Private-equity firm Roark Capital is buying a majority stake in fast-growing sandwich maker Jimmy John’s for an undisclosed price.
With a focus on quickly making a select number of sandwiches and offering delivery, the fast-casual sandwich shop has expanded sharply in recent years.
Founded in 1983, the 500th Jimmy John’s opened in 2007, the 1,000th in 2010, and the 2,000th in 2014. The company has more than 2,500 locations and $2 billion in systemwide sales, much of it through franchises.
Founder Jimmy John Liautaud will remain chairman and is still the single largest individual shareholder. James North will continue as president and chief executive.
Previous private-equity investment partner Weston Presidio will sell its stake after holding a minority stake for 10 years. It said its investment had “generated an outstanding return.”
Roark, which focuses on franchised-based companies, also has investments in Arby’s, Carvel Ice Cream, Auntie Anne’s Pretzels and Cinnabon.
By: Austen Hufford (The Wall Street Journal).
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