SAN FRANCISCO -- Mainsail Partners, a private-equity firm located in San Francisco, has acquired Togo's Eateries, the master franchisor of a fast-casual sandwich chain on the West Coast, from Canton, Massachusetts-based Dunkin' Brands Inc., the parent company of Dunkin' Donuts and Baskin-Robbins.
Togo's is known for serving freshly prepared hot and cold sandwiches, wraps, salads and soups. Financial details of the transaction, which was closed on November 30, have not been released.
With its recent acquisition of Togo's, Mainsail [image-nocss] now holds six portfolio companies, which range across services and software. "Togo's represents a significant opportunity for Mainsail Partners," said Jason Payne, managing partner, Mainsail Partners. "It is a well-respected brand, and we look forward to growing the business in the coming years through great service to our franchisees."
Since Togo's opened its first location nearly 40 years ago in San Jose, Calif., the company has grown extensively. Headquartered in San Jose, there are 261 Togo's establishments throughout the western United States.
"Mainsail has acquired Togo's in partnership with Tony Gioia, an experienced franchise leader," said Jon Luther, chairman and CEO of Dunkin' Brands. "Tony and his partners at Mainsail have tremendous passion for the Togo's brand. I feel gratified knowing that the company is in great hands, with people who love it and are committed to helping it flourish."
Gioia will serve as chairman and CEO of Togo's Holdings LLC. He was an executive with the predecessor company to Dunkin' Brands from 1990 to 1999, during which time he was president of Baskin-Robbins and sat on the corporation's Retailing Executive Board.
With approximately $150 million under management, Mainsail provides both the capital and experience to lead management buyouts, recapitalizations and growth equity investments.
With more than 13,000 franchises in 50 countries worldwide, Dunkin' Brands had system-wide sales of $6.4 billion at the end of 2006.
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