Sun Capital Partners to buy Boston Market
August 06, 2007
by FoodBusinessNews.net Staff
BOCA RATON, FLA. — Sun Capital Partners, Inc. has agreed to acquire the Boston Market restaurant chain from its parent, McDonald’s Corp. Financial details of the transaction, which is expected to be completed in the third quarter, were not disclosed.
McDonald’s, which in January said it was exploring options for Golden, Colo.-based Boston Market as part of its strategy to focus on its core hamburger chain, made the announcement along with second-quarter results as part of a 10-Q filed Aug. 6 with the Securities and Exchange Commission.
McDonald’s said Boston Market’s results of operations will be recorded as discontinued operations beginning in the third quarter of fiscal 2007. As of June 30, Boston Market’s total assets and total liabilities were $180 million and $89.1 million, respectively.
Boston Market has 630 restaurants in 28 states. McDonald’s acquired the restaurant chain in 2000 for $173.5 million as part of an initiative to diversify its business.
Sun Capital Partners focuses on leveraged buyouts, equity, debt and other investments. The company’s affiliates have invested in and managed more than 145 companies throughout the world representing combined sales of more than $33 billion since 1995. Some of the companies Sun Capital has invested include Bruegger’s Enterprises, Creekstone Farms Premium Beef, Fazoli’s, Garden Fresh Restaurant Corp. and Hickory Farms, Inc.