“Quiznos is one of the best kept secrets in the quick-service restaurant industry if not one of the best in any industry,” said Mr. Brenneman, now CEO, President and partner of Quiznos. “Since 1991, Rick Schaden, and Quiznos’s employees and franchise owners have grown the business from 18 to over 5,000 restaurants, making the company one of the fastest growing QSR concepts in decades.
“Moving forward, our primary mission will be to relentlessly work on increasing restaurant profitability for our franchise owners," Schaden. "At the same time, we will build our brand awareness and expand our loyal customer base. We will also continue our focus on growth internationally, which is still very much in the early days, and in the U.S., where we will continue our disciplined unit growth--particularly in small towns by utilizing traditional and innovative distribution channels.”
In May 2006, Cervantes Capital sold part of its ownership in Quiznos to J.P. Morgan Partners, a private equity division of JPMorgan Chase & Co., in order to take the company to the next level. CCMP Capital Advisors, LLC, a private equity firm formed by the former buyout/growth equity professionals of J.P. Morgan Partners, manages the investment for J.P. Morgan Partners. Cervantes Capital, J.P. Morgan Partners and TurnWorks, Inc. now all have equity positions in the Company. Mr. Brenneman’s primary focus will be on Quiznos but he will continue to be involved in TurnWorks, Inc. as he has since 1994.