HCP Press Releases
March 16, 2006
HCP Completes Investment in Master Restaurant Developers
CHICAGO, March 16, 2006 - HCP & Company (“HCP”), a private equity firm based in Chicago, has acquired a substantial interest in Miami-based Master Restaurant Developers (“MRD”) and committed additional capital to pursue an aggressive restaurant expansion plan.
With approximately $25 million in revenues, MRD is a leading restaurant operator in South Florida. MRD and its affiliate own and operate 13 franchised fast food and casual dining restaurants at Miami’s International Airport. These restaurants include Chili’s Grill & Bar, Pizza Hut, Burger King, Worldwide Café and Samuel Adams Pubs. In addition, MRD owns and operates three restaurants under the Chili’s Grill & Bar and On The Border Mexican Grill & Cantina names in the Miami metropolitan area.
HCP’s initial investment acquired the interest of all non-management shareholders, two On The Border restaurants from Brinker International, and an exclusive territorial development agreement in South Florida.
Carlos Signoret, a partner at HCP, noted, “With an increased demand for casual dining in the United States we are confident about the growth potential for Chili’s, On The Border and all other concepts.”
“We are enthusiastic to be working with MRD on this expansion,” said Victor Maruri, also a partner at HCP. “They are a superb partner for HCP in both their established operational distinction and their ability to position, translate and market brands to consumers.”
MRD’s executive management team is led by Messrs. Jose Alberni and Pedro Amaro, who collectively have over 60 years of experience in the restaurant business, including executive management positions with Fortune 500 restaurant operating companies.
Mr. Pedro Amaro, chief operating officer of Master Restaurant Developers stated, “With outstanding value, impeccable service and a commitment to growth, we look forward to leveraging our relationship with HCP to help us become even more efficient, effective and resourceful.”
Exact terms of the transaction were not disclosed.