More big refranchising deals from Red Robin

Red Robin Gourmet Burgers has announced new, major refranchising agreements as part of the brand’s “First Choice Plan.”

The latest deal features two separate refranchising agreements and the sale of 86 company-owned locations. Red Robin said the sales are for $72.5 million in total.

Op Burgers, LLC is acquiring 69 Red Robin locations in Kentucky, Indiana, Maryland, Ohio, North Carolina, South Carolina, Pennsylvania, and Virginia for $62.5 million. Based in Denver, Colorado, Op Burgers is a portfolio company of private investment firm Alexandrite Management.

The second part of the sale is Kuber Oregon, LLC’s acquisition of 17 units in Oregon and Washington for $10 million. Kuber is led by Aman Sharma, a franchise operator with holdings in the hospitality, travel center, and food service sectors.

Both transactions are expected to close in the second half of 2026, Red Robin said.

The moves follow Red Robin’s previously announced sale of 30 locations to Evergreen Dining, LLC for $23.5 million in cash. Terms of that sale call for the restaurants to continue to operate under the Red Robin banner, with the company using sale proceeds to pay down outstanding debt.

“Strengthening our financial foundation remains a key priority for the Red Robin team and these transactions are a major step forward toward achieving our goal,” said Dave Pace, president and CEO of Red Robin. “Our partnerships with Op Burgers and Kuber introduce experienced operators into the Red Robin system. These teams bring proven track records of delivering exceptional guest experiences and the demonstrated ability to grow into the future.”

Regarding its purchase, Op Burgers said, “We have long been impressed by Red Robin’s commitment to great food and great service. We look forward to partnering with the dedicated team members at each location to strengthen and expand their position as the First Choice in these communities.”

Red Robin has more than 500 locations in the United States and Canada, including franchise units.

“These new partnerships with Op Burgers, Kuber, and Evergreen Dining will provide Red Robin with the financial flexibility needed to reduce debt, support our refinancing objectives and accelerate investment system-wide. I look forward to what we will accomplish together for the benefit of our guests, team members and investors,” Pace noted.

“Sharing meals is the best way to bring people together,” Kuber added. “We have always admired Red Robin’s commitment to fostering the community spirit at each of its restaurants. We are excited to work together with these talented teams to welcome even more guests to these Pacific Northwest locations.”