J.P. Morgan Partners to become ownership partner in Quiznos
DENVER – J.P. Morgan Partners LLC said Monday it will become an ownership partner in Quiznos, one of the nation’s largest and fastest-growing sandwich chains.Terms of the definitive agreement between the privately held Quiznos and J.P. Morgan Partners, a private equity affiliate of J.P. Morgan Chase & Co., were not disclosed.”We believe J.P. Morgan Partners is the ideal partner as we take our strong national brand to the next level,” Quiznos Chairman and Chief Executive Officer Rick Schaden said in a statement.”Over the past 25 years, our franchise owners and employees have built a tremendous organization, and joining with J.P. Morgan Partners will help us leverage the strong and unique platform that Quiznos has put in place,” he said.Quiznos, founded 25 years ago, is known for its toasted submarine sandwiches and television ad campaign featuring a wise-cracking baby.Schaden and his father Dick Schaden owned about two-thirds of the company’s stock when they announced a privatization deal in 2001. The Denver-based chain has more than 4,500 stores nationwide.J.P. Morgan Partners, a private equity firm, had about $10 billion in capital under management as of Dec. 31.—On the Net: http://www.quiznos.com
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