Onex Corporation (“Onex”) (TSX: OCX) today announced an investment in Jack’s Family
Restaurants (“Jack’s”), in partnership with certain members of its management. Jack’s is a leading regional quick-service restaurant operator.
The terms of the transaction, which is expected to close later this year subject to customary conditions,
were not disclosed. Founded in 1960, Jack’s is a Homewood, Alabama-based operator of quick-service restaurants specializing in burgers, fried chicken, made-from-scratch biscuits, crinkle-cut fries and hand-dipped shakes.
The company employs approximately 4,400 individuals across 129 company-owned stores in Alabama, Georgia, Mississippi and Tennessee.
“In Onex, we have found a partner that understands the heritage of the Jack’s brand and its emphasis on people, service and community, which have allowed the company to be successful over the years,” said Benny LaRussa Sr., CEO and owner of Jack’s. “We are excited about partnering with Onex for the next phase of Jack’s growth.” “Jack’s is a differentiated concept with strong consumer loyalty driven by its focus on high-quality food and exceptional customer service, which has contributed to its success over several decades,” said Matthew Ross, a Managing Director with Onex. “We are excited to work with the entire Jack’s team as well as the LaRussa family, and look forward to continuing to invest in Jack’s people and its brand for years to come.”
The investment will be made by Onex Partners IV, Onex’ $5.7 billion flagship fund.
May 25, 2015