Family dining chain Cracker Barrel Old Country Store has purchased a stake in the fast-growing “eatertainment” restaurant chain Punch Bowl Social from private equity firm L Catterton. Lebanon, TN-based Cracker Barrel will invest up to $140 million for a non-controlling position; the agreement includes provisions for it to potentially acquire a controlling or full ownership position in Punch Bowl Social in the future.
Denver-based Punch Bowl Social combines a made-from-scratch menu with craft beverages and entertainment such as karaoke, bowling, shuffleboard and arcade games. Founded in 2012 by entrepreneur Robert Thompson, Punch Bowl Social currently operates 17 units across 12 states. It plans to open 11 additional locations by the end of 2020.