Sandwich operator hires investment bank North Point Advisors, Reuters reports
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Jimmy John’s Gourmet Sandwiches is reportedly considering selling a major stake in the company, according to Reuters, which cites unnamed sources.
How big a stake the chain might potentially sell was unclear, according to the report, but the company has hired investment bank North Point Advisors to advise on the deal.
San Francisco-based private-equity firm Weston Presidio holds a minority stake in Jimmy John’s, and the chain has reportedly completed two recapitalizations since that investment in 2007.
A spokeswoman for Jimmy John’s said the company had no comment on the report. Weston Presidio officials did not respond to requests for comment at press time.
Champaign, Ill.-based Jimmy John’s was founded in 1983 by Jimmy John Liautaud. The concept focuses on fresh ingredients, including house-baked breads and sliced meats, served “freaky fast.”
The sandwich chain ranked No. 6 for growth this year in Nation’s Restaurant News’ Top 100 census. Overall, Jimmy John’s ranked No. 38 in same-store sales.
Jimmy John’s U.S. systemwide sales rose 16 percent in fiscal 2013, to $1.47 billion.
The company ended the fiscal year with 1,802 locations in the U.S., of which 1,774 were franchised and 28 were company owned.
In the past, Liautaud has threatened to move the Jimmy John’s headquarters from Illinois to Florida, saying he was “pissed off” by state tax increases.
Contact Lisa Jennings at [email protected].
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