CARLSBAD, Calif.--(BUSINESS WIRE)--Zensho America Corporation (“Zensho”), a subsidiary of Zensho Holdings Co., Ltd. (TOKYO: 7550), announced today the sale of Catalina Restaurant Group (“CRG”) to an affiliate of Food Management Partners (“FMP”). CRG, parent company of Coco’s Bakery Restaurant and Carrows Restaurants, operates 149 restaurants across California, Nevada, and Arizona.
The transaction is expected to close on March 31, 2015.
“After nearly a decade shepherding the Coco’s and Carrows brands, we are pleased to have found the right owner to begin the next chapter in the CRG story,” said Yasunori Hiraguchi, president of Zensho America. “FMP brings the mix of talent, experience and vision needed to lead the growth of these businesses. We are confident Coco’s and Carrows will thrive under FMP’s leadership.”
FMP, based in San Antonio, Texas, is a multi-concept operator of franchised and independent restaurant brands co-founded by industry veterans in 1999. It is one of the largest Buffalo Wild Wings franchisees, owns and operates Zio's Italian Kitchen, Don Pablo's and Furr's Fresh Buffet, and also owns the Dynamic Foods food manufacturing/distribution facility. FMP currently operates 118 restaurants in 22 states. Previously FMP operated one of the largest Little Caesars franchises and was a founding franchisee of Smashburger.
“Coco’s and Carrows are well-established, beloved brands synonymous with quality; we are excited to welcome them to the FMP family,” said Jason Kemp, Co-Founder and Manager of FMP. “In looking for restaurant concepts, we focus on identifying brands with strong customer loyalty and an irreplaceable legacy. Coco’s and Carrows fit these criteria perfectly. Customer should expect to continue receiving the same quality dining experience they know while we work to vertically integrate Coco’s and Carrows into our stable of restaurants.”
“We believe the best is yet to come for Coco’s and Carrows and we are eager to begin work under FMP,” said Masahiro Kemmotsu, president of Catalina Restaurant Group. “We look forward to serving our customers—as we have for more than 67 years—and growing under FMP’s direction.”
Moelis & Company LLC and SMBC Nikko Securities Inc. acted as joint exclusive financial advisors to Zensho in the transaction. Pillsbury Winthrop Shaw Pittman LLP acted as legal advisors to Zensho in the transaction.
About Zensho America
Zensho Holdings Co. is Japan's largest operator of restaurant chains and manages restaurants both domestically in Japan and abroad. It has over 4,000 outlets across a variety of restaurant categories including gyudon (beef bowl), family dining, and fast food. Its portfolio of brands and restaurants offer reliable and delicious food to customers at affordable prices throughout the world.
About Food Management Partners
FMP, based in San Antonio, Texas, is a multi-concept operator of franchised and independent restaurant brands co-founded by industry veterans in 1999. It is one of the largest Buffalo Wild Wings franchisees, owns and operates Zio's Italian Kitchen, Don Pablo's and Furr's Fresh Buffet, and also owns the Dynamic Foods food manufacturing/distribution facility. FMP currently operates 118 restaurants in 22 states. Previously FMP operated one of the largest Little Caesars franchises and was a founding franchisee of Smashburger.
