Experienced Restaurant Execs Form Blank Check Company
Restaurant Acquisition Partners Seeks Emerging Casual, Quick Casual or QSR Concepts
Orlando, FL, February 27, 2007 --(PR.com)-- Christopher R. Thomas, president and CEO of Restaurant Acquisition Partners, Inc. (RAQP.OB-OTC Bulletin Board), doesn’t mince words when he says what Restaurant Acquisition Partner is looking for. “We have rounded up our capital and are looking to purchase a chain with a quality concept, a track record of sales and earnings performance and an excellent potential to grow,” Thomas said. “There are plenty of excellent emerging concepts that need capital to grow and there is less competition in this marketplace since most private equity funds seek transactions of $100 million and up.”
Restaurant Acquisition Partners, Inc. is the first blank-check company founded by restaurant industry executives specifically targeting the restaurant industry and is pursuing an acquisition of a high-growth-potential casual dining, quick-casual or quick-service restaurant chain. RAP is targeting an attractive niche in the acquisition marketplace – restaurant concepts with EBITDA between $4 million and $10 million.
A blank check company is a publicly traded buyout company, essentially a public equity fund. The blank check company allows its management to raise capital in the public marketplace for the purpose of making an acquisition.
Thomas said RAP is targeting concepts that have strong market positioning and customer appeal; proven regional success; strong unit-level economics; good, passionate, and talented management and be readily expandable through company-operated development, franchising or both. RAP brings significant value added to an acquisition by providing growth capital and Board of Directors support for an aggressive management plan.
Besides the capital that RAP would bring to an emerging concept, the 90 years of successes and experience that Thomas and his co-founders – Chairman Clyde E. Culp III and Vice President and Secretary John M. Creed – have amassed in growing restaurant companies and creating shareholder value are an immeasurable resource. All three have led major acquisitions and divestitures in the restaurant industry. A look at their backgrounds:
• Thomas is the former president of Planet Hollywood International, Inc., and former president and CEO of Sizzler USA, the chain of mid-scale casual dining restaurants.
• Creed was previously chairman and CEO for Chart House Enterprises, a chain of dinner restaurants that he grew from 12 to 75 locations and annual sales of $200 million.
• Culp is the former CEO of Davco Foods, the largest franchisee in the Wendy’s hamburger chain that operated 145 units until the business was sold in 1987. He is a past CEO of Embassy Suites and Long John Silver’s and has served as an advisor to both the Shoney’s and Captain D’s restaurant chains.
“We understand what makes restaurants tick,” Thomas said. “We know the difficulties involved and what makes them successful. Most importantly, we know how to grow them.”
“It’s a huge competitive advantage for us,” Thomas said of the industry experience of the RAP management team. “Each of us brings specific skills and experiences to the business. Our goals are the same as the entrepreneur – to create enterprise value by growing and developing their business. Dealing with a restaurant operator such as RAP is often dramatically different than having a Wall Street equity fund as your partner.”
“If needed, we can step in and put together a team that will be responsible for day-to-day operations,” Thomas said. “But if the existing management group is committed and passionate and wants to continue in the development of the concept, our role will be to use the breadth and depth of our experience to create a structure for managed growth and also to create credibility to further attract capital for that growth.”
The restaurant industry has seemingly never been healthier. The nation’s 935,000 restaurants are expected to hit $537 billion in sales in 2007, according to the National Restaurant Association’s Industry Forecast.
“The restaurant industry has had 15 consecutive years of sales growth,” Thomas said. “With the Baby Boomer demographics, the demand for eating out appears to be continuing to trend up and there are no indicators showing that trend reversing anytime soon.”
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Restaurant Acquisition Partners
5950 Hazeltine National Drive
Suite 290
Orlando, Fla. 32822
Contact: Christopher R. Thomas
Phone: 407.240.9190
Media Contact: Sanderson & Associates, Ltd.
Kelly Templer
Phone: 312-829-4350
E-mail: Kelly@sandersonpr.com
Fax: 312-829-4360
Restaurant Acquisition Partners, Inc. is the first blank-check company founded by restaurant industry executives specifically targeting the restaurant industry and is pursuing an acquisition of a high-growth-potential casual dining, quick-casual or quick-service restaurant chain. RAP is targeting an attractive niche in the acquisition marketplace – restaurant concepts with EBITDA between $4 million and $10 million.
A blank check company is a publicly traded buyout company, essentially a public equity fund. The blank check company allows its management to raise capital in the public marketplace for the purpose of making an acquisition.
Thomas said RAP is targeting concepts that have strong market positioning and customer appeal; proven regional success; strong unit-level economics; good, passionate, and talented management and be readily expandable through company-operated development, franchising or both. RAP brings significant value added to an acquisition by providing growth capital and Board of Directors support for an aggressive management plan.
Besides the capital that RAP would bring to an emerging concept, the 90 years of successes and experience that Thomas and his co-founders – Chairman Clyde E. Culp III and Vice President and Secretary John M. Creed – have amassed in growing restaurant companies and creating shareholder value are an immeasurable resource. All three have led major acquisitions and divestitures in the restaurant industry. A look at their backgrounds:
• Thomas is the former president of Planet Hollywood International, Inc., and former president and CEO of Sizzler USA, the chain of mid-scale casual dining restaurants.
• Creed was previously chairman and CEO for Chart House Enterprises, a chain of dinner restaurants that he grew from 12 to 75 locations and annual sales of $200 million.
• Culp is the former CEO of Davco Foods, the largest franchisee in the Wendy’s hamburger chain that operated 145 units until the business was sold in 1987. He is a past CEO of Embassy Suites and Long John Silver’s and has served as an advisor to both the Shoney’s and Captain D’s restaurant chains.
“We understand what makes restaurants tick,” Thomas said. “We know the difficulties involved and what makes them successful. Most importantly, we know how to grow them.”
“It’s a huge competitive advantage for us,” Thomas said of the industry experience of the RAP management team. “Each of us brings specific skills and experiences to the business. Our goals are the same as the entrepreneur – to create enterprise value by growing and developing their business. Dealing with a restaurant operator such as RAP is often dramatically different than having a Wall Street equity fund as your partner.”
“If needed, we can step in and put together a team that will be responsible for day-to-day operations,” Thomas said. “But if the existing management group is committed and passionate and wants to continue in the development of the concept, our role will be to use the breadth and depth of our experience to create a structure for managed growth and also to create credibility to further attract capital for that growth.”
The restaurant industry has seemingly never been healthier. The nation’s 935,000 restaurants are expected to hit $537 billion in sales in 2007, according to the National Restaurant Association’s Industry Forecast.
“The restaurant industry has had 15 consecutive years of sales growth,” Thomas said. “With the Baby Boomer demographics, the demand for eating out appears to be continuing to trend up and there are no indicators showing that trend reversing anytime soon.”
###
Restaurant Acquisition Partners
5950 Hazeltine National Drive
Suite 290
Orlando, Fla. 32822
Contact: Christopher R. Thomas
Phone: 407.240.9190
Media Contact: Sanderson & Associates, Ltd.
Kelly Templer
Phone: 312-829-4350
E-mail: Kelly@sandersonpr.com
Fax: 312-829-4360
Contact
Restaurant Acquisition Partners
Kelly Templer
312-829-4350
www.sandersonpr.com
Kelly Templer
312-829-4350
www.sandersonpr.com
Contact
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