LOS ANGELES, (Nov. 4, 2019) — Brentwood Associates (“Brentwood”), a consumer-focused private equity firm, announced it has entered into a definitive agreement to acquire a majority interest in SSRG Holdings, LLC (“Chicken Salad Chick” or the “Company”) from Eagle Merchant Partners.
Chicken Salad Chick has 137 locations throughout 16 states predominantly in the Southeast and is a leading fast-casual restaurant company. It has earned numerous accolades, including rankings in Franchise Times’ Fast & Serious; Fast Casual.com‘s top Movers and Shakers and Entrepreneur’s Top Food Franchises for two consecutive years. QSR recognized the company as one of the “Best Franchise Deals” and Nation’s Restaurant News named it to the Next 15 in 2019.
The transaction is expected to close in November 2019. Terms of the deal are confidential.
Chicken Salad Chick was founded in 2008 by Stacy and Kevin Brown when they opened the first restaurant in Auburn, Ala. The brand is famous for its made-from-scratch and healthy chicken salads as well as its authentic service. All Chicken Salad Chick restaurants feature over a dozen distinct chicken salad flavors made fresh daily and served by the scoop, sandwich or bowl. Each chicken salad is named in honor of an important woman in Stacy’s life. The fast-casual restaurants also feature homemade pimento cheese and egg salad, as well as fresh sides, soups and desserts. Chicken Salad Chick restaurants offer dine-in, take-out, drive-thru and catering. Chicken Salad Chick is led by CEO Scott Deviney, who will continue to lead the business going forward.
“We are very excited to partner with Brentwood on the next chapter for Chicken Salad Chick,” Deviney said. “Brentwood’s long track record of working with leading restaurant companies coupled with their understanding of our business objectives and strategy make them the perfect partner for us to continue executing on our robust growth and expansion plan.”
Rahul Aggarwal, partner at Brentwood, commented, “Chicken Salad Chick’s model fits well within our strategy of investing in high-growth, best-in-class consumer businesses. We look forward to working with Scott and the Chicken Salad Chick team to build upon their success in the markets they serve.”
Stockton Croft, partner at Eagle Merchant Partners, added, “We are extremely proud of Chicken Salad Chick’s achievements during our ownership, which resulted in a seven-fold increase in system sales and over 100 new restaurants. Chicken Salad Chick is a truly differentiated company with tremendous growth ahead. It has been an honor to work with such a wonderful organization.”
North Point Advisors, LLC advised Chicken Salad Chick on the transaction, while King & Spalding LLP provided legal counsel. Brentwood was represented by Burr & Forman LLP.
ABOUT CHICKEN SALAD CHICK
Founded in Auburn, Alabama, in 2008, Chicken Salad Chick serves full-flavored, Southern-style chicken salad made from scratch and served from the heart. With more than a dozen original chicken salad flavors as well as fresh side salads, gourmet soups, signature sandwiches and delicious desserts, Chicken Salad Chick’s robust menu is a perfect fit for any guest. Today, the brand has 137 restaurants in 16 states and is continuing its rapid expansion with both franchise and company locations. See www.chickensaladchick.com for additional information.
ABOUT BRENTWOOD ASSOCIATES
Brentwood Associates is a middle-market private equity investment firm with a 30+ year history of investing in leading growth companies. Brentwood focuses on investments in growing businesses where it can leverage its extensive experience in areas such as: consumer products and services; multi-location growth strategies, including specialty retail and restaurants; direct marketing, including direct mail and e-commerce; health and wellness; education; and business services. Since 1984, Brentwood’s dedicated private equity team has invested in over 50 portfolio companies with an aggregate transaction value of over $6 billion. With significant experience in both investing and brand building, Brentwood is a value-added partner with entrepreneurs and senior management teams building world-class companies. For more information about Brentwood, please visit www.brentwood.com.
ABOUT EAGLE MERCHANT PARTNERS
Eagle Merchant Partners is an Atlanta, Georgia based private equity firm focused on investments in Southeastern companies with unique growth opportunities. The partnership is one of the most experienced private equity investors in the region, investing in sixteen companies with more than $1.5 billion in revenues. For more information, visit eaglemerchantpartners.com.