Dataset
The Roll-Up Tracker
Every deal covered on Margin, in one place — 16 episodes so far, so the sectors sit side by side on purpose. Filter by episode to read one at a time. Each row links back to the piece it appeared in and the reporting it came from.
At a glance
Deals by year
19 deals without a public date not shown
Show as table
| Year | # |
|---|---|
| ≤2011 | 18 |
| 2013 | 3 |
| 2014 | 2 |
| 2017 | 2 |
| 2018 | 4 |
| 2019 | 5 |
| 2020 | 1 |
| 2021 | 7 |
| 2022 | 3 |
| 2023 | 2 |
| 2024 | 4 |
| 2025 | 5 |
| 2026 | 3 |
Disclosed value by sector
Only deals with a public price
- Cloud compute$300B
- AI infrastructure$205B
- Convenience stores / fuel retail$68B
- Card payments$38B
- Data centers$27.1B
- Coworking real estate$20.5B
- Search distribution$20B
- Messaging app$19.1B
- Restaurant franchising$12.3B
- Video rental$11.1B
- Veterinary care$10.2B
- Packaged coffee$7.2B
- Car wash$4.3B
- Coffee chain$4B
- Funeral services$1.5B
- Truck stops / fuel retail$1.3B
- Real estate brokerage$545.5M
- Residential real estate$350M
- DVD-by-mail$50M
- Search engine$100,000
Where the deals stand
- Completed49 63%
- Still held6 8%
- Agreed10 13%
- Exited7 9%
- Bankrupt3 4%
- —3 4%
78 of 78 deals
- Visa–Mastercard merchant swipe-fee litigation (settlement)$38B
Legal settlement
— - Starbucks China (60% stake)$4B
Majority stake sale / joint venture
- Mister Car Wash$3.1B
Take-private
Car washCleary Gottlieb — Mister Car Wash's $3.1 Billion Take-Private - Louisiana data-center campus venture$27B
Private credit / JV financing
AI boomGlobal Data Center Hub — Meta + Blue Owl's $27B Bet - Seven & i Holdings (7-Eleven parent)$47B
Takeover bid (withdrawn July 16, 2025)
2025-07-16Convenience stores / fuel retail—Gas stationsInside Retail Asia — Seven & i loses Couche-Tard $47 billion takeover bid (July 16, 2025) - Dave's Hot Chicken$1B
Acquisition
Restaurant roll-upsBarchart — Dave's Hot Chicken sold to Subway owner Roark Capital in a $1 billion deal - ZIPS Car Wash—
Bankruptcy filing (Chapter 11)
—Car washMMCG Invest — U.S. Car Wash Chains: Performance, Differentiation, and Investment Landscape - 22 funeral homes and 2 cemeteries$101.3M
Acquisition
—Funeral homesService Corporation International — Form 10-K for fiscal 2025 (SEC) - Subway—
Acquisition
Restaurant roll-upsNation's Restaurant News — Roark Capital completes its purchase of Subway - Home seller class (Burnett v. National Association of Realtors)$418M
Antitrust settlement
—Realtor commissionsInman - Home seller class (commission lawsuits)$57.5M
Antitrust settlement
—Realtor commissionsHousingWire - WeWork—
Majority stake (bankruptcy exit)
—WeWorkBisnow — Yardi to become WeWork's majority owner in bankruptcy exit plan - WeWork—
Chapter 11 filing
—WeWorkCNBC — WeWork files for bankruptcy - TravelCenters of America$1.3B
Acquisition
—Gas stationsCCJ — BP to acquire TravelCenters of America for $1.3 billion (Feb. 16, 2023) - Flow$350M
Venture investment
WeWorkTechCrunch — a16z backs Adam Neumann's new venture, Flow, with $350M - SAGE Veterinary Partners$1.1B
Acquisition
Vet clinicsFTC — JAB Consumer Partners / SAGE Veterinary Partners (June 13, 2022) - Safari default search placement$20B
Default search agreement
Google Search9to5Mac / Bloomberg — Google paid Apple about $20 billion in 2022 - WeWork$9B
SPAC merger
—WeWorkBloomberg — WeWork agrees to $9 billion SPAC deal - 7-Eleven / Speedway divested stores—
FTC-ordered divestiture
—Gas stationsFTC — 7-Eleven / Speedway consent order (June 25, 2021) - 7-Eleven / Speedway divested stores—
FTC-ordered divestiture
—Gas stationsFTC — 7-Eleven / Speedway consent order (June 25, 2021) - 7-Eleven / Speedway divested stores—
FTC-ordered divestiture
—Gas stationsFTC — 7-Eleven / Speedway consent order (June 25, 2021) - Speedway$21B
Acquisition (carve-out from Marathon Petroleum)
—Gas stationsFTC — 7-Eleven / Speedway consent order (June 25, 2021) - Krispy Kreme—
IPO
Restaurant roll-upsRestaurant Business Online — JAB Holdings heads for the exits - Mister Car Wash—
IPO (New York Stock Exchange)
Car washCleary Gottlieb — Mister Car Wash's $3.1 Billion Take-Private - Dunkin' Brands (Dunkin', Baskin-Robbins)$11.3B
Acquisition (announced, including debt)
Restaurant roll-upsCNBC — Inspire Brands to buy Dunkin' Brands Group for $11.3 billion including debt - WeWork—
IPO (withdrawn)
—WeWorkCNBC — The strangest and most alarming things in WeWork's IPO filing - National Veterinary Associates (NVA)—
Acquisition
Vet clinicsPE Professional — Ares and OMERS sell NVA to JAB (June 2019) - WeWork$2B
Minority investment
WeWorkForbes — WeWork's rise to $47 billion and fall to bankruptcy: a timeline - Jimmy John's—
Acquisition
Restaurant roll-upsWikipedia — Inspire Brands - Angel Valley Funeral Home—
Acquisition
—Funeral homesKFF Health News — Death Is Anything but a Dying Business as Private Equity Cashes In - Starbucks packaged coffee rights (Global Coffee Alliance)$7.2B
Perpetual global license
— - Arby's, Buffalo Wild Wings and Sonic Drive-In—
Merger into holding company
Restaurant roll-upsWikipedia — Inspire Brands - Jamba—
Acquisition
Restaurant roll-upsRestaurant Business Online — How is Roark Capital's track record? It's complicated - Signal Foundation$50M
Nonprofit founding funding
- WeWork—
Minority investment
WeWorkYahoo/Reuters — Timeline of SoftBank's bets on WeWork - VCA$9.1B
Acquisition
—Vet clinicsFTC — Mars / VCA consent order (Dec. 19, 2017) - WhatsApp$19B
Acquisition
— - Mister Car Wash—
Investment
Car washCleary Gottlieb — Mister Car Wash's $3.1 Billion Take-Private - 53 funeral homes and 38 cemeteries in 59 local markets—
FTC-ordered divestiture
—Funeral homesFTC — conditions on SCI's acquisition of Stewart Enterprises - CKE Restaurants (Carl's Jr., Hardee's)—
Acquisition
Restaurant roll-upsRestaurant Business Online — How is Roark Capital's track record? It's complicated - Stewart Enterprises$1.4B
Acquisition
—Funeral homesFTC — conditions on SCI's acquisition of Stewart Enterprises - Blockbuster remaining assets$320M
Bankruptcy asset purchase
—BlockbusterWikipedia — Blockbuster (retailer) - Blockbuster—
Chapter 11 bankruptcy filing
—BlockbusterCNN Money — Blockbuster files for bankruptcy (Sept. 23, 2010) - ExxonMobil U.S. company-owned and dealer-operated stations—
Announced divestiture of retail outlets
2008-06Fuel retail—Gas stationsOil & Gas Journal — ExxonMobil to sell all retail outlets (June 13, 2008) - Banfield—
Acquisition
—Vet clinicsWikipedia — Banfield Pet Hospital - 7-Eleven—
Became wholly owned subsidiary of Japanese parent
—Gas stationsWikipedia — 7-Eleven - Blockbuster$905M
Split-off special dividend ($5/share)
BlockbusterViacom & Blockbuster joint press release, SEC filing (June 18, 2004) - Blockbuster$1.5B
New credit facility
—BlockbusterViacom & Blockbuster joint press release, SEC filing (June 18, 2004) - Overture patent suit settlement—
Patent settlement (2.7M Google shares)
Google SearchMail & Guardian — Google–Yahoo patent settlement - Circle K—
Acquisition (from ConocoPhillips)
—Gas stationsWikipedia — Alimentation Couche-Tard - Carvel—
Acquisition
Restaurant roll-upsRestaurant Business Online — How is Roark Capital's track record? It's complicated - Netflix$50M
Proposed acquisition, declined
2000DVD-by-mail—BlockbusterMarc Randolph — That Will Never Work (2019) - Google$100,000
Seed investment
Google SearchGoogle — Our story - Blockbuster$8.4B
Acquisition
—BlockbusterWikipedia — Blockbuster (retailer) - TravelCenters of America—
Divestiture by BP
—Gas stationsCCJ — BP to acquire TravelCenters of America for $1.3 billion (Feb. 16, 2023) - Price Club—
Merger
— - 7-Eleven parent company (70% stake)—
Majority stake acquisition
—Gas stationsWikipedia — 7-Eleven - Blockbuster—
Buy-in to a 19-store chain
—BlockbusterWikipedia — Blockbuster (retailer) - Starbucks$3.8M
Acquisition
— - Corner Bakery—
Divestiture at a disappointing valuation
Restaurant roll-upsRestaurant Business Online — How is Roark Capital's track record? It's complicated - Naf Naf Grill—
Divestiture at a disappointing valuation
Restaurant roll-upsRestaurant Business Online — How is Roark Capital's track record? It's complicated - Au Bon Pain—
Divestiture
Restaurant roll-upsRestaurant Business Online — JAB Holdings heads for the exits - Take 5 Car Wash locations$385M
Acquisition
Car washMergr — Oaktree Capital Management and Alvarez & Marsal Capital Acquire Whistle Express Car Wash - Quick Quack Car Wash$850M
Minority stake
Car washMMCG Invest — U.S. Car Wash Chains: Performance, Differentiation, and Investment Landscape - WeWork$9.5B
Rescue financing
WeWorkCNBC — SoftBank CEO calls WeWork investment "foolish," valuation falls to $2.9B - OpenAI data-center buildout$100B
Investment commitment
—AI boomVantage Markets — Nvidia's $105B OpenAI Bet: AI Financing Bubble Explained - OpenAI Ohio campus$105B
Guarantee
—AI boomVantage Markets — Nvidia's $105B OpenAI Bet: AI Financing Bubble Explained - OpenAI$300B
Compute supply contract
—AI boomVantage Markets — Nvidia's $105B OpenAI Bet: AI Financing Bubble Explained - CoreWeave—
Direct investment
—AI boomVantage Markets — Nvidia's $105B OpenAI Bet: AI Financing Bubble Explained - Orangeburg data-center expansion$77M
Tax break
—AI boomNY Focus — This Data Center Is Getting a $77 Million Tax Break to Create One Job - Frank E. Campbell — The Funeral Chapel—
Acquisition
—Funeral homesDignity Memorial - BluePearl—
Acquisition
—Vet clinicsMars Veterinary Health — company website - Panera—
Acquisition
- Peet's—
Acquisition
- Caribou Coffee—
Acquisition
- Overture (formerly GoTo.com)—
Acquisition
—Google SearchMail & Guardian — Google–Yahoo patent settlement - Home seller class (commission lawsuits)$70M
Antitrust settlement
—Realtor commissionsHousingWire - WhatsApp—
Venture investment
Compiled from public reporting. Not investment advice. Spotted an error or a missing deal? Reply to the newsletter and it gets fixed.