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CURRENT MANAGEMENT TEAM PURCHASES PAT & OSCAR'S
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Popular Fast-Casual Chain Brings in New Ownership, Re-Invigorates Brand
SAN DIEGO - President and CEO John Kaufman and Executive Vice President Tim Foley have successfully led a management buyout of the Pat & Oscar's restaurant chain (www.patandoscars.com) for an undisclosed amount, acquiring the 19-unit chain from the current shareholders.
John Kaufman and Tim Foley joined the Pat & Oscar's management team in April 2008 and have worked extensively with Chief Financial Officer Brent Dunkin and Chief Operating Officer George Hunter over the past few months, directing all management and growth efforts, finalizing a transitional team to facilitate the sale to the current management team.
Kaufman and Foley bring extensive restaurant experience to Pat & Oscar's and are thrilled with the opportunity to continue to grow this family dining icon throughout Southern California and beyond. Since the company's founding in 1991, it has led the way as one of the true pioneers in the -fast-casual- concept, receiving industry and community recognition for its value-conscious menu development.
The pair became interested in Pat & Oscar's over a year ago with the intention to purchase the chain. "We knew the Pat & Oscar's brand had incredible equity and a very loyal customer base and is perfectly situated in today's changing economy for guests seeking a good value when dining out," said John Kaufman. "Using our experience, industry connections and the skilled management team already in place, we are poised to take the brand to the next level through various growth opportunities," he added. "We are laying the groundwork for a second coming of the Pat & Oscar's brand, including franchising."
The team of Kaufman and Foley joined forces four years ago with the long-term focus of developing a restaurant management company to develop new concepts and look for opportunistic acquisitions within the casual-full service and fast-casual segments. The pair also currently owns and operates Truxton's American Bistro and Truxton's Short Order in Los Angeles.
Kaufman, Pat & Oscar's President and Chief Executive Officer, is an operations specialist with more than 30 years of experience working with some of today's most successful restaurants, opening more than 80 stores across the country. He has opened several new restaurant concepts over the past eight years with his consulting business, and previously served as President/COO of Koo Koo Roo from 1996 through 1998. Prior to joining Koo Koo Roo, Kaufman was President/COO of Famiglia Toscana Rosti, a small Italian chain founded by owners of Toscana and Ago's; and Vice President of Operations for California Pizza Kitchen from 1986 to 1995.
Foley serves as Executive Vice President of Pat & Oscar's, and began his hospitality career 15 years ago as a manager of The Old Spaghetti Factory, learning all aspects of restaurant operations and eventually moving on to management positions at prestigious establishments as Famiglia Toscana, Rosti, Houston's and The St. Regis Resorts.
"This transaction is an ideal situation giving the current management team a piece of the business," commented Foley. "We are now actively looking for equity partners to fulfill and secure our long term plans," he added.
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About Pat & Oscar's
Founded in 1991, Pat & Oscar's specializes in providing diners excellent value on chicken, ribs, pizza and pasta meals, along with tasty sandwiches, fresh salads and their world-famous breadsticks. Headquartered in San Diego, Pat & Oscar's has locations throughout Southern California. To learn more about Pat & Oscar's, review a menu or download other information, please visit www.patandoscars.com or call 858-695-8500. |
Aimee Cebulski
AIM Communications
619) 461-8942 or (619) 549-4810 (cell)
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