Boston Market chain said to be for sale
Sun Capital Partners is weighing a sale of restaurant chain Boston Market Corp., people with knowledge of the matter said.
The midmarket private equity firm is working with advisers to solicit offers for the rotisserie-chicken restaurants, said the people, who asked not to be identified because they weren’t authorized to speak publicly. Boston Market could fetch about $400 million in a sale and is attracting interest from other buyout firms, the people said.
A spokesman for Sun Capital declined to comment, while a representative for Boston Market didn’t respond to email requests for comment.
Growth has been slowing among fast-casual chains, leading private equity firms to look for retail businesses that are more resilient to changes in spending habits. KarpReilly is preparing to sell or float Cafe Rio: Mexican Grill, while Valor Equity Partner is attracting bidders for restaurant operating company Sizzling Platter LLC, people familiar with those processes have said.
Sun Capital bought Golden, Colo.-based Boston Market from McDonald’s Corp. in 2007. The company’s more than 450 restaurants across the U.S. specialize in home-style meals, and it supplies branded frozen foods to supermarkets.