San Diego — High Bluff Capital Partners, supported by various alternative investment funds managed by FS Investments, has entered into a definitive agreement to acquire Church’s Chicken®, one of the world’s largest quick-service chicken restaurant chains, from FFL Partners. Subject to customary closing conditions, the transaction is expected to be completed during third quarter 2021.
Based in Atlanta and founded in 1952, Church’s® has more than 1,500 locations in 26 countries and international territories. Demonstrating considerable resiliency in the face of a devastating global pandemic, the brand in 2020 leveraged its strengths in family meals, digital offerings, delivery and to-go orders to post a strong year of performance, generating system-wide sales of nearly $1.2 billion. Over the next year, the brand expects to expand its already sizable domestic and international presence with the opening of more than 100 new locations, including the rollout of its highly successful Blaze Image restaurant concept.
Specializing in equity investments in restaurants and iconic consumer-facing brands, High Bluff established its restaurant platform, REGO Restaurant Group, in 2018 with the acquisitions of toasted sub pioneer Quiznos and Taco Del Mar, a fast-casual restaurant chain offering coastal Mexican cuisine.
“With the global chicken QSR market forecasted to grow meaningfully over the next few years, and major geographies such as China and Australia still yet to be tapped by Church’s, we see exciting growth potential for this beloved brand,” says Rushabh Vora, managing director at FS Investments.
“The past few years have been all about growth for the brand and its franchisees,” says Joe Christina, chief executive officer for Church’s. “Our focus will be to deliver against our strategic plan with new locations in the U.S. and internationally and continued profitable sales growth.”
Founded in San Antonio, Texas, in 1952 by George W. Church, Church’s Chicken® is one of the world’s largest quick-service restaurant chicken chains with more than 1,500 locations in 26 countries and international territories. For more information, visit www.churchs.com.
Based in San Diego, High Bluff Capital Partners is a private investment firm that has more than 30 years of experience managing, investing, leading and transforming consumer businesses across the restaurant, entertainment, food, beverage and retail markets. For more information, visit www.highbluffcap.com.
FS Investments is a leading asset manager headquartered in Philadelphia with offices in New York City, Orlando, Fla., and Leawood, Kan. For more information, visit www.fsinvestments.com.
SOURCE: High Bluff Capital Partners