The Indiana-based operator adds 23 restaurants in Tennessee, strengthening its position in Arby’s US franchise network following a series of major acquisitions.
AES Restaurant Group has become the world’s largest Arby’s franchisee after acquiring 23 restaurants in the Knoxville market in Tennessee, taking its portfolio to 362 locations across 20 US states.
The restaurants were acquired from Inspire Brands, the parent company of Arby’s. Financial terms of the transaction have not been disclosed.
The latest acquisition builds on AES’s aggressive expansion through multi-unit restaurant acquisitions. In December 2025, the company acquired 115 Arby’s restaurants across nine states from Inspire Brands, significantly expanding its footprint and bringing its portfolio to more than 340 locations. The deal also added over 2,000 employees and 18 area supervisors to its operations.
Earlier, in May 2025, AES acquired 40 Arby’s restaurants across Florida, North Carolina and Virginia, taking its network to 229 restaurants across 17 states at the time.
Founded in 2004 by John Wade, AES Restaurant Group began with six Arby’s restaurants in the Indianapolis and Lafayette markets. Headquartered in Zionsville, Indiana, the company has since grown into a major multi-unit operator within the US quick-service restaurant sector.
John Wade, Owner and CEO of AES Restaurant Group, said the milestone brings greater responsibility towards employees, customers and the communities served by its restaurants. The company has emphasised that its expansion strategy is centred on operational performance, employee development and delivering consistent customer experiences.
Jay Bedrosian, President and COO of AES Restaurant Group, is overseeing the operational focus as the company integrates its expanding restaurant portfolio.
Arby’s, founded in 1964, operates more than 3,500 restaurants globally and is part of Inspire Brands, which also owns Dunkin’, Baskin-Robbins, Buffalo Wild Wings, Sonic Drive-In and Jimmy John’s.
The brand operates primarily through a franchise-led system in the US, offering prospective operators opportunities across different restaurant formats, including freestanding restaurants, endcap locations and drive-thru formats.
AES’s latest acquisition reflects the continuing consolidation of the US restaurant franchise sector, where established multi-unit operators are increasingly using acquisitions to accelerate expansion and strengthen their market positions. With 362 restaurants, AES now holds the largest Arby’s franchise portfolio globally.
