New Owners For Resurgent Captain D’s

After two years of solid growth and a revamped restaurant design, business is good at Captain D’s Seafood Restaurants. Now the Nashville, Tenn., chain soon will have new ownership.

Boca Raton, Fla.-based private-equity firm Sun Capital Partners recently announced an agreement to sell Captain D’s to New York-based Centre Partners. Terms of the deal were not disclosed; the transaction will include the 60-unit all-franchised Grandy’s Country Cookin’, which Captain D’s acquired in 2011.

Under Sun Capital’s ownership, Captain D’s has recorded nine consecutive quarters of same-store sales increases. The chain operates and franchises 527 restaurants in 25 states and on military bases around the world.

Centre Partners also has investments in Uno Restaurant Holdings and Garden Fresh Holdings, parent to the Souplantation/Sweet Tomatoes salad-buffet chain, owned by Sun Capital.

Sun Capital also counts Bar Louie, Boston Market, Fazoli’s, Friendly’s Ice Cream, Johnny Rockets, Restaurants Unlimited and Smokey Bones Barbeque & Grill in its restaurant portfolio. It acquired Captain D’s in 2010; the quick-service chain had suffered years of declining same-store sales but began a turnaround under CEO Phil Greifeld, unveiling a new restaurant design and revamped menu.

During fiscal 2012, same-store sales increased 9.2% at company-owned locations and 7.5% at franchised units. In 2011, the chain saw its first same-store sales increase in eight years.