Jack’s Family Restaurants has been sold by Toronto-based Onex Corporation, the company announced July 18. It did not provide terms of the deal or disclose who the buyer was. Onex purchased Birmingham, Alabama-based Jack’s, which has 169 locations, according to its website, for $234 million in July 2015.

The Onex Group said, upon completion of the transaction, it will have received proceeds of about $835 million, including prior distributions of $106 million. That’s good for a gross multiple of invested capital of 3.6 times and a 38 percent gross rate of return.

Onex invested $79 million in Jack’s as a limited partner in Onex Partners IV and will have realized $255 million upon completion of the deal, including prior distributions of $31 million.

The transaction is expected to close in the third quarter of 2019.

“Over the course of our investment, Jack’s significantly accelerated its growth and brought its differentiated concept, high-quality food and exceptional customer service to new communities across the southern U.S.,” said Matt Ross, a managing director of Onex, in a statement.  “We’d like to thank Todd Bartmess, Jack’s management team and all of the company’s dedicated employees for being great partners to Onex.  We wish them continued growth and success in the future.”

“Added Bartmess in a statement: “Matt and the entire Onex team have been wonderful to work with.  Their support has allowed us to continue to invest in our people, technology and the growth of our brand. They were steadfast in their commitment to the Jack’s family and the high standards we set.  We’re grateful for Onex’ partnership over the years.”

Jack’s has locations in Alabama, Tennessee, Georgia, and Mississippi.

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