Boston Market announced Wednesday that it has been acquired by Engage Brands, LLC from affiliates of Sun Capital Partners.
The terms of the deal were not disclosed. Engage Brands operates under the Rohan Group of Companies, owned by real estate investor and restaurant operator Jay Pandya.
"We are very pleased to partner with Engage Brands as we embark on our next chapter of growth," said Boston Market CEO Eric Wyatt in a statement. "Engage Brands brings an enthusiastic, experienced, and successful ownership group to Boston Market, as well as access to resources that we need to continue to operate our business in this challenging environment. With the strategic and financial backing Jay [Pandya] and his team bring, we will continue to focus on key operational initiatives to improve guest experience, menu development, and focus on the growth of our brand. We are now well-positioned to achieve future success during a period of unprecedented disruption for our industry.”
Sun Capital purchased Boston Market from McDonald’s in 2007 for an undisclosed amount. In 2017, Bloomberg reported the firm was considering a sale of the rotisserie chicken chain and attracted a valuation around $400 million.
The brand ended 2019 with 376 domestic units, down from 430 U.S. locations at the end of 2018, or a 12.6 percent decrease, according to FoodServiceResults. Last summer, the company shuttered 45 stores, which represented about 10 percent of its total footprint. Debtwire reported at the time that Boston Market entered negotiations with landlords in an effort to renegotiate leases for several locations. Boston Market earned $515 million in total sales in 2019, down from $560 million in 2018, or a 8 percent decline.
Wyatt became Boston Market’s CEO in February, taking over for Frances Allen, who departed to lead Checkers & Rally’s. At the time, Wyatt said there was a renewed energy and excitement surrounding the brand and that there is a “robust game plan in place to take the brand forward.”
In a release, the Rohan Group of Companies was described as an organization with interests in “a wide array of business enterprises, including operations with multiple franchised restaurant concepts.”
"I am thrilled to be a part of such an iconic brand as Boston Market, a truly great American restaurant chain with a high quality and delicious menu. I look forward to working with and being a resource for the Boston Market team, preserving the jobs of our more than 5,500 team members, and helping set the brand on solid footing for the future," Pandya said in a statement.