Roark Capital Group, the Atlanta-based private equity firm that just agreed to buy Arby's, did another deal this week: the acquisition of the parent company of Corner Bakery Cafe and Il Fornaio Restaurants and Bakeries.
Roark already owned Carvel Ice Cream, Cinnabon, Schlotzsky's, Moe's Southwest Grill and Auntie Anne's Pretzel's.
Corner Bakery Cafe was founded in 1991 as a small bread bakery in Chicago. It now makes meals for breakfast, lunch and dinner and also offers catering services. Headquartered in Dallas, it has 119 locations in the United States.
Il Fornaio, averaging over $5 million in annual sales per restaurant, is an upscale Italian chain. It was founded in Italy and is based in Corte Madera, California. The company owns and operates 22 full-service Italian restaurants in the United States.
Neal Aronson, managing partner of Roark, said the deals include "two terrific brands with strong points of differentiation and excellent consumer appeal."
Roark has now invested in 20 franchise businesses that operate in 50 states and 43 countries. Corner Bakery Cafe and Il Fornaio will be Roark's tenth restaurant investment.
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