Private equity firm Bruckmann, Rosser, Sherrill & Co. said it has completed a growth investment in Not Your Average Joe’s, Inc., through the issuance of convertible preferred stock.
Terms of the deal were not disclosed.
The new capital will be used to expand the Middleborough, Mass.-based casual dining operator in the Northeast. Not Your Average Joe’s currently has 17 locations in Massachusetts, Maryland and Virginia.
New York-based BRS has experience in the restaurant sector, and its portfolio of companies has included Il Fornaio America Corp., the owner of Canaletto, Corner Bakery Café, and Il Fornaio, which accounted for $150.5 million in revenues for the year ended December 2011, according to Nation’s Restaurant News’ Second 100 census of chains and companies. Roark Capital Group acquired Il Fornaio America Corp. from BRS in June 2011.
“We are thrilled to add BRS as a partner and are particularly pleased to have them join our board of directors,” said Steve Silverstein, founder and chief executive of Not Your Average Joe’s. “BRS has a deep experience and success in the restaurant sector, and will add value to our company well beyond its financial investment. The new capital provides us the necessary resources to accelerate our growth, and we are actively looking for opportunities from Boston to Washington, D.C.”
Tom Baldwin, a BRS managing director, 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-prepared, made-from-scratch food featuring local ingredients and exceptional hospitality.”
Nicholas Sheppard, also a BRS managing partner, said, the private equity firm is “confident that NYAJ is poised for expansion given the proven success of its new unit prototype and its strong value proposition to consumers.”
Not Your Average Joe’s received a Hot Concepts award from Nation’s Restaurant News in 2000.
Editor's Note: A previous version of this story has been updated to indicate that Roark Capital Group acquired Il Fornaio America Corp. from BRS in June 2011.