Biscuit Belly Acquires Maple Street Brand: 35 Restaurants to Transform

U.S.-based breakfast and brunch chain Biscuit Belly has acquired the brand and a significant portion of the restaurant assets of Maple Street Biscuit Company, a subsidiary of Cracker Barrel. This acquisition will allow Biscuit Belly to accelerate its organic branch development over the coming years through ready locations and existing teams.

According to Cracker Barrel's announcement on July 20, 2026, the sale includes the Maple Street Biscuit Company brand and assets used in 35 restaurants. The closure of 16 Maple Street locations not included in the deal is planned. The purchase price has not been disclosed to the public.

Biscuit Belly announced that it will convert the acquired restaurants to its own brand within an 18–24 month period. The first conversions are planned to begin in the Cincinnati area, covering Kentucky and Ohio, as well as around Richmond, Virginia.

Growth of More Than Threefold with Ready Locations

Founded by Chad and Lauren Coulter, Biscuit Belly opened its first restaurant in 2019 in Louisville, Kentucky. Before the acquisition announcement, the brand operated 15 locations, and with the addition of 35 restaurants, it could theoretically reach a structure of 50 branches.

The company aims to exceed 60 restaurants by the end of 2028, alongside its organic development pipeline. Biscuit Belly management states that the geographical distribution of Maple Street locations, the existing restaurant infrastructure, and the employee teams were decisive in the acquisition decision.

This model can shorten the time for finding locations, permitting, construction, and hiring compared to developing new restaurants from scratch. However, each of the acquired restaurants may not have the same performance, rental structure, or physical transformation costs.

The success of the transaction will be measured not by how many locations were acquired, but by how many can be converted to Biscuit Belly standards within the planned timeframe and acceptable costs.

Maple Street Brand to Gradually Disappear

Maple Street Biscuit Company was founded in 2012 in Jacksonville, Florida. The brand focuses on biscuit sandwiches, fried chicken, coffee, and breakfast items inspired by Southern American cuisine and was acquired by Cracker Barrel in October 2019 for $36 million in cash.

At that time, Maple Street had 33 restaurants, 28 of which were company-owned and five were franchises. After the acquisition, Cracker Barrel planned to convert its own Holler & Dash restaurants to the Maple Street brand to expand the chain.

The brand grew to around 60 locations by 2023; however, it began to shrink due to the closure of underperforming restaurants in the following period. According to a report submitted by Cracker Barrel to the SEC, as of May 1, 2026, 52 Maple Street restaurants were operational. The company also reported that it closed 16 Maple Street locations due to poor performance in the first nine months of the 2026 fiscal year.

With the transaction in July 2026, Cracker Barrel decided to completely exit the Maple Street business. Biscuit Belly will convert the acquired locations to its own concept instead of continuing the Maple Street name as a separate brand.

Thus, the transaction is not a classic multi-brand acquisition where two brands are operated side by side within the same portfolio. While the brand identity of Maple Street will fade over time, real estate connections, restaurant infrastructure, and suitable teams will be utilized in Biscuit Belly's growth.

Discrepancy in Location Numbers Needs Clarification

Sources do not provide the same figures regarding the scope of the transaction. Cracker Barrel's official statement indicates that assets used in 35 locations along with the Maple Street brand were sold. Biscuit Belly also states in its announcement that 35 restaurants were acquired.

Nation’s Restaurant News reports that Biscuit Belly acquired 34 Maple Street locations and plans to convert all of them.

Biscuit Belly's updated transformation program dated July 20 includes the names of 32 locations from the third quarter of 2026 to the end of 2028. The company notes that the timeline may change and additional details will be provided as integration progresses.

This discrepancy may be related to some locations not yet being included in the program, the transition decision not being finalized, or different inventories being used in the news. However, sources do not explain the reason. The final branch list has not been independently verified.

Why Did Cracker Barrel Exit Maple Street?

Cracker Barrel explained the sale of Maple Street as part of a program to focus on its core brand, reduce debt, and improve profitability.

According to the company's statement, Maple Street accounted for less than 2% of Cracker Barrel's annual revenue. Due to the sale and the closure of remaining restaurants, a non-cash expense of $37–39 million is expected to be recorded in the last quarter of the 2026 fiscal year. Additionally, a cash outflow of $6–8 million is anticipated to be spread over the 2026 and 2027 fiscal years.

These expenses do not directly reflect the sale price. Closures, asset impairments, lease exits, employee costs, and other restructuring items can affect the total amount. Since the sale price has not been disclosed, it is not possible to make a direct profit or loss calculation based on Cracker Barrel's $36 million acquisition in 2019.

Cracker Barrel expects that exiting Maple Street will positively contribute to the company's adjusted EBITDA performance starting in the 2027 fiscal year. This is a forward-looking estimate from the company management; it is not a realized financial result.

Maple Street and Biscuit Belly cater to similar consumption occasions. Both operate in the biscuit products, fried chicken, breakfast, and brunch categories inspired by Southern American cuisine.

This proximity may facilitate the transition compared to converting new locations to a completely different kitchen model. Certain elements of the existing kitchens, cooking equipment, and service flow can be utilized for the new concept.

However, Biscuit Belly's product recipes, portion sizes, suppliers, and service procedures differ from those of Maple Street. During the transformation process, the following areas will need to be re-planned on a location-by-location basis:

Kitchen equipment and production capacity
Recipes, portion sizes, and product costs
Coffee and beverage system
Takeout and digital order integration
Menu boards and in-restaurant signage
Supplier contracts and distribution routes
Training, shift, and workforce planning
Local licenses and alcohol service permits

Using the same transformation package at each location can provide cost control. However, standardization without considering physical space, customer profile, and existing sales volume may create capacity or service issues in some restaurants.

Invitation for Employee Participation, No Employment Guarantee

Biscuit Belly management has invited Maple Street employees to join the new era and stated that the existing teams hold significant value in the acquisition decision. The company also aims to maintain local community relations and restaurant culture during the transformation process.

However, public statements do not specify how many employees will transition to Biscuit Belly, whether positions and wages will be preserved, or what support will be provided to employees at the 16 closing restaurants.

During the brand transformation, employees will need to be trained on the new menu, service language, technology, job safety, and brand standards. The transformation timeline, which spans approximately two years, may allow training and management development processes to be conducted in regional waves rather than all at once.

Conversely, prolonged uncertainty may accelerate employee turnover. The departure of experienced restaurant managers and kitchen teams before the transition could eliminate the advantage of having ready teams.

What Does This Indicate for Restaurant Chains in Turkey?

The Biscuit Belly transaction demonstrates that growing chains can gain scale not only by opening new branches but also by acquiring locations from shrinking brands in similar segments.

In Turkey, acquiring restaurants that are well-positioned but facing brand, financing, or operational issues could be an alternative to investing from scratch. However, a low purchase price alone is not an advantage.

Investors need to separately assess the lease duration, transfer permits, equipment condition, licenses, employee liabilities, past sales, and potential revenue loss during the transformation. It should not be assumed that a location suitable for the old brand will also be right for the new brand.

Stafflink’s Perspective

The main value that Biscuit Belly acquired may be the ready restaurant network, physical infrastructure, and experienced employee teams rather than the Maple Street name. This approach can shorten the location development timeline while pulling the growth rate forward by several years.

However, transitioning from a brand with 15 branches to a structure of nearly 50 locations in a short time is not only an opportunity for growth but also a serious test of management capacity. If the number of regional managers, supply system, training infrastructure, technology, and quality control do not expand at the same pace, the acquired locations may create operational pressure on the brand's existing restaurants.

In our view, the success of the transformation should be measured not by the number of new Biscuit Belly signs opened but by the preservation of sales, control of employee turnover rates, and the contribution margin of each location after transformation.

Acquiring ready branches saves time. However, wrong leases, weak locations, or lost teams can turn into a more expensive problem than building new restaurants.

Biscuit Belly Acquires Maple Street Biscuit Company