City Barbeque, a fast-casual restaurant company, has been acquired by Freeman Spogli & Co. City Barbeque operates 26 company-owned restaurants in Ohio, Indiana, Kentucky and North Carolina and also has two legacy franchise locations in Ohio.
City Barbeque’ products are slow-smoked on site, and side dishes and desserts are made from scratch on site as well. In addition to its restaurants, City Barbeque offers catering for weddings, company picnics, large parties, and other events. The company was founded by Rick Malir in 1999 and is headquartered in Columbus (www.citybbq.com).
“This is an exciting moment in our company’s history,” said Mr. Malir. “This partnership allows us to take City Barbeque to new places, give our amazing employees additional opportunities to grow, and bring smiles to new guests and raving fans across the country.” Mr. Malir and a team of barbeque enthusiasts won the American Royal Invitational for the best beef brisket in the country. The American Royal Association – based in Kansas City – is an agricultural trade association founded in 1899. The association annually holds the World Series of Barbecue – the world’s largest barbecue competition.
“City Barbeque possesses the exact qualities Freeman Spogli looks for in a restaurant partner,” said Brad Brutocao, a Partner at Freeman Spogli. “The company has craveable food, a passionate management team, an impressive culture of hospitality, and a loyal fan base in each of its markets. We have been interested in City Barbeque for several years, and we are enthusiastic about partnering with Rick and his team during this exciting phase of growth for the company.”
Freeman Spogli invests in middle market consumer and distribution companies. Since its founding in 1983, the firm has invested over $3.7 billion in 55 portfolio companies with an aggregate transaction value of approximately $21 billion. Freeman Spogli has offices in Los Angeles and New York (www.freemanspogli.com).
© 2016 Private Equity Professional • 7-1-16
