantic. Directly comparable in scale, geography, and mall/travel-plaza-adjacent QSR operations.
• Carrols Restaurant Group: Largest Burger King franchisee operator in the US with ~1,000 units, recently acquired by RBI. Comparable QSR franchisee scale model, unit-economics discipline, and corporate-level multi-unit management that FDC mirrors for Auntie Anne's and other brands.
• Yadav Enterprises: Multi-brand Wendy's and Fazoli's franchisee operator with strong East Coast mall and travel-plaza presence. Comparable multi-brand roll-up strategy under PE backing and similar mall-based footprint concentration.

Broad incumbents

• MTY Food Group: Public Canadian franchisor/franchisee operator managing 80+ brands across North America. Directly analogous multi-brand restaurant franchise operating model, although primarily a franchisor with embedded franchisee activity. Comparable by category and unit economics approach.
• Jamba (parent company): Parent franchisor of the Jamba smoothie brand that FDC operates as a franchisee in Hawaii. Comparable by product/category (smoothies, health-focused beverages) and overlap through FDC's 2024 acquisition of 26 Hawaii locations.
• Focus Brands / GoTo Foods: Parent franchisor of Auntie Anne's, Cinnabon, Carvel, and Jamba Juice—FDC's primary brand partners. Compares as the upstream counterparty whose strategic priorities and multi-unit franchisee-of-record designation directly shape FDC's expansion runway.

Others

• Boathouse Capital (PE sponsor): Philadelphia-based PE firm that led the 2019 acquisition and 2022 $44M investment in FDC. Comparable as a capital partner in franchisee roll-ups; informs ownership dynamics and exit timing relevant to FDC's trajectory rather than direct operational competition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/fresh-dining-concepts

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fresh Dining Concepts