华利安：2025年美国餐饮行业春季更新报告（英文版）

Franchise assets continue to command premium valuations, driven by their asset-light economics, predictable cash-flow profiles, and ability to scale rapidly through multi-unit development. • Recent premium multiples have favored platforms with 200+ locations, reflecting investor preference for concepts with proven operating models, geographic diversity, and runway for continued unit expansion. • Private equity interest spans both trend-driven and enduring categories—from viral, culturally rel