Industry News | December 3, 2013

Sun Capital Completes Sale of Captain D's

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Sun Capital Partners Inc., a private investment firm specializing in leveraged buyouts and investments in market-leading companies, announced that an affiliate has completed the sale of Captain D’s Seafood Restaurant, a seafood quick-service concept. The business was acquired by Centre Partners, and terms of the private transaction were not disclosed.

Headquartered in Nashville, Tennessee, Captain D’s is the highest average unit volume seafood quick service restaurant chain in the U.S. and owns, operates, and franchises 521 restaurants in 26 states and on military bases around the world.  Captain D's restaurants serve a wide variety of fish and seafood and the company's signature hand-battered fish fillets, which are prepared to order.

“This successful sale marks the culmination of a dramatic transformation and revitalization of Captain D’s,” says Marc Leder, co-CEO at Sun Capital. “The combination of operational improvements and customer-focused solutions will enable the business to continue to build on its strong market position.”

Following the acquisition by the Sun Capital affiliate, the management team was strengthened and several important improvements to business operations were executed, resulting in 28 consecutive periods of system-wide comparable store sales growth.  Sun Capital also worked closely with management in its efforts to transform the customer experience through a new restaurant design and a revamped menu, improved food quality, and increased the value customers receive for their money. In addition, Captain D’s implemented new financial controls, a robust procurement process, and better labor management.

Sun Capital has experience in the restaurant sector, and its current affiliated restaurant portfolio companies include Boston Market, a fast-casual restaurant serving home-style meals in more than 460 nationwide locations; Friendly’s Ice Cream LLC, a vertically-integrated restaurant company serving signature sandwiches, entrees, and ice cream desserts in a family environment; Smokey Bones Barbeque & Grill, a full-service bar and fire-grill restaurant that operates 65 locations in 17 states; Bar Louie Restaurants, a neighborhood bar and eatery with more than 70 locations across the U.S.; and Fazoli’s, a quick-service Italian restaurant.