Private-equity owner of Port of Subs adds slider restaurant to investment portfolio
Area 15 Ventures LLC, a private-equity firm that bought the Port of Subs brand in April, has acquired the remaining equity in Daddy’s Chicken Shack, the company said.
Castle Rock, Colo.-based Area 15 Ventures, created by Re/Max co-founder and chair Dave Liniger, said Daddy’s Chicken Shack, which has one restaurant in Houston, was created in 2018 by Pace Webb and Chris Georgalas and has 160 units in development.
Dave Liniger, co-founder and chairman of global Re/Max, said in a statement: “I love this concept and am grateful to Pace and Chris for providing the groundwork to take this brand to the next level.”
Liniger will serve as the brand’s chairman and has plans to open his first location in Scottsdale, Ariz., later this month.
Webb and Georgalas started the brand after receiving positive reviews of her fried chicken sliders at her catering business, Taste of Pace.
"The past two years have been an incredible and exhilarating ride with Area 15 Ventures as we have built Daddy’s Chicken Shack’s systems, training and processes to support rapid expansion through the regional developer model,” said Webb, former CEO of Daddy’s Chicken Shack. “With Area 15 Ventures’ recent acquisition of Port of Subs, they are quickly becoming a food-focused fund on the rise.”
Area 15 Ventures is owned by the Liniger family and invests in 12 businesses that range from restaurant brands to motorcycle companies. The private-equity group provides a shared-services model, including marketing and technology capabilities for its portfolio brands.
The Daddy’s Chicken Shack acquisition comes a month after Area 15 Ventures acquired Port of Subs, a 50-year legacy sandwich brand based in Reno, Nev. Port of Subs, founded in 1972, has 130 units in seven western states.
Joining the Daddy’s team in this acquisition is Dave Liniger Jr., who will serve as the brand’s president.
“We are thrilled with the outcome of this partnership, and I am personally ecstatic to be taking on a new role with Daddy’s Chicken Shack,” said Dave Liniger Jr.
“Pace and Chris cultivated a stellar business model with amazing menu items, and we’re incredibly grateful for the close relationship we’ve formed with them over this last year,” Dave Linger Jr. said. “I have every confidence that their next endeavor will make waves in the restaurant industry and look forward to seeing our continued success as we work to scale Daddy’s Chicken Shack to its fullest potential.”
Daddy’s Chicken Shack, known for Webb’s chicken sliders and fried chicken sandwiches, began franchising in 2021.
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