Roark Capital Group has acquired Miller’s Ale House, a casual dining restaurant chain and a portfolio company of KarpReilly.
Miller’s Ale House is a 65-unit casual dining restaurant chain with approximately $300 million in system-wide sales. The menu offers steaks, seafood, pasta, salads, sandwiches and desserts. The chain’s full-service bar features more than 75 beers, plus wine and liquor. The company was founded in 1988 by Jack Miller (CEO) and is headquartered in Jupiter, FL (www.millersalehouse.com).
As part of the transaction, restaurant industry veteran and current National Restaurant Association Chairman Phil Hickey will join Miller’s Ale House as Chairman. Mr. Hickey has more than 35 years in the restaurant industry and was the recent recipient of the Norman Brinker Award for outstanding leadership in the restaurant industry. He was Chairman of the Board and Chief Executive Officer of RARE Hospitality whose concepts included Long Horn Steakhouse and the Capital Grille, and led the company through its successful sale to Darden Restaurants.
“Miller’s Ale House has distinguished itself within the Sports Bar and Grill segment,” said Mr. Hickey. “Jack Miller and the entire Ale House team have created a truly unique restaurant concept focused on great food, great service and great value.”
Roark Capital Group invests in consumer and business services companies, with a focus on the franchise, food and restaurant, specialty retail, environmental services, waste management, and marketing services sectors. The firm has $3 billion in equity capital under management and is based in Atlanta (www.roarkcapital.com).
“The Miller’s Ale House acquisition fits Roark’s strategy of acquiring differentiated consumer brands with loyal followings and strong customer value propositions,” said Ezra Field, Managing Director of Roark Capital. “We look forward to working closely with Jack, Phil, Ale House President Ray Holden and the rest of the Miller’s Ale House team to continue to build the brand and business.”
KarpReilly invests in consumer growth companies at the lower end of the middle market through a variety of transaction types including growth equity, management buyouts, acquisition financings and recapitalizations. The firm’s investment size is from $10 million to $75 million of equity capital. Industries of interest include building products; business services; consumer brands; health care services; retail; and restaurants. The firm is based in Greenwich, CT (www.karpreilly.com).
North Point Advisors advised Miller’s Ale House and KarpReilly on this transaction.
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-22-13
