Bruckmann, Rosser, Sherrill & Co. (“BRS”) has completed a preferred stock investment in Not Your Average Joe’s, an operator of casual dining restaurants. BRS led the investment round and existing shareholders also participated. The new capital will be used to support accelerated development of new restaurants units.
“We are thrilled to add BRS as a partner and are particularly pleased to have them join our Board of Directors. BRS has deep experience and success in the restaurant sector, and will add value to our company well beyond its financial investment. This new capital provides us the necessary resources to accelerate our growth and we are actively looking for opportunities from Boston to Washington, DC,” said Steve Silverstein, Not Your Average Joe’s founder and CEO.
Not Your Average Joe’s (“NYAJ”) is an operator of restaurants within the casual dining sector. The company provides high quality, chef-prepared food at casual dining prices coupled with high levels of customer service and hospitality. The company operates 17 restaurants in New England and the Mid-Atlantic region and is based in Middleboro, MA (www.notyouraveragejoes.com).
“We are confident that NYAJ is poised for expansion given the proven success of its new unit prototype and its strong value proposition to consumers. We look forward to supporting the management team in executing their growth strategy,” said Nicholas Sheppard, Managing Director of BRS.
Bruckmann, Rosser, Sherrill & Co. invests in middle market consumer goods and services businesses and has $1.4 billion of committed capital under management. Since 1996, BRS has purchased over 40 portfolio companies for aggregate consideration of over $6.4 billion. In addition, BRS portfolio companies have completed approximately $1.9 billion of add-on acquisitions. Prior to forming the firm, the founders of BRS were in the financial acquisition business at Citicorp Venture Capital where they closed 25 transactions with aggregate transaction values totaling $5.8 billion. The firm is based in New York (www.brs.com).
“We are excited to partner with Steve and the rest of the NYAJ team. We view NYAJ as a highly differentiated casual dining concept, offering chef-prepared, made-from-scratch food featuring local ingredients and exceptional hospitality,” said Tom Baldwin, Managing Director of BRS.
Oppenheimer & Company acted as exclusive financial advisor to Not Your Average Joe’s in this transaction.
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-9-12
