Beekman Investment Partners III LP has made a majority investment in Another Broken Egg of America LLC, the companies said Monday.
The New York-based private equity firm said Chris Artinian, Beekman managing director, would assume of the role of president, a position previously held by concept founder Ron Green. Terms of the deal were not disclosed.
Beekman recently partnered with Artinian, who earlier served as president and CEO of Morton’s The Steakhouse, Smokey Bones Bar & Fire Grill and TooJay’s Deli-Bakery-Restaurant.
Miramar Beach, Fla.-based Another Broken Egg Cafe has 65 full-service restaurants that feature breakfast classics, cocktails and other specialties from 7 a.m. to 2 p.m. daily.
“Another Broken Egg Cafe is a modern and on-trend restaurant concept with a distinctive menu and friendly service,” said Artinian in a statement. “We are excited to partner with the talented management team at Another Broken Egg to build on the company’s legacy and accelerate growth.”
Beekman also holds interests in Oklahoma City-based Ted’s Café Escondido, which has 13 units in Kansas, Missouri and Oklahoma, and Tuckahoe, N.Y.-based TBG Food Acquisition Corp., which franchises Dunkin’ Donuts in the New York, South Carolina and Virginia markets.
“Another Broken Egg is a winning franchisor model and positioned as one of the leading daytime restaurant concepts in the quickly growing upscale breakfast category,” Artinian said. “We look forward to working with franchise partners as we continue to innovate the brand and grow our market presence.”
Another Broken Egg was founded in 2000 and was a Nation’s Restaurant News “Next 20” brand in 2016.
“This is an exciting time in our company’s evolution, and a fantastic opportunity to capitalize on strong momentum in the daytime restaurant category,” Green said in a press release. “We believe Beekman is the right partner to help us significantly expand our store base, build on our rich heritage and reaffirm our reputation as a leading 'better breakfast' restaurant brand.”
Another Broken Egg’s latest franchise disclosure document said average annual sales for 49 franchised stores open a full 12 months as of the end of December 2016 was $1.32 million, down 1.4 percent from an average of $1.34 million for the 39 franchised restaurants opened for 12 months as of December 2015.
Contact Ron Ruggless at [email protected]
Follow him on Twitter: @RonRuggless
