Louisville-based Biscuit Belly has acquired 34 locations from Maple Street Biscuit Company in a strategic move announced July 20 that will more than triple its footprint to over 60 units by the end of 2028. The fast-casual biscuit sandwich concept, founded by Chad and Lauren Coulter in 2019, will convert the Maple Street locations to the Biscuit Belly brand over the next 18 to 24 months, beginning with stores in the greater Cincinnati area and Richmond, Virginia.
Biscuit Belly opened its first location in Louisville’s NuLu neighborhood in June 2019 and has grown organically to 15 locations across the Southeast. The acquisition addresses two of the biggest challenges fast-growing restaurant brands face: finding suitable locations and retaining experienced teams. According to co-founder and CEO Chad Coulter, the deal was unexpected. “Acquiring an iconic brand like Maple Street, one of the original gourmet biscuit sandwich concepts, was not on my 2026 bingo card,” he said in the acquisition announcement. “When we looked at Maple Street’s geography, footprints, and established teams, a light bulb went off.”
Maple Street Biscuit Company, founded in Jacksonville, Florida, was acquired by Cracker Barrel in October 2019 for $36 million. The brand had expanded to 51 locations across seven states before the divestiture. Cracker Barrel announced the sale simultaneously with the decision to close the remaining 16 Maple Street locations that were not part of the Biscuit Belly deal. Maple Street contributed less than 2% of Cracker Barrel’s annual revenue.
Cracker Barrel’s Strategic Refocus
Cracker Barrel’s divestiture reflects a broader effort to sharpen its focus on its core business and improve profitability. The Tennessee-based restaurant chain completed the sale of Maple Street’s trademark and 35 locations to Biscuit Belly while simultaneously announcing the closure of the remaining 16 outlets. Julie Masino, Cracker Barrel’s President and Chief Executive Officer, framed the move as part of disciplined balance-sheet management. “Divesting Maple Street sharpens our focus on the core Cracker Barrel brand and is expected to improve profitability,” she said in a July 20 press release.
The divestiture is expected to be accretive to adjusted EBITDA beginning in fiscal 2027, according to Cracker Barrel’s announcement. The company expects non-cash charges of approximately $37 million to $39 million during the fourth quarter of fiscal 2026, with additional cash charges of $6 million to $8 million associated with exiting the business spread across the fourth quarter and fiscal 2027. Cracker Barrel announced the deal alongside a sale-leaseback transaction for 26 company-owned Cracker Barrel locations that generated net proceeds of approximately $77 million, which the company intends to deploy toward debt reduction.
Biscuit Belly’s expansion mirrors a broader trend in restaurant consolidation, where emerging brands acquire established locations to accelerate growth. The acquisition allows the Louisville-based concept to enter new territories quickly while retaining experienced store-level teams. Co-founder Lauren Coulter noted that the growth trajectory has exceeded early expectations. “When we opened our first Biscuit Belly location, we didn’t have plans for rapid growth,” she said. “We knew it would be special but did not anticipate the response from our guests. Once we started seeing our growth accelerate, we set a 10-year goal to become the largest gourmet biscuit brand in the US. This acquisition is making that goal a reality.”
Sources
- PRNewswire — Biscuit Belly acquisition announcement, July 20, 2026; Cracker Barrel strategic actions announcement, July 20, 2026
- Nation’s Restaurant News — Coverage of Biscuit Belly acquiring 34 Maple Street locations and conversion timeline
- Business Journal Louisville — Details on Biscuit Belly’s growth from 15 to 60+ units and store conversion plans
- Courier-Journal — Louisville-based Biscuit Belly acquisition of Maple Street locations announcement
- Restaurant Dive — Cracker Barrel sale-leaseback and Maple Street divestiture details
