M&A Deal Summary

Arcapita Acquires Church s Chicken

On December 1, 2004, asset manager Arcapita acquired restaurant Church s Chicken from Sentinel Capital Partners and Popeyes Louisiana Kitchen for 390M USD

Acquisition Highlights
  • This is Arcapita’s 2nd transaction in the Restaurants sector.
  • This is Arcapita’s 2nd largest (disclosed) transaction.
  • This is Arcapita’s 14th transaction in the United States.
  • This is Arcapita’s 4th transaction in Georgia.
Investment Fate
  • Church s Chicken was sold to a consortium of financial buyers in 2009.
  • Church s Chicken was sold to a consortium of financial buyers in 2021.

M&A Deal Summary
Date 2004-12-01
Target Church s Chicken
Sector Restaurants
Buyer(s) Arcapita
Sellers(s) Sentinel Capital Partners
Popeyes Louisiana Kitchen
Deal Type Divestiture
Deal Value 390M USD

Target

Church s Chicken

Atlanta, Georgia, United States
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) 1

Buyer

Arcapita

Manama, Bahrain

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1997
Size Mega
Type Sector Agnostic
DESCRIPTION

Arcapita is a private investment firm with separate investment disciplines spanning venture capital, corporate investment, real estate, and asset-based investments. Arcapita's Corporate Investment practice looks to acquire controlling interests in established companies valued between $50 million and $500 million. Sectors of interest include consumer products/services, healthcare, energy, technology, and manufacturing. Arcapita's infrastructure team looks to invest $50 to $300 million in energy, water, and transportation assets. The Firm will consider opportunities around the globe; including the United States, Latin America, Russia, China, Europe, Middle-East, and India. Arcapita was formed 1997 and has offices in Manama, Bahrain; Atlanta, Georgia; London; and Singapore.

DEAL STATS #
Overall 16 of 47
Sector (Restaurants) 2 of 2
Type (Divestiture) 1 of 3
State (Georgia) 4 of 10
Country (United States) 14 of 32
Year (2004) 4 of 4
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-11-01 South Staffordshire

Walsall, United Kingdom

South Staffordshire is an integrated services group with a highly regarded regulated water supply business covering two separate supply regions (South Staffs Water and Cambridge Water), coupled with the provision of related, non-regulated specialist services within two main divisions, Echo and SSI Services. South Staffordshire was founded in 1853 and is based in Walsall, United Kingdom.

Buy £245M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-02-01 TLC Health Care Services

Lake Success, New York, United States

TLC Health Care Services include nursing services, rehabilitation services, mental health services, wound management and hospice care. The company has maintained a track record of excellence and dedication to the highest standards in quality care.

Buy -

Seller(S) 2

SELLER

Sentinel Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 11.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sentinel Capital Partners is a private equity firm that targets investments in middle-market companies with strong management and 'attractive growth prospects'. Sentinel looks to invest up to $400 million of equity in companies generating EBITDA of up to $65 million. Sectors of interest include business services/outsourcing, consumer products and services, food and restaurants, franchising, and manufacturing. Prospective transaction situations include management buyouts, recapitalizations, corporate divestitures, take-privates, and growth capital financings. Sentinel Capital Partners was formed in 1995 and is based in New York, New York.

DEAL STATS #
Overall 9 of 69
Sector (Restaurants) 1 of 8
Type (Divestiture) 1 of 4
State (Georgia) 1 of 3
Country (United States) 9 of 62
Year (2004) 4 of 4
Size (of disclosed) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-28 Natural Beauty Growers

Denmark, Wisconsin, United States

Natural Beauty Growers LLC is a provider of greenhouse grower and wholesaler of plants and floral products. Natural Beauty Growers was founded in 1972 and is based in Denmark, Wisconsin.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-02-08 Spinrite

Listowel, Ontario, Canada

Spinrite is a manufacturer and marketer of craft yarn products in North America. Spinrite's Bernat, Patons, Lily Sugar's Cream, and Phentex brands, which are sold through mass merchants, craft stores, and independent specialty stores. Spinrite was founded in 1952 and is based in Listowel, Ontario.

Sell USD210M
SELLER

Popeyes Louisiana Kitchen

Atlanta, Georgia, United States
Category Company
Founded 1972
Sector Restaurants
Employees2,130
Revenue 259M USD (2015)
DESCRIPTION

Popeyes Louisiana Kitchen, Inc. is a developer, operator and franchiser of quick-service restaurants ("QSRs" or "restaurants") under the trade name, Popeyes Louisiana Kitchen and Popeyes Chicken & Biscuits.

DEAL STATS #
Overall 3 of 3
Sector (Restaurants) 1 of 1
Type (Divestiture) 3 of 3
State (Georgia) 2 of 2
Country (United States) 3 of 3
Year (2004) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-11-04 Cinnabon

Atlanta, Georgia, United States

Cinnabon, Inc. is a provider in the cinnamon roll bakery category. Cinnabon operates and franchises 358 retail cinnamon roll bakeries.

Sell -
Mergr

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