Not Your Average Joe’s, a Middleborough, Mass.-based casual dining chain, has completed a growth investment led by New York-based private equity firm Bruckmann, Rosser, Sherrill & Co.
MIDDLEBOROUGH, Mass. & NEW YORK, Nov 08, 2012 (BUSINESS WIRE) — Not Your Average Joe’s, Inc. (“NYAJ”) and Bruckmann, Rosser, Sherrill & Co. (“BRS”) announced today the completion of a growth investment in NYAJ through the issuance of convertible preferred stock. BRS led the round and existing shareholders also participated. The new capital will be used to support accelerated new unit development.
Steve Silverstein, NYAJ founder and CEO, said, “We are thrilled to add BRS as a partner and are particularly pleased to have them join our Board of Directors. BRS has deep experience and success in the restaurant sector, and will add value to our Company well beyond its financial investment. This new capital provides us the necessary resources to accelerate our growth and we are actively looking for opportunities from Boston to Washington, DC.”
Tom Baldwin, a Managing Director of BRS, said, “We are excited to partner with Steve and the rest of the NYAJ team. We view NYAJ as a highly differentiated casual dining concept, offering chef-prepared, made-from-scratch food featuring local ingredients and exceptional hospitality.” Nicholas Sheppard, also a Managing Director of BRS, added, “We are confident that NYAJ is poised for expansion given the proven success of its new unit prototype and its strong value proposition to consumers. We look forward to supporting the management team in executing their growth strategy.”
Oppenheimer & Company acted as exclusive financial advisor to NYAJ in this transaction.
NYAJ is a premier restaurant concept that is distinctively positioned within the casual dining sector. The Company has built a loyal customer following based on its innovative Creative Casual Cuisine concept of providing high quality, chef-prepared food at casual dining prices. In addition, NYAJ has earned a reputation for unparalleled customer service and hospitality. The Company operates 17 restaurants in New England and the Mid-Atlantic region.
BRS is a New York based private equity firm with $1.4 billion of committed capital under management in three investment partnerships, focused on investing in middle market consumer goods and services businesses. Since 1996, BRS has purchased over 40 portfolio companies for aggregate consideration of over $6.4 billion. In addition, BRS portfolio companies have completed approximately $1.9 billion of add-on acquisitions.