An Affiliate of Sun Capital Partners, Inc. Acquires Boston Market Corporation, a Leading Home-Style, Fast-Casual Restaurant Chain

BOCA RATON, Fla.--(BUSINESS WIRE)--Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that one of its affiliates has acquired Boston Market Corporation (“Boston Market”), a non-core business unit of McDonald’s Corporation (NYSE:MCD). Terms of the acquisition were not disclosed.

“We are pleased to announce the appointment of Rick Arras as Boston Market’s new president and CEO. Rick brings the right mix of leadership skills and experience to Boston Market given his 28-years of service in executive management in the family dining segment of the restaurant industry.”

Effective immediately, Richard K. "Rick" Arras has been appointed president and CEO of Boston Market replacing Michael Andres who will be leaving the Company to return to McDonald's Corporation. Mr. Arras most recently served as president, CEO, and partner of Wi-Tenn Restaurants, L.L.C., a franchise developer and operator of O'Charley's Restaurants. Prior to Wi-Tenn Restaurants, he has held a number of senior leadership roles including president and CEO of Shoney's Restaurants and president and COO of Cracker Barrel Old Country Stores (NASDAQ - GS:CRBL). He began his career as a management trainee with Perkins Family Restaurants in 1979, and from 1988 to 1998, he served as Perkins’ president and COO. Arras received a Bachelor of Science degree from the United States Military Academy at West Point and served as a commissioned officer in the U.S. Army for six years. While at Perkins, he received a Masters of Business Administration from Memphis State University.

Gary M. Talarico, Managing Director, said, “We are pleased to announce the appointment of Rick Arras as Boston Market’s new president and CEO. Rick brings the right mix of leadership skills and experience to Boston Market given his 28-years of service in executive management in the family dining segment of the restaurant industry.”

Talarico, added, “We are excited about Boston Market’s growth opportunities in its unique niche as a healthy meal replacement alternative for active and working families. Leveraging its strong brand name and reputation for quality food, we also see significant growth potential in frozen foods through the Company’s relationship with H.J. Heinz Company (NYSE:HNZ) and prepared foods sold through grocery stores, two business segments that have enjoyed double digit growth in the past several years."

Rick Arras, newly-appointed President and CEO of Boston Market Corporation, commented, “I am very pleased to have joined Boston Market at this exciting point in its evolution and to partner with Sun Capital Partners, a financial sponsor with deep operating experience in the restaurant industry. As a stand-alone entity, Boston Market will be able to pursue its own strategic objectives and focus on expanding its national network of stores, while maintaining superlative customer service, and new product offerings. I am looking forward to the challenge and to working with our management team as we move Boston Market to the next level of performance.”

About Boston Market Corporation

Headquartered in Golden, Colorado, Boston Market Corporation, which operates approximately 600 restaurants in 28 states, is a leader in the fast-casual restaurant category, providing time-pressed consumers with great-tasting, convenient meals. Boston Market serves rotisserie chicken, ham, meat loaf, and turkey, as well as side dishes such as mashed potatoes, macaroni and cheese, and stuffing. The chain utilizes a cafeteria-style serving line and seating for dining in, as well as drive-through and carry-out service. Partnering with leading supermarket chains, Boston Market offers restaurant-quality, branded meals to shoppers that enjoy the one-stop convenience of purchasing ready-to-heat meals at the same time they do their grocery shopping. For more information, please visit www.bostonmarket.com.

About Sun Capital Partners, Inc.

Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 165 companies worldwide with combined sales in excess of $35.0 billion since Sun Capital’s inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Tokyo, and Shenzhen. For more information, please visit www.SunCapPart.com.