Slim Chickens, the fast casual franchise in the “better chicken” restaurant segment, announced today an equity investment from 10 Point Capital, an Atlanta-based private equity firm. The investment will continue to fuel Slim Chickens expansion with a goal of opening 600 new locations over the next 10 years. Slim Chickens currently has over 80 locations across 14 states, the United Kingdom and Kuwait with more than 350 locations under development agreements to date. Terms of the deal were not disclosed.
“Greg Smart and I started Slim Chickens over 16 years ago with a mission to bring Southern hospitality and fresh, high-quality chicken to a fast-casual setting,” said Tom Gordon, Co-Founder and CEO. “Our growth with new franchise agreements has been exceptional in the first half of 2019. In the past quarter alone, Slim Chickens has signed 60 new restaurant agreements with impressive, experienced multi-unit franchisees. With 10 Point Capital’s unique support and expertise, we believe we have the resources necessary to achieve our goal of 600 stores in the next 10 years.”
Slim Chickens opened its fourth UK location in Birmingham, England earlier this month and will open new restaurants in Southaven, MS and Owasso, OK in the next several weeks followed by a series of new openings across the Southeast and Midwest U.S. in the fall. “Our growth is really starting to reach the velocity we’ve been working towards,” said Sam Rothschild, COO.
“At 10 Point Capital, we help founders create dominant franchise brands, and Slim Chickens is certainly a vibrant, distinctive brand,” said Tom Wells, Managing Partner at 10 Point Capital. “Whether in Little Rock, Arkansas or Central London, we found in our diligence that Slim Chickens has quickly established a loyal following in whatever market it enters. With a strong foothold in the U.S., United Kingdom and Kuwait, Slim Chickens is poised for significant growth.”
“We had a number of potential private equity suitors over the past few years, but we were committed to aligning with a company that would be able to drive more impact than just financing,” said Seth Jensen, CFO. “Ultimately, we chose 10 Point Capital due to their expertise in franchising and the shared vision for the brand.”
Slim Chickens is currently seeking single and multi-unit franchisees to open locations in the Southeastern, Midwestern and Northeast U.S.
Source: Yahoo Finance UK