Roark Capital Group, whose portfolio includes made to order sandwich-maker Schlotzsky’s and the meat-touting Arby’s is bringing another sandwich franchise into the fold, purchasing a majority stake in Jimmy John’s.
The fast casual chain announced Thursday that an affiliate of the Atlanta-based private equity firm had entered an agreement to become a primary investor, though it did not reveal financial details of the deal.
“ I've spent two years getting to know the Roark team,’’ Jimmy John Liautaud, the sandwich chain’s founder, said in a statement. “They are best-in-class people that have the knowledge and expertise that will help us take this brand to the next level."
Liautaud will remain board chairman for the company he launched in 1983, and will also be the individual investor with the most shares. But Westin Presidio, will relinquish the minority stake it had in the company for a decade.
In addition to Arby’s, a sandwich company whose “we have the meats’’ slogan is ubiquitous on the airwaves, Roark Capital also owns stakes in Auntie Anne’s pretzels chain, pastry maker Cinnabon, Moe’s Southwest Grill and several other franchised or chain restaurants and retailers.