2.4.5Segment

Fast Food & Quick Service (QSR)

Quick service restaurant operators providing value-oriented, drive-through, and counter-service meals to consumers.

3
Verticals

Overview

Fast Food & Quick Service (QSR) covers value-oriented, drive-through, and counter-service restaurants — the franchise-dominated heart of the industry, led by global brands (McDonald's, Chick-fil-A, Taco Bell, Burger King) operated largely through franchisees. It is the largest and most consolidation-friendly restaurant format.

Economics favor franchising, throughput, and drive-through efficiency, and the format has proven resilient and digitally adaptive. Private equity is highly active in multi-unit franchisee platforms, and the Census category also captures fast-casual operators.

Market snapshot

Market size
~$362B
Growth
~7.3%CAGR (2017–22, nominal)
Companies
~276,800
FragmentationFragmented

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 722513 (Limited-Service Restaurants) + 722330 (Mobile Food). 722513 also includes fast-casual operators.

Business model & economics

Revenue model
Unit food sales; franchise royalties for franchisors
Recurring revenue
Moderate — recurring local demand
EBITDA margin
Unit-level thin; high and capital-light for franchisors
Capex intensity
High
  • Franchise-dominated, throughput- and drive-through-driven.
  • Resilient and digitally adaptive demand.
  • Multi-unit franchisee platforms are highly PE-active.

M&A deal context

High deal activity

Who’s acquiring

Multi-unit franchisee consolidatorsPE-backed QSR platformsBrand & franchisor acquirers

What’s driving deals

  • Aggressive roll-up of multi-unit franchisee operations.
  • Brand-portfolio M&A among franchisors.
  • Drive-through and digital efficiency favoring scale.

Verticals in this segment

  • 2.4.5.1Drive-Through & Convenience Concepts

    QSR operators focused on drive-through and grab-and-go convenience formats.

  • 2.4.5.2QSR Chain Corporate Operators

    Corporate-owned and operated quick service restaurant locations.

  • 2.4.5.3QSR Franchise Operators

    Multi-unit franchisees operating licensed QSR brand locations.

Find Fast Food & Quick Service (QSR) acquisition targets

Search Acquisera’s index for companies classified under Fast Food & Quick Service (QSR) (2.4.5) and build a targeted deal pipeline.

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