Onex Corp. said Monday it has invested in Jack’s Family Restaurants. Financial terms weren’t announced. Certain member of management also invested. Homewood, Alabama-based Jack’s operates quick-service restaurants specializing in burgers, fried chicken, made-from-scratch biscuits, crinkle-cut fries and hand-dipped shakes. The company employs about 4,400 peole across 129 company-owned stores in Alabama, Georgia, Mississippi and Tennessee. The investment is coming from Onex Partners IV, Onex’ $5.7 billion flagship fund.
TORONTO, ONTARIO–(Marketwired – May 25, 2015) –
All amounts in U.S. dollars unless otherwise stated.
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.
Onex is one of the oldest and most successful private equity firms with offices in Toronto, New York and London. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately $21 billion of assets under management, including $5.9 billion of Onex capital, in private equity and credit securities. Onex invests its capital through its two investing platforms and is the largest limited partner in each of its private equity funds.
Onex’ businesses have assets of $34 billion, generate annual revenues of $24 billion and employ approximately 196,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website atwww.onex.com. The Company’s security filings can also be accessed at www.sedar.com.
This news release may contain forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.