"We don't need to do an acquisition to build scale. We already have scale," David Gibbs, Yum Brands' president and chief financial officer, told Business Insider in December.
Gibbs says he believes scale is becoming increasingly important. For example, the company's scale helped make possible its deal with GrubHub, in which Yum Brands purchased a $200 million stake in the delivery company.
"That's why you're seeing so many other companies go out and try to acquire new concepts just to try and build their own scale," Gibbs said.
Restaurant Brands International is the parent company of Burger King, Tim Hortons, and Popeyes.
"In the past, you've seen us be opportunistic," executive chairman Daniel Schwartz said in a call with investors on Wednesday, regarding the company's acquisition strategy. "We've acquired three incredible brands that we think have great global growth potential."
Going forward, Schwartz said that Restaurant Brands International would consider acquiring other "iconic" brands with significant long-term growth potential.
Darden Restaurants is the Orlando, Florida-based company that owns eight chains, including Olive Garden, LongHorn Steakhouse, and Cheddar's Scratch Kitchen.
"Really, nothing has changed in the last 40 years with dining," Darden CEO Gene Lee said in a presentation in January.
"With all the technological advancements, if you think about it, we're still basically doing the same thing," Lee continued. "I don't see in the next 10 years any dramatic changes other than a continued transparency with what you're serving people. And, I think, you are going to have to be a little bit more convenient for them."
One of the most massive food-and-beverage giants is JAB Holding, the investment arm of the secretive Reimann family. JAB owns chains including Krispy Kreme, Panera, Caribou Coffee, Au Bon Pain, and Pret A Manger, as well as Keurig Dr. Pepper and bottled-water brand Core.
Focus Brands is the franchisor and operator behind Carvel, Cinnabon, Schlotzsky's, Jamba Juice, Moe's Southwest Grill, Auntie Anne's, McAlister's Deli, and Seattle's Best Coffee.
The company is owned by private-equity firm Roark Capital, which is reportedly considering an IPO for Focus Brands in 2019. Roark's portfolio expands beyond food and beverage, with stakes in companies such as Anytime Fitness and Drybar, as well as Inspire Brands, another restaurant-centric company.
In September, Inspire Brands announced it would be acquiring burger chain Sonic for $2.3 billion, including debt. The deal follows Inspire Brands — which already owned Arby's — closing on a deal to acquire Buffalo Wild Wings and Rusty Taco earlier in 2018.
"We like brands that are great brands, that have gone through a period of great success, and may be in a temporary period with a little bit of a challenge, where there's an opportunity to come in and get it back on a path," Inspire Brands CEO Paul Brown told Business Insider at the time.
Inspire Brands is majority-owned by Roark Capital.
Bloomin' Brands is the parent company of Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse.
In 2018, activist investor Barington Capital Group encouraged the company to spin off or sell some of the chains to focus on Outback Steakhouse.
Brinker International owns Chili's Grill & Bar and Maggiano's Little Italy. Previously, the company has owned chains including Romano's Macaroni Grill, On the Border, and Corner Bakery Cafe.
Golden Gate Capital
Golden Gate Capital owns Bob Evans and California Pizza Kitchen, and it holds a majority stake in Red Lobster. The holding company's portfolio also includes Eddie Bauer, Pacific Sunwear of California, and Next Model Management.
In addition to its namesake Jollibee, Jollibee Foods Corporation has also invested in American chains such as chef Rick Bayless' Tortas Frontera and Smashburger, which JFC acquired in 2018. JFC additionally serves as an international franchisee for a number of brands, including Dunkin' Donuts and Burger King.