Roark Capital sells Corner Bakery cafe chain
Owner of Boston Market sees strategic value in chains’ synergies
Affiliates of Atlanta-based Roark Capital, a private equity group focused on retail and foodservice franchise brands, has sold the Corner Bakery cafe chain to Pandya Restaurant Group. Roark Capital acquired the then-119-unit chain, and its parent Il Fornaio, in 2011.
Pandya Restaurant Group is part of the Rohan Group of Companies, which also owns Boston Market, acquired in April, through its Engage Brands entity.
As of last year, Corner Bakery had over 180 units across the United States. In 23 states and Washington, DC, Corner Bakery operates an all-daypart menu. Long operating hours, a nascent digital business and a complex menu have offset the advantages of strong real estate in top US markets.
With Corner Bakery acquisition, new owner seeks strategic synergies
With the acquisition of Corner Bakery, Pandya Restaurant Group has envisioned strategic alliances between the two fast-casual brands. Although Boston Market has expanded in new markets, it has also closed stores in key locations in 2020.
The addition of Corner Bakery to Rohan’s portfolio should produce some efficiencies, although it’s difficult to assess any opportunities that Roark Capital may have not already tapped. Rohan Group and its companies are controlled by Jignesh (Jay) Pandya, a real estate investor and restaurant operator from Bucks County, Pa.
The parties did not disclose terms of the financial transaction.
Photo credit: Corner Bakery (featured preview image)
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