Top 20 Multi-Unit Franchisees in QSR You Should Know in 2025

In the Quick Service Restaurant (QSR) sector, size matters—especially when you’re evaluating the strength of a NNN lease investment. While many investors focus on corporate-backed leases, some of the most stable and profitable QSR properties on the market today are operated by multi-unit franchisees with deep operational experience, professional management, and strong financial backing.

These groups often own dozens, hundreds, or even thousands of units across top-performing brands like Taco Bell, Wendy’s, Popeyes, and Burger King. In 2025, knowing who’s behind the lease is just as important as the logo on the sign.

Below are 20 of the most influential and credit-worthy multi-unit franchise operators in the QSR space today—names every net lease investor, broker, and lender should be familiar with.

🔝 Top 20 Multi-Unit QSR Franchisees in 2025

1. Flynn Group

  • Units: 2,400+

  • Brands: Arby’s, Panera, Taco Bell, Pizza Hut, Wendy’s

  • Highlights: The largest franchise operator in the U.S., backed by private equity; known for operational excellence and strong acquisitions.

2. Carrols Restaurant Group

  • Units: 1,000+

  • Brands: Burger King, Popeyes

  • Highlights: Largest Burger King franchisee in the U.S., publicly traded; seasoned management and consistent growth.

3. NPC International (Now Reorganized)

  • Units: Historically 1,200+ (Pizza Hut, Wendy’s)

  • Highlights: Despite past bankruptcy, NPC assets were acquired and redistributed to other major operators like Flynn Group—remains influential post-reorg.

4. GPS Hospitality

  • Units: 500+

  • Brands: Burger King, Popeyes, Pizza Hut

  • Highlights: Rapid expansion since 2012; known for modernizing aging portfolios and delivering results.

5. MERITAGE HOSPITALITY GROUP

  • Units: 350+

  • Brands: Wendy’s

  • Highlights: Publicly traded on OTC Markets; focused on high-performing Wendy’s units in multiple states.

6. Ampex Brands

  • Units: 500+

  • Brands: KFC, Taco Bell, Long John Silver’s, Pizza Hut, 7-Eleven

  • Highlights: Recently acquired Au Bon Pain; a hybrid of QSR and convenience retail.

7. Sun Holdings, Inc.

  • Units: 1,200+

  • Brands: Burger King, Popeyes, Arby’s, Papa John’s, IHOP

  • Highlights: One of the fastest-growing franchisees, with diversified brand exposure and significant private equity backing.

8. Boddie-Noell Enterprises

  • Units: 340+

  • Brands: Hardee’s

  • Highlights: Longest-operating Hardee’s franchisee; known for generational leadership and strong regional performance.

9. The BELL AMERICAN GROUP (Subsidiary of Flynn)

  • Units: 270+

  • Brands: Taco Bell

  • Highlights: High-performing Taco Bell portfolio, with strong EBITDA and corporate systems.

10. TOMS King

  • Units: 140+

  • Brands: Burger King

  • Highlights: Midwest and Northeast-based; emerged from reorganization with solid-performing stores.

11. D.L. Rogers Corp

  • Units: 250+

  • Brands: SONIC Drive-In

  • Highlights: Largest Sonic franchisee in the country; respected for strong site selection and market dominance.

12. Charter Foods (A Restaurant Brands Company)

  • Units: 350+

  • Brands: Taco Bell, KFC, Long John Silver’s

  • Highlights: Aggressive acquirer of underperforming units, known for turning them profitable.

13. Haza Foods

  • Units: 300+

  • Brands: Wendy’s, Church’s Chicken

  • Highlights: Focused on operations in the South and Southwest; known for best-in-class margins.

14. Tasty Restaurant Group

  • Units: 400+

  • Brands: Pizza Hut, Burger King, Dunkin’

  • Highlights: Rapid expansion backed by PE; aims to acquire large portfolios and drive performance.

15. Pacific Bells

  • Units: 250+

  • Brands: Taco Bell

  • Highlights: Frequently ranked as a top-tier franchisee by Yum! Brands.

16. Northwest Restaurants, Inc.

  • Units: 100+

  • Brands: Jack in the Box, Denny’s

  • Highlights: Strong regional player with steady unit economics and local brand loyalty.

17. Rackson Restaurants

  • Units: 150+

  • Brands: Popeyes, Checkers, Burger King

  • Highlights: PE-backed with focus on fast expansion in urban infill markets.

18. WenGap

  • Units: 190+

  • Brands: Wendy’s

  • Highlights: High sales-per-unit operator with deep Midwest market coverage.

19. Paradigm Investment Group

  • Units: 150+

  • Brands: Hardee’s, Qdoba, Jersey Mike’s

  • Highlights: Multi-brand diversification and known for entering secondary markets profitably.

20. Premier Kings, Inc.

  • Units: 170+

  • Brands: Burger King

  • Highlights: Southeastern U.S. powerhouse with history of smart acquisitions and high ROI per unit.

🧠 Why This List Matters for NNN Investors

When reviewing QSR NNN investment opportunities, the tenant on paper might be a franchisee, not the corporate parent. If you’re buying a Wendy’s or Burger King, it’s vital to know who the operator is.

Multi-unit franchisees like Flynn Group or Sun Holdings can provide:

  • Stronger guarantees

  • More stable cash flow

  • Better likelihood of lease renewal

  • Lower vacancy risk

These groups often invest heavily in site selection, build quality, and operations, all of which protect your investment.

📈 Final Thoughts

Whether you’re acquiring your first NNN deal or trading into a 1031 exchange, knowing the top-performing franchisees behind major QSR brands gives you a huge advantage. Many of the best cash-flowing properties on the market are operated by these power players—not the corporate brands themselves.

If you’re sourcing a franchise-backed NNN deal and want tenant-level insight, make sure you’re not just underwriting the real estate—underwrite the operator too.

Need help finding a high-credit franchisee-backed NNN deal?
We specialize in sourcing stabilized assets with long-term leases and strong operators behind the brand.

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