Trinity Capital Research
Advisory Approach
Trinity Capital, now operating as Citizens' Restaurant, Franchise and Multi-Unit Advisory (a division of Citizens Capital Markets), is the nation's leading boutique M&A advisory firm specializing in restaurant, franchise, and multi-unit operator transactions. Founded in 2000 by Kevin Burke, Trinity Capital established itself as a go-to advisor for franchisees and restaurant operators navigating complex M&A transactions in the quick-service restaurant (QSR) sector.
The firm's thesis is straightforward: restaurant and franchise transactions are fundamentally different from general middle-market M&A. They require deep operational expertise, understanding of unit economics, knowledge of franchise law and Franchise Disclosure Documents (FDDs), and access to a network of sophisticated franchisees and operators. Trinity Capital pioneered the development of sophisticated financing structures for restaurant transactions and has become the institutional standard-bearer for franchise M&A advisory.
Their sweet spot is multi-unit franchisees ($10M-$250M enterprise value) navigating major liquidity events—whether selling to larger operators, financial buyers, or executing recapitalizations with private equity partners. They also advise chains and franchisors on refranchising programs, strategic M&A, and capital raising.
Sector Focus
Trinity Capital's practice is almost entirely concentrated in the restaurant and franchise sector, with particular depth in quick-service restaurants (QSR). They have executed transactions across the major QSR brands—Taco Bell, KFC, Pizza Hut, and others—as well as regional concepts and emerging brands.
Within the restaurant ecosystem, Trinity maintains expertise across multiple operator profiles: single-brand franchisees, multi-brand operators (managing Taco Bell/KFC/Pizza Hut combinations), emerging concept operators, and regional chains. They have also worked on transactions involving food service, beverage, and adjacent hospitality concepts.
Deal Track Record
Since its founding in 2000, Trinity Capital has completed over 500 transactions exceeding $20 billion in aggregate transaction value. This makes them one of the most prolific advisors in the franchise space by transaction volume and total value.
Specific recent transactions include:
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RC Group Taco Bell/KFC Sale (2023): Served as exclusive financial advisor to RC Group, LLC (Taco Bell/KFC/Pizza Hut franchisee owned by longtime operator Bob Carlucci) on the sale of 58 Taco Bell restaurants and 1 KFC restaurant in the Atlanta market. This transaction was significant in the market and demonstrated Trinity's continued strength advising on substantial QSR portfolios.
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CLC Northwest Taco Bell Sale (2021): Exclusive financial advisor on the sale of 24 Taco Bell restaurants, showcasing continued market activity and franchisee exit opportunities.
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OCAT Taco Bell Sale (2017): Advised OCAT, LLC on the sale of 57 Taco Bell restaurants, representing one of the larger unit-count transactions in that period.
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Yum! Brands Refranchising Programs: Trinity has been the primary advisor on multiple Yum! Brands refranchising initiatives, helping the franchisor divest company-operated units to qualified franchisees. These strategic transactions are complex multi-unit deals involving regulatory approval, unit integration, and operator qualification.
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Multiple Capital Raises and Recapitalizations: Beyond M&A advisory, Trinity has facilitated dozens of capital raises and recapitalizations for restaurant operators seeking growth capital or liquidity events with PE partners.
The firm's deal volume reflects both the frequency of M&A activity in the franchise space and their market leadership position. Restaurant operators and franchisees seeking to execute transactions overwhelmingly turn to Trinity Capital due to their institutional knowledge, buyer relationships, and process rigor.
Process & Fee Structure
Trinity Capital runs institutional-quality M&A processes specifically calibrated for restaurant and franchise transactions. Their typical sell-side engagement structure:
- Retainer: Typically $15K-$35K/month (credited against success fee)
- Success Fee: Modified Lehman formula or percentage of enterprise value (varies by engagement size and complexity)
- Engagement Length: 4-8 months from engagement to close (shorter than industrial M&A due to faster-moving franchisee buyer bases)
- Minimum Size: Generally $5M-$10M minimum enterprise value
Their process includes:
- Comprehensive buyer identification and outreach (200-400+ targeted buyer contacts for major transactions)
- Franchisee qualification and operator vetting
- Lease assignment coordination and franchisor approval management
- Quality of earnings and unit-level financial analysis
- Management presentation coaching
- Structured data room setup with unit-level KPIs
Buyer Network
Trinity Capital's buyer network is unique to the franchise space. Unlike traditional M&A advisors with networks of PE firms and corporate acquirers, Trinity's buyer base consists of:
- Sophisticated Multi-Unit Operators: Established franchisees with strong unit-level economics seeking bolt-on acquisitions or portfolio consolidation
- Platform Companies: PE-backed operator platforms (private equity-owned franchise hold-cos) actively acquiring units and bolt-on franchisees
- Emerging Operators: Proven franchisees seeking to expand into new geographies or brands
- Strategic Buyers: Franchisor acquisitions of independent operators or competitive operators
- Financial Buyers: Private equity firms and alternative lenders providing recapitalization to operators
Known PE relationships include firms specializing in restaurant and franchise platform acquisition and build strategies. Trinity's network includes hundreds of qualified, active franchisee buyers across all major QSR brands.
Competitive Positioning
Trinity Capital is virtually unopposed in the restaurant and franchise M&A advisory space. Competing advisors include:
- Larger generalist investment banks (Goldman Sachs, Morgan Stanley, Lazard) who occasionally handle large restaurant transactions but lack focus
- Regional boutiques with limited transaction volume and buyer networks
- Franchise consultants without M&A advisory capability
- Restaurant industry consultants without investment banking expertise
Trinity's differentiators:
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Franchise Law & Regulatory Expertise: Deep understanding of Franchise Disclosure Documents (FDDs), franchisor approval requirements, lease assignment processes, and franchise litigation—critical blockers in franchise M&A that generalist bankers mishandle
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Unit Economics Mastery: Trinity's team includes former franchisees, operators, and multi-unit executives who understand unit-level P&Ls, royalty structures, co-op contributions, and operational metrics that drive valuation
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500+ Transaction Playbook: 25 years of institutional knowledge and standardized processes eliminate surprises in franchise deals
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Buyer Network Scale: Direct relationships with hundreds of active franchisee operators and financial buyers—unmatched in the space
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Speed: Restaurant M&A moves faster than industrial M&A. Trinity's processes and buyer familiarity enable 4-6 month timelines versus 9-12 months at generalist firms
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Franchise Focus = No Distractions: Unlike generalist banks, Trinity isn't chasing industrial manufacturing or healthcare deals. They are 100% focused on restaurants and franchises
Not a Fit If
Trinity Capital typically declines or won't add value for:
- Non-Restaurant Transactions: They specialize in restaurants and franchises exclusively. Operators in other sectors should use a generalist bank
- Single-Unit Operators: Below minimum transaction size ($5M-$10M TEV), Trinity's process overhead doesn't make sense
- Troubled Assets: Operators with significant litigation, health/safety issues, or negative unit economics. Trinity works with healthy, viable franchisees
- Franchisors Seeking to Refranchise Without Buyer Network Support: If a franchisor wants to execute a refranchising without leveraging Trinity's buyer relationships, the value is limited
Team
Key team members and leadership:
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Kevin Burke (Founder & Managing Partner, 2000-2025): Pioneered the franchise M&A advisory business model. Founded Trinity Capital in 2000 with the thesis that franchisee operators deserved institutional-quality advisory services. Executed 100+ major transactions before the Citizens acquisition. Burke is now leading the restaurant vertical at Franchise Equity Partners as of 2025.
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David Stiles (Managing Director): Leads the Citizens/Trinity Capital restaurant and franchise M&A practice post-acquisition. Based in Providence, RI. Long tenure at Citizens. Contact: david.stiles@citizensbank.com
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Zach Olson (Managing Director): Manages major franchisee relationships and complex multi-unit transactions. Recognized for client service and transaction execution. Quoted in deal announcements on major transactions
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Team Size: The restaurant/franchise M&A team at Citizens Capital Markets (post-Trinity integration) includes 8-15 professionals with deep franchise expertise
Geographic Coverage
National presence with focus on major restaurant markets:
- California (headquartered Los Angeles/Brentwood historically)
- Texas (major franchisee population)
- Southeast (Atlanta, Charlotte, Florida)
- Midwest (Chicago, Detroit areas)
- Northeast (New York, New England)
Operations through Citizens Capital Markets offices across the US
Institutional Context
Founded in 2000 by Kevin Burke, Trinity Capital became the nation's premier franchise M&A advisor, executing 500+ transactions and $20B+ in transaction value. In February 2020, Citizens Financial Group acquired Trinity Capital to add specialized franchise M&A capabilities to its institutional advisory platform. Today, Trinity Capital operates as Citizens' Restaurant, Franchise and Multi-Unit Advisory team within Citizens Capital Markets, maintaining its market-leading position while leveraging Citizens' debt and capital capabilities.
The integration preserved Trinity's institutional knowledge and buyer network while providing clients with access to Citizens' broader financing and capital solutions.