Boston Market announced today that it has been acquired by Engage Brands, LLC, one of the Rohan Group of Companies owned by successful real estate investor and restaurant operator, Jignesh (Jay) Pandya. The transaction was a result of a successful out-of-court restructuring despite the challenges posed by COVID-19. Boston Market was assisted by Mackinac Partners, who provided financial advisory and restructuring services and Piper Sandler Companies who provided investment banking services.
The full press release follows:
Strategic and financial partnership brings an enthusiastic, experienced, and successful ownership group to Boston Market
GOLDEN, Colo., April 29, 2020 /PRNewswire/ — Boston Market® is pleased to announce that it has been acquired by Engage Brands, LLC, one of the Rohan Group of Companies, owned by real estate investor and restaurant operator, Jignesh (Jay) Pandya of Bucks County, Pennsylvania. Engage Brands will now assume ownership of Boston Market, purchasing the brand from affiliates of Sun Capital Partners, Inc. Terms of the private transaction were not disclosed.
The Rohan Group of Companies is a well-established organization with ownership interests in a wide array of business enterprises, including operations with multiple franchised restaurant concepts.
“We are very pleased to partner with Engage Brands as we embark on our next chapter of growth,” said Eric Wyatt, Chief Executive Officer of Boston Market. “Engage Brands brings an enthusiastic, experienced, and successful ownership group to Boston Market, as well as access to resources that we need to continue to operate our business in this challenging environment. With the strategic and financial backing Jay and his team bring, we will continue to focus on key operational initiatives to improve guest experience, menu development, and focus on the growth of our brand. We are now well-positioned to achieve future success during a period of unprecedented disruption for our industry.”
“I am thrilled to be a part of such an iconic brand as Boston Market, a truly great American restaurant chain with a high quality and delicious menu. I look forward to working with and being a resource for the Boston Market team, preserving the jobs of our more than 5,500 team members, and helping set the brand on solid footing for the future,” said Mr. Pandya.
Boston Market was assisted in establishing the partnership with Engage Brands by Piper Sandler Companies who provided investment banking services and Mackinac Partners, Inc. who provided business advisory and restructuring services.
About Boston Market
Headquartered in Golden, Colorado, Boston Market Corporation has given time back to busy families and individuals for more than 30 years with quality, home style meals at a convenient value in more than 300 U.S. locations. Known as the experts in rotisserie cooking, the company prepares fresh chicken and USDA choice Prime Rib in signature rotisserie ovens and features an extensive selection of home style sides and made-from-scratch cornbread. As one of the country’s largest providers of catering services, Boston Market offers convenient, same-day orders and delivery for corporate and personal events of all sizes. In January 2017, Boston Market officially launched its “Quality Guarantee,” which acts as a continued commitment to all guests that Boston Market will serve all-natural and fresh, never frozen, gluten-free, whole chicken with no added hormones, steroids, antibiotics or MSG. For more information, visit the company’s website at www.bostonmarket.com. For the latest news and deals, follow @bostonmarket on Twitter or join us on Facebook.
Seth Grugle, ICR