Private equity firm Polar Star Capital Partners has acquired a stake in Meridian Restaurants Unlimited, a franchisee currently operating 114 Burger King restaurants.
The transaction marks the launch of the firm’s business. Although terms of the deal were not disclosed, it is noted that Meridian’s estimated total enterprise value is more than $80m.
Established in 2002 by David Harper, Meridian Restaurants also operates the recently acquired ten Chili’s restaurants and two El Pollo Loco stores.
Polar Star founder James Winder said: “We are thrilled to be partnering with one of the best operators in the industry in David Harper.
“David has a demonstrated track record of growing a successful franchisee and developing and managing profitable stores within multiple restaurant concepts. He has created a culture of team members who operate at a very high level and focus on doing business the right way.”
Harper added: “We are excited to be working with Polar Star Capital Partners which brings outstanding board level advisory, accelerated growth support and financial expertise to bear on the next chapter of the development of our company.”
The deal includes capital outlay to support the acquisition of 25 additional Burger King locations from Horizon Food Service in Kansas and Nebraska.
It will also cover development plans, area rights and benefits for the Burger King system in eight western states.
Meridian Restaurants, in collaboration with Polar Star Capital Partners, has expanded its operations into the two US states and will double its locations in these regions in the future.