Co-founder of Bruckmann, Rosser, Sherrill & Company Harold Rosser has established independent private equity firm Rosser Capital Partners, which will focus on investments in the restaurant sector.
The Greenwich-based mid-market firm, which plans to raise a debut fund in 2011, will also target consumer and multi-unit retail companies. Bruckmann, Rosser, Sherrill & Company will continue to be known under its original name, and will be led by co-founders Bruce Bruckmann and Stephen Sherrill and managing director Thomas Baldwin. Prior to co-founding BRS in 1995, Rosser worked at Citicorp Venture Capital for eight years and Citicorp/Citibank for 12 years.
“We think that [the restaurants sector] is going to be the primary focus,” managing partner and founder Harold Rosser told PEO. “We think that the market is increasingly favouring firms that are more specialised.”
Rosser Capital will target around eight to 10 deals, more than half of which will be in the restaurant sector. The firm has not yet begun to meet with placement agents, Rosser said.
Also joining Rosser Capital as a partner is Jacob Organek, who worked with Rosser at Bruckmann Rosser since 2003 as a managing director, and Rosser’s son Luke Rosser, who will join the new firm as a vice president.
In October 2010, Bruckmann Rosser and Black Canyon Capital exited a joint investment in restaurant chain Logan’s Roadhouse, generating a 4.5x return multiple. The two firms acquired Logan’s in 2006 and grew the company’s EBITDA from roughly $40 million to around $76 million at the time of the sale.
Rosser will remain on the board of Bravo Brio Restaurant Group, which Bruckmann Rosser acquired in 2006.