Jimmy John Liautaud became a billionaire by selling the majority shares of his company earlier. He is now selling his remaining stocks of the company as well to Inspire Brands. The price, however, is undisclosed.
Inspire Brands will now have full control over Jimmy John’s business after making this final purchase. The company also have some other famous food restaurant chains under its control.
James North Remains CEO
James north joined Jimmy John’s a long time ago when he was only 23, now. James holds the office of the CEO of Jimmy John’s. He will continue to work as CEO even after the deal. Jimmy will step down as the president, but will remain a part of the management as an advisor.
Paul Brown, the co-founder and CEO of Inspire Brands thinks that Jimmy John’s is a perfect fit for them. “We are excited to work with their team and help in taking this business forward and achieve its next stage of growth”, Brown mentioned in an interview.
The Sales Have Been Declining
In the last year alone, Jimmy John’s reported selling $2 billion worth of sandwiches from the US. But according to the stats, the same store sales have been declining from the past three years. Jimmy John Liautaud Owner of Jimmy John’s mentioned that the sale move was a win win for everyone.
However, Inspire brands has decided to buy rest of the Jimmy John’s stakes from its founder. They have also bought a few other famous food chains. This purchase will make inspire brands the 4th biggest company in terms of holding restaurant chains. They will be making an estimated $14 billion in annual sales.
Roark Capital holds Inspire Brands and quite a few other restaurant chains as well. They also have investments in many other famous food brands like Hardee’s, Arby’s and so on.