LNK Partners acquired fast-casual dining chain Au Bon Pain through a recapitalization with management that allows existing investor, Compass Group, to remain as a minority shareholder. The enterprise value was not disclosed, although Dow Jones reported that the transaction was valued at around $250 million.

The deal marks yet another PE investment in the fast-casual space, which has seen a lot of M&A activity in recent months. In December, for instance, Freeman Spogli & Co. made a growth-capital investment in El Pollo Loco, a restaurant chain that specializes in grilled chicken, and Mainsail Partners, just weeks earlier, acquired Togo’s Franchised Eateries from Dunkin’ Brands. In November, meanwhile, Winona Capital Management invested in burrito outlet Stellar Restaurants and Brentwood Associates took a stake in Zoe’s Kitchen, the Mediterranean-inspired chain based in Alabama.

Au Bon Pain, thanks to recent growth, is considered one of the leaders in the fast-casual niche. The Boston-based company currently operates 226 cafés systemwide, including both company-owned locations and franchised stores. It generates roughly $300 million in revenue across all of its locations.

Through the deal, LNK and Au Bon Pain management, led by CEO Sue Morelli, will be majority owners of the company. LNK is investing over $100 million of equity into the transaction, and PNC Mezzanine and AlpInvest Partners are selling their interests in the business. PNC had provided financing behind the management buyout of the company back in 2005.

LNK appears confident about Au Bon Pain’s growth characteristics. Founding Partner Henry Nasella cited in a statement that the company has demonstrated “33 consecutive quarters” of positive same-store sales, while Jeff Perlman, a managing director at the firm, pointed to the “conservatively” structured makeup of the transaction, saying it should “enable significant future growth.”

The fast casual market has grown rapidly in recent years. However, incumbent players in fast food, such as McDonalds and Burger King, have begun adding pressure. McDonalds, for instance, has made a push to improve its coffee business, and Burger King has even made internet available at some of its locations. Also, players such as Dunkin Donuts and Starbucks have taken pains to improve their lunch-time menus.

Au Bon Pain has been able to stay ahead of the curve by focusing on quality and health. The restaurant is one of the few that displays detailed nutritional information in its stores. It focuses primarily on five key trade channels, installing locations near urban offices, hospitals, universities, transportation centers and malls.

The acquisition is LNK’s second deal to date, following its minority investment in Ariat International, which makes equestrian products. Both investments are coming out of the firm’s debut $400 million fund.