Partnering upPartnering up

Regardless of which marital status box we check off on our taxes, census documents or health care forms, it’s probably pretty safe to say we are all familiar with dating — the courting, the awkward moments, the questions of compatibility and, if things go well, the excitement.

Finding that potential life partner may rank as one of life’s most important undertakings. Now, imagine not only trying to find a match for yourself, but also for your business and the years of sweat equity invested and the hundreds, if not thousands, of people employed. That’s the position many restaurant brands, large and small, find themselves in today as they put themselves out there to find growth capital.

In a special report, Nation’s Restaurant News West Coast bureau chief Lisa Jennings breaks down some of the biggest bachelors in the restaurant industry — private equity firms. Jennings profiles five active investors, breaking down the varied investment strategies, leadership styles and outlooks on the consumer sector. After reading this in-depth, insightful report — one of the best financial pieces I believe NRN has developed — operators will no doubt want to collect these suitors’ numbers.

An emerging restaurant chain that has found itself looking for a match is the Chicago-based fast-casual Protein Bar. Founder and chief executive Matt Matros was courted by many firms in recent months, and at press time, reports had Protein Bar close to a deal with private equity firm Catterton Partners.

“It’s really a dating process,” Matros said. “You’ll go on some first dates, and then some more dates. You have to really get to know each other.”

Catterton has been on a lot of dates recently. (I’m not judging.) The firm has invested in Snap Kitchen, Noodles & Company, Primanti Bros., Mendocino Farms and, right before this issue went to bed, Piada Italian Street Food.

From the dating dance to a long-term relationship, NRN also provides in this issue a look at the marriage between franchisors and franchisees. Senior editor Mark Brandau revisits the refranchising efforts of major restaurant companies like Wendy’s, AFC Enterprises and Jack in the Box. Not always just a financial engineering tool, refranchising efforts have also been undertaken to attract well-capitalized franchisees, accelerate remodeling programs and develop underpenetrated markets. Think of it as breathing new life into a relationship.

“It’s not a quick fix, but it’s something that can improve the quality of the business,” Sara Senatore, an analyst at Bernstein Research, said.

And finally, a personal note on the sad and sudden passing of one of the best advocates for the restaurant industry, Fritzi Woods, the former president and chief executive of the Women’s Foodservice Forum. Fritzi was a person who made me stand up straighter and smile brighter in her presence. She was a woman of tremendous intellect, passion, faith and empathy, singularly driven to make this industry — and, without exaggeration, this world — a better place. My words are not enough. NRN honors Fritzi’s life and accomplishments with remembrances from those who knew her best. She will be missed. 

Contact Sarah E. Lockyer at [email protected].
Follow her on Twitter: @slockyerNRN.