Polar Star Capital Partners, a new private equity firm based in Salt Lake City, UT, has announced the firm’s launch with its recent purchase of a controlling interest in Meridian Restaurants Unlimited, a leading 126 store franchisee in the Burger King system. Specific terms of the transaction were not disclosed although Total Enterprise Value was noted to be greater than $80mm.
Founded in 1953, Burger King is the second largest franchisor and operator of quick service hamburger restaurants worldwide. The majority of Burger King restaurants are owned and operated by independent franchisees. Meridian Restaurants Unlimited operates 114 Burger King restaurants and recently acquired 10 Chili’s restaurants and 2 El Pollo Loco stores. The Transaction also included capital outlay to support the acquisition of an additional 25 existing Burger King restaurants in the Kansas and Nebraska markets (Horizon Food Service, Inc). The Transaction also includes one of the largest development plans awarded in the Burger King system and includes area rights and benefits in 8 western states. Founded by David Harper in 2002, Meridian has been developing restaurants in 8 states over its operating history, and now with Polar Star Capital Partner’s support, has expanded operations into two states, increased locations by more than 25% and obtained the opportunity to almost double its locations in the coming years in these regions.
“We are thrilled to be partnering with one of the best operators in the industry in David Harper. David has a demonstrated track record of growing a successful franchisee and developing and managing profitable stores within multiple restaurant concepts. He has created a culture of team members who operate at a very high level and focus on doing business the right way,” said James Winder, Founder of Polar Star Capital Partners.
Meridian Founder, David Harper, added, “We are excited to be working with Polar Star Capital Partners which brings outstanding board level advisory, accelerated growth support and financial expertise to bear on the next chapter of the development of our company.”