2.4.8.3Vertical

Independent Casual Dining

Single-location casual dining restaurants.

Market snapshot

These figures describe Full Service & Casual Dining (2.4.8), the segment that Independent Casual Dining sits within — not Independent Casual Dining on its own.

Market size
~$378.5B
Growth
~4.4%CAGR (2017–22, nominal)
Companies
~262,100
FragmentationHighly fragmentedEstimate

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 722511 (Full-Service Restaurants) + 722514 (Cafeterias/Buffets). 722511 also includes fine dining.

Business model & economics

Revenue model

Table-service food and beverage sales; franchise royalties for chains

Key economics

Recurring revenue
Moderate

recurring local demand

EBITDA margin
Thin at the unit level
Capex intensity
High

Characteristics

  • Mature format pressured by fast-casual and delivery.
  • Labor- and occupancy-heavy with thin unit margins.
  • Includes both casual-dining chains and independents.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Casual-dining chain operators
  • Multi-brand restaurant platforms
  • PE-backed franchisee consolidators

What’s driving deals

  • Consolidation of casual-dining chains and franchisees.
  • Multi-brand platform building.
  • Competitive pressure from fast-casual and delivery.

Find Independent Casual Dining acquisition targets

Search Acquisera’s index for companies classified under Independent Casual Dining (2.4.8.3) and build a targeted deal pipeline.

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