Roark Capital has reached an agreement to acquire a majority interest in Champaign, Illinois-based Jimmy John’s Sandwiches for an undisclosed amount. As part of the deal, Western Presidio will exit the company leaving behind its minority stake that it held for ten years.
Jimmy John’s, founded in 1983 by Jimmy John Liautaud, has opened more than 200 locations in the past five years with the help of its independent franchisees, and plans to open more than 1,100 locations over the next few years. The sandwich franchise has more than 2,500 locations to date and nearly $2 billion in system-wide sales. There are no changes to Jimmy John’s management, where Liautaud will remain chairman of the board of directors and the single largest individual shareholder.