Private equity firm Centre Partners completed its acquisition of Nasvhille, Tennessee, U.S.A.-based Captain D's Seafood, it announced on 23 May.
Terms of the transaction were not disclosed.
This is New York City, U.S.A.-based Centre Partners' second time partnering with Captain D’s, which operates and franchises more than 500 restaurants. Centre Partners previously acquired Captain D's in 2013 and exited the business in 2017. The Captain D's management team has invested alongside Centre Partners and will continue to serve in their current roles, Centre Partners said.
"We are excited to have the opportunity to partner with Phil Greifeld and this experienced executive team once again,” Centre Partners Managing Partner Bruce Pollack said. “With its differentiated menu of craveable seafood, Captain D's provides a unique value proposition to its customers. We look forward to supporting Phil and the team as they seek to significantly expand the business.”
Centre Partners’ “deep understanding” of Captain D’s business makes them an ideal partner for the restaurant chain’s next phase of growth, Centre Partners CEO Phil Greifeld said in a press release.
“We continue to improve the customer experience with new menu offerings; streamlined digital, drive-thru, and delivery options; and an expanding geographic footprint. We are excited to build upon these initiatives with Centre Partners.”
Despite the havoc that COVID-19 reaped on restaurants, Captain D’s opened 15 new locations in 2021 and announced a new, smaller format in late 2020.
In February 2021, Captain D's unveiled its “Express” restaurant prototype, which has a significantly smaller footprint than its traditional models, consisting solely of drive-through and walk-up windows for ordering and picking up.
Over the years, the brand has developed a lineup of flexible restaurant prototype options for its franchisees. They include 62-, 44- and 22-seat footprints “intentionally designed to cater to the demographics of varied markets and available land parcels, while providing turnkey development solutions to its franchisees,” the company said.
Photo courtesy of Captain D’s
