Two childhood friends, Jim Greco and Michael Belfonti, are taking their relationship to the next level: forming a restaurant investment firm called Paramount Restaurant Group. Greco, the former CEO of Sbarro and Bruegger’s, is joining forces with Belfonti, the founder and CEO of Belfonti Companies, a national real estate development group based in Hamden, Connecticut.
Paramount Restaurant Group plans to acquire restaurants in the limited-service space that are “meaningfully differentiated and positioned for growth” according to a release.
“Most of our value creation will involve growing the businesses organically through company and franchise locations. Michael Belfonti’s expertise in real estate development and investment complements our business’ expansion strategy,” said Greco, president of Paramount, in a release.
The company has already begun to source potential acquisitions in the limited-service space, and has a letter of intent in place for its first target. That chain, Belfonti told Nation’s Restaurant News, is a health-focused concept based in the West.
This first restaurant chain will grow through company units at first before franchising.
“We are extremely excited to be partnering with Jim Greco. He is not only a highly respected professional in the restaurant industry but also a lifelong friend,” Belfonti said in a release.
