Centre Partners has acquired Captain D’s, a seafood-themed quick-service restaurant group, from Sentinel Capital Partners.
Captain D’s operates a national chain of 545 restaurants, including 253 franchised and 292 company-owned locations throughout the Southeast and Midwest. Popular menu items include hand-battered fish, grilled shrimp and chicken, hushpuppies, desserts, and sweet tea. Captain D’s, led by CEO Phil Greifeld, was founded in 1969 and is headquartered in Nashville.
“Captain D’s has a world-class management team and culture that puts its guests and team members first,” said Michael Fabian, a partner at Sentinel. “Captain D’s is by far the leading brand in the seafood category. We were very fortunate to partner with Phil Greifeld and the rest of the Captain D’s team, and we wish them continued success.”
This transaction represents a return to the company for Centre Partners which had acquired the business in 2013 before selling it to Sentinel in 2017.
“We are excited to have the opportunity to partner with Phil Greifeld and this experienced executive team once again,” said Bruce Pollack, the managing partner of Centre Partners. “With its differentiated menu of craveable seafood, Captain D’s provides a unique value proposition to its customers. We look forward to supporting Phil and the team as they seek to significantly expand the business.”
“We are proud to welcome Centre Partners back to the company and continue our growth story with their support,” said Mr. Greifeld. “Their deep understanding of our business makes them an ideal partner for our next phase of growth. We continue to improve the customer experience with new menu offerings; streamlined digital, drive-thru and delivery options; and an expanding geographic footprint. We are excited to build upon these initiatives with Centre Partners.”
Centre Partners invests from $15 million to $40 million in North American-based middle-market companies that have $30 million to $300 million in revenue and $5 million to $40 million in EBITDA. Sectors of interest include branded and private label consumer, and healthcare. Centre Partners was founded in 1986 and has offices in New York and Los Angeles.
New York City-based Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDA up to $80 million. Sentinel is an active investor in the quick-service restaurant sector with past investments that include Fazoli’s, Checkers Drive-in Restaurants, Newk’s Eatery; and franchise investments in Church’s Chicken, Pizza Hut, and Taco Bell.
Other sectors of interest to Sentinel include aerospace and defense, business services, consumer, distribution, healthcare, and industrials. The acquisition of Captain D’s follows Sentinel’s April 2022 acquisition of SPL, a Houston-based provider of testing, inspection and certification services to the energy sector, from Industrial Growth Partners.
© 2022 Private Equity Professional | June 7, 2022
