Done Deal: Boston Market sold
Boston Market has a new owner.
Sun Capital Partners has completed the sale of the struggling fast-casual chain to Pennsylvania-based Engage Brands, LLC, one of the Rohan Group of Companies, which is owned by real estate investor and restaurant operator Jignesh (Jay) Pandya. (The Rohan Group of Companies is a real estate venture with over 100 combined restaurants and commercial properties.)
Terms of the private transaction were not disclosed.
Boston Market has been struggling for some time, challenged by overexpansion and increased pressure from grocery stores and other restaurant players. The chain, which had over 1,000 locations at its peak in the 1990s, currently operates 300-plus U.S. stores.
"We are very pleased to partner with Engage Brands as we embark on our next chapter of growth," said Eric Wyatt, CEO of Boston Market, which has more than 300 U.S. locations "Engage Brands brings an enthusiastic, experienced, and successful ownership group to Boston Market, as well as access to resources that we need to continue to operate our business in this challenging environment. With the strategic and financial backing Jay and his team bring, we will continue to focus on key operational initiatives to improve guest experience, menu development, and focus on the growth of our brand. We are now well-positioned to achieve future success during a period of unprecedented disruption for our industry."