North Star Dining, backed by Jigsaw Capital, Clear North Capital, and Gestalt Capital, has acquired 17 Five Guys locations in Orlando, Florida, enhancing its position as a leading franchisee in the fast-casual dining sector.

Target Company Overview

North Star Dining Group of Companies, a holding firm formed by Jigsaw Capital, Clear North Capital, and Gestalt Capital, has successfully acquired 17 Five Guys Burgers & Fries restaurants located in the Orlando, Florida area as of September 29, 2025. This acquisition marks a significant milestone in North Star Dining's strategy to aggregate Five Guys franchises across North America, having previously acquired 18 locations in Minnesota 15 months prior. With this new addition, North Star Dining's portfolio expands to a total of 35 restaurants, effectively more than doubling the company's revenue and profitability.

This strategic move aligns perfectly with North Star Dining's vision to invest in high-quality, scalable franchise operations with strong growth potential. By effectively leveraging the combined expertise and resources of its managing partners, the company is poised to promote operational excellence and sustainable growth, ultimately aiming to become the largest franchisee of Five Guys in North America.

Industry Overview in the United States

The fast-casual dining sector in the United States, particularly for burger franchises, continues to thrive due to rising consumer demand for quality, quick-service dining options. The Five Guys brand, known for its fresh ingredients and customizable burge