M&A Deal Summary

High Bluff Capital Partners and FS Investments Acquire Church s Chicken

On August 2, 2021, private equity firm High Bluff Capital Partners and asset manager FS Investments acquired restaurant Church s Chicken from FFL Partners

Acquisition Highlights
  • This is High Bluff Capital Partners’ 3rd and FS Investments’ 1st transaction in the Restaurants sector.
  • This is High Bluff Capital Partners’ 3rd and FS Investments’ 3rd transaction in the United States.
  • This is High Bluff Capital Partners’ 1st and FS Investments’ 1st transaction in Georgia.

M&A Deal Summary
Date 2021-08-02
Target Church s Chicken
Sector Restaurants
Buyer(s) High Bluff Capital Partners
FS Investments
Sellers(s) FFL Partners
Deal Type Secondary Buyout

Target

Church s Chicken

Atlanta, Georgia, United States
website
Church's Chicken is a chicken quick-service restaurant serving more than three million customers weekly through restaurants in 22 countries and more than 30 states in the U.S. The Company serves affordable freshly prepared, high-quality, flavorful chicken and tenders with signature sides and handmade, from-scratch biscuits. Church's Chicken was founded in 1952 and is based in Atlanta, Georgia.

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Buyer(S) 2

Buyer

High Bluff Capital Partners

Investor

website

Category Private Equity Firm
Size Small
Type Sector Focused
DESCRIPTION

High Bluff Capital Partners is a private investment firm focused on control investments in consumer facing companies. The Firm is based in San Diego, California.

DEAL STATS #
Overall 3 of 3
Sector (Restaurants) 3 of 3
Type (Secondary Buyout) 1 of 1
State (Georgia) 1 of 1
Country (United States) 3 of 3
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-09 Taco Del Mar

Denver, Colorado, United States

Taco Del Mar is a fast-casual restaurant chain that specializes in coastal Mexican cuisine that has more than 100 locations in the U.S. and Canada. The franchise-owned chain offers the authentic tastes of Baja, with a menu featuring traditional favorites as well as vegetarian and vegan options. Taco Del Mar was founded in 1992 and is based in Denver, Colorado.

Buy -
Buyer

FS Investments

Philadelphia, Pennsylvania, United States

Investor Investor Investor Investor Investor

website

Category Asset Manager
Founded 2007
PE ASSETS 19.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

FS Investments is an asset management firm that provides a variety of investment vehicles for retail investors and institutions. FS Investment generally looks to provide senior secured loans, second lien loans and mezzanine financing for private US companies. FS Investments was formerly known as Franklin Square Capital Partners. FS Investments was formed in 2007 and is based in Philadelphia, Pennsylvania.

DEAL STATS #
Overall 3 of 3
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Georgia) 1 of 1
Country (United States) 3 of 3
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-06 Dent Wizard International

Bridgeton, Missouri, United States

Dent Wizard is the provider of automotive reconditioning services and related products. Dent Wizard International was founded in 1983 and is based in Bridgeton, Missouri.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-20 Harvey Building Products

Waltham, Massachusetts, United States

Harvey Building Products manufactures windows and doors under the Harvey brand name and also distributes siding, roofing and other building products. Harvey Building Products was founded in 1961 and is based in Waltham, Massachusetts.

Sell -

Seller(S) 1

SELLER

FFL Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1997
PE ASSETS 5.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

FFL Partners (formerly known as Friedman Fleischer & Lowe) is a private equity group focused on majority and minority investments in North American middle-market companies. Prospective businesses generally have revenues of $30 to $400 million and are valued between $50 and $300 million. Target situations include ownership restructurings in closely-held and family-owned companies, management buyouts, PIPEs, growth equity fundings, take privates, special situations, and recapitalizations. Sectors of interest include outsourced business services, education and training, marketing and media, consumer products, healthcare, and financial services. FFL Partners was formed in 1997 and is based in San Francisco.

DEAL STATS #
Overall 27 of 31
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 10 of 13
State (Georgia) 3 of 3
Country (United States) 25 of 29
Year (2021) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-26 New Look Vision

Saint-Laurent, Quebec, Canada

New Look Vision is a provider of eye care products and services. The Company has retail sales of optical products which can be grouped into four principal categories: (i) prescription and non-prescription eyewear, (ii) contact lenses, (iii) sunglasses, protective eyewear and reading glasses, and (iv) accessories, such as cleaning products for eyeglasses and contact lenses. New Look Vision was founded in 1986 and is based in Saint-Laurent, Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-09 Summit Behavioral Healthcare

Franklin, Tennessee, United States

Summit Behavioral Healthcare provides substance use disorder and acute psychiatric care at 24 facilities across 16 states. Summit Behavioral Healthcare was founded in 2013 and is based in Franklin, Tennessee.

Sell -
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