M&A Deal Summary

Unitas Capital, CCMP Capital and CIC Partners Acquire Quiznos

On October 16, 2005, private equity firms Unitas Capital, CCMP Capital and CIC Partners acquired restaurant Quiznos from Retail and Restaurant Growth Capital and Levine Leichtman Capital Partners

Acquisition Highlights
  • This is Unitas Capital’s 1st, CCMP Capital’s 1st and CIC Partners’ 5th transaction in the Restaurants sector.
  • This is Unitas Capital’s 1st, CCMP Capital’s 53rd and CIC Partners’ 17th transaction in the United States.
  • This is Unitas Capital’s 1st, CCMP Capital’s 6th and CIC Partners’ 1st transaction in Colorado.
Investment Fate
  • Quiznos went bankrupt in 2012 for 150M USD.
  • Quiznos went bankrupt in 2014.
  • Quiznos was sold to a financial buyer in 2018.

M&A Deal Summary

Date 2005-10-16
Target Quiznos
Sector Restaurants
Buyer(s) Unitas Capital
CCMP Capital
CIC Partners
Sellers(s) Retail and Restaurant Growth Capital
Levine Leichtman Capital Partners
Deal Type Recapitalization
Advisor(s) Goldman Sachs (Financial)
Paul, Weiss, Rifkind, Wharton & Garrison (Legal)

Target

Quiznos

Denver, Colorado, United States
Quiznos is engaged in franchising and operating quick-service restaurants commonly known for toasted sub-style sandwiches with approximately 4,000 operating units around the world. Quiznos was founded in 1981 and is based in Denver, Colorado.

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Buyer(S) 3

Buyer

Unitas Capital

Hong Kong, China

Category Private Equity Firm
Founded 1999
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Unitas Capital is a private equity firm focused on buyouts and growth capital investments in medium-to-large sized businesses across Asia. Unitas targets opportunities throughout Australia & New Zealand, Greater China, Korea, Japan and Singapore. Areas of interest include branded consumer, retail and industrial manufacturing/services. Unitas dates back to 1999 (when it was part of and known as J.P. Morgan Partners Asia) and has offices in Hong Kong and Shanghai.


DEAL STATS #
Overall 4 of 17
Sector (Restaurants) 1 of 2
Type (Recapitalization) 1 of 1
State (Colorado) 1 of 1
Country (United States) 1 of 2
Year (2005) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-12-01 YPS

Singapore, Singapore

YPS is a marketer and distributor of advertising-sponsored Yellow and White Page directories. YPS publishes six directories with a combined circulation of approximately 3.1 million.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Independent Liquor

Papakura, New Zealand

Independent Liquor is the market leader in the Australasian ready-to-drink alcoholic beverages category, the fastest growing component of the Australasian industry. Independent Liquor also manufactures and distributes beer, wine and spirits.

Buy NZ$1.2B
Buyer

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

CCMP Capital is a large private equity firm focused on buyout and growth equity valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase. The Firm is based in New York City.


DEAL STATS #
Overall 65 of 97
Sector (Restaurants) 1 of 1
Type (Recapitalization) 3 of 4
State (Colorado) 6 of 7
Country (United States) 53 of 75
Year (2005) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-18 HighPoint Resources

Denver, Colorado, United States

HighPoint Resources is an exploration and production company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. The Company's assets are located in the NE Wattenberg and Hereford Fields and in rural settings that are favorable for oil development.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-24 Madisonville Gas Processing

North Zulch, Texas, United States

Madisonville Gas Processing is a collection of assets including a sour gas processing plant and an associated gathering system, located 100 miles north of Houston in Madisonville, Texas.

Buy $50M
Buyer

CIC Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1974
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

CIC Partners is a lower middle-market private equity firm that targets investments in energy, food service, manufacturing, service, retail, technology, and media companies. CIC looks for businesses generating sales of $10 to $500 million where the firm can invest $5 to $50 million of equity capital, either as a majority or minority position. Prospective transaction situations include management-led buyouts, growth financings, and recapitalizations. CIC Partners is the successor to Cardinal Investment Company's Private Equity Group, originally formed in 1974. CIC Partners is based in Dallas, Texas.


DEAL STATS #
Overall 17 of 43
Sector (Restaurants) 5 of 7
Type (Recapitalization) 1 of 5
State (Colorado) 1 of 1
Country (United States) 17 of 42
Year (2005) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-30 Industrial Container Services

Montebello, California, United States

Industrial Container Services LLC is a provider of reusable container solutions in the United States, providing new and reconditioned steel, plastic, and fiber drums. With 49 facilities across the United States and Canada, ICS collects, reconditions and distributes over 10 million steel, poly and intermediate bulk containers annually and is the only company capable of offering comprehensive services, including pickup and reconditioning of containers of all major packaging types, new container manufacturing and distribution, to customers nationally.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Bagby Energy Holdings

Fort Smith, Arkansas, United States

Bagby Energy Holdings, LP (via its operating company, Bagby Energy, LLC) is an independent oil and gas exploration company headquartered in Fort Smith, Arkansas. Bagby is engaged in acquiring and developing natural gas prospects in the Arkoma Basin of Northwest Arkansas and Southeastern Oklahoma as well as the Barnett Shale of North Texas.

Buy -

Seller(S) 2

SELLER

Retail and Restaurant Growth Capital

Plano, Texas, United States

Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 60M USD
Size Small
Type Sector Focused
DESCRIPTION

Retail & Restaurant Growth Capital (RRGC) is a private investment partnership that provides mezzanine capital to growth businesses operating in the retail and restaurant sectors. Specific areas of interest include 'unit-driven retail, restaurant and service businesses', e-commerce, catalog and consumer services, suppliers, and providers of business services including internet, logistics, outsourcing and technology. RRGC looks to invest $1 to $3 million per transaction to help fund buyouts, growth financings, recapitalizations, or acquisitions. RRGC is licensed as a SBIC and is based in Plano, Texas.


DEAL STATS #
Overall 1 of 3
Sector (Restaurants) 1 of 2
Type (Recapitalization) 1 of 1
State (Colorado) 1 of 1
Country (United States) 1 of 3
Year (2005) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-07-01 PureBeauty Salons & Boutiques

Golden Valley, Minnesota, United States

RRGC provided growth financing for this expansion stage specialty retailer of beauty products and salon services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-28 Le Gourmet Chef

Chillicothe, Ohio, United States

RRGC provided growth financing for this expansion stage specialty retailer kitchenware, packaged gourmet foods and decorative housewares.

Sell -
SELLER

Levine Leichtman Capital Partners

Beverly Hills, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1984
PE ASSETS 12.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Levine Leichtman Capital Partners (LLCP) is a West Coast US based private investment firm that targets mezzanine and other structured equity investments in middle-market companies. The Firm has several funds, each with different strategies. LLCP's larger fund targets subordinated debt, preferred equity, and/or common equity investments in companies with $100 to $750 million of revenue. The Firm's smaller fund invests $5 to $15 million in emerging companies with less than $25 million in revenue. LLCP also invests in financially distressed businesses. LLCP was formed in 1984 and has offices in Beverly Hills, California; Chicago, Illinois; Dallas, Texas; New York City; and London.


DEAL STATS #
Overall 5 of 57
Sector (Restaurants) 1 of 6
Type (Recapitalization) 1 of 1
State (Colorado) 1 of 1
Country (United States) 5 of 51
Year (2005) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-15 CPP

Cleveland, Ohio, United States

CPP is an aerospace casting manufacturer and offers both sand and investment casting capabilities. The company specializes in producing complex, mission-critical components for a variety of leading commercial and military aircraft and regional/business jets, as well as industrial gas turbines. CPP was founded in 1991 and is based in Cleveland, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-23 Overhill Farms

Vernon, California, United States

Overhill Farms, Inc. is a developer, producer and supplier of custom prepared frozen foods, including those distributed under the Boston Market® brand. Overhill Farms products range from pastas to steak tenderloin.

Sell -