Affiliates of Roark Capital had held fast-casual brand since 2011
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Affiliates of Roark Capital Group have sold the Dallas-based Corner Bakery Cafe brand to Pandya Restaurant Growth Brands LLC, the companies said Thursday.
The fast-casual cafe brand had been held been a Roark subsidiary since 2011. Terms of the deal were not disclosed.
Pandya Restaurant Growth Brands is one of the Rohan Group of Companies, which owns Engage Brands LLC and purchased Golden, Colo.-based Boston Market earlier this year.
Pandya is owned by by the real-estate investor and restaurant operator, Jignesh (Jay) Pandya of Bucks County, Pa.
Pandya sees opportunities for strategic alliances between Corner Bakery and Boston Market, the company said in a statement.
“Our acquisition of Corner Bakery aligns with what we believe families are seeking — high-quality kitchen-crafted food and good, consistent customer service,” Pandya said in a statement.
“We are very pleased to partner with Pandya Restaurant Growth Brands as we seek to expand our brand,” said Frank Paci, Corner Bakery CEO.
“Pandya Restaurant Growth Brands brings an enthusiastic, experienced, and successful ownership group to Corner Bakery, as well as access to resources that we need to continue to operate our business in this challenging environment,” Paci said. “With the strategic and financial backing Jay and his team bring, we will continue to focus on key operational initiatives to improve guest experience, menu development, and the growth of our brand. We are now well-positioned to achieve future success during a period of unprecedented disruption for our industry.”
Corner Bakery ranked No. 121 among chains in U.S. systemwide sales in the Nation’s Restaurant News most recent Top 200 census. For the fiscal year ended December 2019, the company had $361.1 million in domestic sales, down from $362 million in the preceding year. It had 178 units at year-end, down from 182 in the preceding year.
Corner Bakery has units in 23 states and Washington, D.C.
Contact Ron Ruggless at [email protected]
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