C&M Foods Group has entered the Popeyes Louisiana Kitchen franchise system by acquiring 14 restaurants from GPS Hospitality Ventures, a multi-brand operator that has been selling off assets after its bondholders took control of the company in mid-2026 following a prolonged debt crisis. The deal adds another buyer to a Popeyes system that has seen significant franchisee turnover this year.
The transaction was reported by Franchise Times on September 8, 2026. Unbridled Capital served as sell-side adviser to GPS Hospitality Ventures. Financial terms were not disclosed. C&M Foods Group enters the Popeyes system as a new operator, absorbing a Georgia-based portfolio from one of the more prominent franchisee groups to have fallen into financial distress in the quick-service restaurant sector in recent years.
Popeyes Louisiana Kitchen
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GPS Hospitality Sells Assets After Bondholders Take Control
GPS Hospitality, the Atlanta-based multi-brand franchisee founded in 2012 by former Arby’s CEO Tom Garrett, missed interest payments on its $400 million senior secured notes in August 2025 and again in February 2026, operating under an extended forbearance agreement with creditors throughout.
In May 2026, ION Analytics / Debtwire reported that GPS was in talks to hand control of the company to its creditors through an out-of-court restructuring, with bondholders expected to equitize a significant portion of their debt.
By late June 2026, Bloomberg reported that the creditor takeover had been completed. S&P Global Ratings had described GPS as struggling with “geographic and brand challenges, along with a high interest burden.” The company previously sold its Pizza Hut locations as part of the same deleveraging effort.
A Distressed Portfolio Finds a New Operator
GPS Hospitality operates more than 400 Burger King and Popeyes locations. The sale of its Popeyes portfolio through GPS Hospitality Ventures follows the pattern of asset disposals that typically accompany creditor-led restructurings in the franchise industry, where non-core or underperforming brand positions are sold first to generate liquidity and simplify operations.
Unbridled Capital, a Gulf Breeze, Florida-based investment banking firm specializing in franchise M&A, has advised on multiple Popeyes sell-side transactions in recent years. For C&M Foods Group, the acquisition represents an opportunity to enter an established system at a price and under conditions unlikely to replicate in a standard franchise development pathway.
Popeyes Continues to Absorb Franchisee Turnover
The C&M Foods acquisition adds to a running list of ownership changes within the Popeyes system in 2026. Earlier in the year, Miami-based Sailormen Inc., which had operated 136 Popeyes franchises, filed for Chapter 11 bankruptcy and sold its restaurants to five separate buyers, with 39 locations closing.
That restructuring, one of the larger QSR franchise bankruptcies in recent memory, redistributed a significant number of Popeyes units to new operators. The GPS Hospitality Ventures sale follows a similar dynamic: experienced capital entering to absorb locations from operators exiting under financial pressure, with the brand maintaining system continuity in the process.
Popeyes Under Restaurant Brands International
Popeyes Louisiana Kitchen has operated under Restaurant Brands International since 2017, when RBI acquired the chain for approximately $1.8 billion. The brand has pursued aggressive franchisee growth since the acquisition, but unit-level economics have remained under pressure in several markets. The wave of ownership transitions in 2026 reflects ongoing recalibration within the system as RBI works to stabilize its franchisee base and improve per-unit profitability across the Popeyes network.
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