QSRH sold to another private equity firm, Archer Capital
The senior management team of Quick Service Restaurant Holdings ("QSRH") and Archer Capital have acquired 100% of the company and its subsidiaries from Quadrant Private Equity, Frank Romano and other minority shareholders.
QSRH is the largest Australian-owned operator of quick service restaurants with over 620 stores across Australia under the Red Rooster, Oporto and Chicken Treat brands. It has also been growing its network internationally, with stores in New Zealand, China, the US and the UK.
Current management will continue to lead the business. CEO Mark Lindsay said: "The transaction begins a new and exciting chapter for us that will see us further grow QSRH from the solid platform already established. Quadrant have given us strong support over the last four years, and we are now very excited to be partnering with Archer Capital and benefiting from their direction and retail experience."
Archer Capital Partner Peter Gold said: "Archer Capital believes QSRH is a privileged asset within the Australian QSR market in that it owns and controls three well-recognised and distinctive brands with long histories and significant scale. We see great opportunities for QSRH and look forward to working with management as they pursue the next stage of development focussed on improving the customer experience. In addition, QSRH has an extensive network of high quality and dedicated franchisees and we are looking forward to working closely with them to grow their businesses and to deliver products and services of increasingly higher quality to restaurant guests across the network".
Quadrant Private Equity Managing Director Chris Hadley said: "QSR has been a great investment for Quadrant. Since our investment in 2007 the business has grown significantly opening new stores in Australia and expanding internationally. Store numbers have grown from 450 in 2007 to over 620 today. Significant investment has been made in new store formats, refurbishments and menu innovations. We have enjoyed working with the management team led by Mark Lindsay and we are confident that under the new partnership with Archer, the company will continue to be successful."
Archer Capital was advised by Ernst & Young Transaction Advisory Services Limited. Financial details of the transaction are confidential and have not been disclosed.
