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KarpReilly Puts Miller’s Ale House on the Block

KarpReilly has put Miller’s Ale House up for sale, four sources say.

KarpReilly has tapped North Point Advisors to run the process, persons say. Jupiter, Fla.-based Miller’s Ale house, a casual dining chain, has 57 restaurants spread through eight states. The chain offers chicken wings, soup and salads as well as burgers. Miller’s also serves various beer and ales, including Rogue Dead Guy and Sea Dog Blue Paw.

Miller’s Ale House generates about $30 million EBITDA and could sell for 7x-8x, one PE exec says.

Greenwich, Connecticut-based KarpReilly is a lower middle market PE firm that focuses on sectors such as consumer brands, retail, restaurants and building products. Investments range from $10 million to $75 million equity, according to the firm’s web site.

In June, KarpReilly completed an initial close of its second fund with $180 million in commitments. The firm also closed a co-investment fund with $120 million in additional capital.

KarpReilly has made several restaurant investments including Burger Lounge, Elephant Bar, the Habit Burger Grill, Marie Callender’s, Mimi’s Cafe and Z’ Tejas Southwestern Grill.

Officials for KarpReilly declined comment. Miller’s Ale House and North Point could not be reached for comment.

–Olivia Oran contributed to this report

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