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There's nothing scarier than private equity in food : It's Been a Minute

NPR News •
October 26, 2026 • 07:00 AM
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Does private equity turn restaurants into zombified husks of their former selves?From the Crumbl and Insomnia cookie empires, to some of our country's most enduring chains like Dunkin and Panera, private equity is getting its hands in a lot of food chains. And some consumers are actively avoiding places that are private equity backed – expecting high prices, low quality, and an unsettling sameness to the food. But what's behind all the private equity money in these food chains? And what makes the hate of it so personal?To get into it, Brittany is joined by Alaina Demopoulos, daily features writer at the Guardian, and Courtney E. Smith, founder and owner of the independent food and culture site Ravenous.For more episodes about food culture, check out:Bacteria is taking over the food pyramidIs the internet choosing your food?It's healthy to eat your feelings. Here's why.Support public media with NPR+ and enjoy perks for over 25 podcasts like this one. This show’s perks include sponsor-free listening. Learn more at plus.npr.org.

There's nothing scarier than private equity in food : It's Been a Minute

Is private equity changing our food culture? Getty Images/Tetra/Winslow Productions/Photo Illustration by NPR hide caption

Does private equity turn restaurants into zombified husks of their former selves? From the Crumbl and Insomnia cookie empires, to some of our country's most enduring chains like Dunkin and Panera, private equity is getting its hands in a lot of food chains. And some consumers are actively avoiding places that are private equity backed – expecting high prices, low quality, and an unsettling sameness to the food. But what's behind all the private equity money in these food chains? And what makes the hate of it so personal? To get into it, Brittany is joined by Alaina Demopoul os , daily features writer at the Guardian, and Courtney E. Smith , founder and owner of the independent food and culture site Ravenous. For more episodes about food culture, check out: Bacteria is taking over the food pyramid Is the internet choosing your food? It's healthy to eat your feelings. Here's why. Support public media with NPR+ and enjoy perks for over 25 podcasts like this one. This show’s perks include sponsor-free listening. Learn more at plus.npr.org .

This episode was produced by Liam McBain. It was edited by Neena Pathak. Our Supervising Producer is Cher Vincent. Our Executive Producer is Barton Girdwood. Our VP of Programming is Yolanda Sangweni.

NPR does not offer or accept money for coverage or interviews. Anyone who makes such an offer or request is not an NPR employee and does not represent NPR.

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