Multinational QSR franchisee Soul Foods Group has received a structured minority investment in the company from a consortium of investors to support its plans to double its number of restaurants in the UK and Canada from 400 to 800 sites over the next five years.
The company, which owns and manages global food and coffee franchises, including Burger King, KFC, Starbucks and Taco Bell, announced that it will use funds from the investors, including Centerbridge Partners, Metric Capital Partners, and OpCapita, for new site development, renovating existing site infrastructure and acquisitions.
Founders the Janmohamed family, led by Aly Janmohamed, will continue to be the majority owners of the company.
Since being founded as a family-run, single-store operator in the UK in 1985, Soul Foods Group has grown rapidly to own and manage almost 400 restaurants across the UK and Canada.
The group is among the top three largest franchisees of KFC and Starbucks in its chosen markets.
Shehzad Janmohamed, co-chief executive officer of Soul Foods Group, said: “I am excited to announce this new partnership with Centerbridge Partners, Metric Capital Partners, and OpCapita. I’m looking forward to working with our new partners, who can support our growth with their capital, expertise and network.
“Importantly for a family-owned business, they also understand our culture and values, which have underpinned the success of our firm for almost 40 years. Together we will be in a stronger position to grow our footprint, support our brand partners, bring new options to customers, and create more opportunities for our employees and local communities.”
Timothy Denari, managing director of Centerbridge Partners, Giovanni Miele, partner at Metric Capital Partners, and Joshua Spoerri, managing director of OpCapita, added: “We are excited to partner with Aly and Shehzad as well as the wider Soul Foods Group team. The business has a strong management team and a leading position in an attractive and growing market. We are looking forward to supporting Soul Foods Group as it continues its strong growth trajectory.”
The company did not reveal details of the transaction amount.