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Amici Partners Group buys US restaurant chain Friendly’s Restaurants

Amici Partners Group, an entity comprised of restaurant investors and operators focused on casual-dining chains, has acquired restaurant chain Friendly's Restaurants.

Amici Partners Group, an entity comprised of restaurant investors and operators focused on casual-dining chains, has acquired restaurant chain Friendly’s Restaurants.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

The deal covers Friendly’s 130 corporate-owned and franchised restaurant units in the East Coast region of the US.

The chain, which has been struggling under increased competition for years, declared bankruptcy in November last year and agreed to sell ‘substantially all its assets’ to Amici.

Amici said it plans to keep all 130 Friendly’s locations, saving thousands of restaurant staff jobs.

Amici Partners president Craig Erlich said: “The investors of Amici Partners Group have been involved with the Friendly’s Restaurant brand in many capacities over the years, not only as owners / operators and leaders in the system but also as long-time loyal customers of this iconic brand.”

“Based on our personal connection to the chain, strong investment capabilities, and seasoned management team, we believe we will be able to continue to reinvigorate this much-loved brand for both loyal patrons and new customers alike.”

Founded in 1935 in Springfield, Friendly’s Restaurants is known for its signature sandwiches, burgers, and ice cream desserts.

The new owner intends to innovate the menu and re-establish Friendly’s as a family friendly destination.

It also plans to revamp Friendly’s app for online ordering, take-out, and delivery, in addition to launching a new loyalty programme for customers.

Recently, an affiliate of US-based investment firm Peak Rock Capital concluded the acquisition of Shipley Franchise Company and Shipley Do-nut Flour & Supply Co.

Earlier this month, US-based restaurant chain Capriotti’s Sandwich Shop set up plans to purchase the fast-casual brand Wing Zone, which serves made-to-order chicken wings.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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