Onex to sell fast-food chain Jack’s Family Restaurants

Canadian private equity firm Onex Corp has agreed to sell Jack’s Family Restaurants LP, a Homewood, Alabama-based operator of quick-service restaurants. The financial terms of the deal, along with the buyer, were not disclosed. Last month, the Wall Street Journal reported Jack's was exploring a sale that could value it at US$800 million or more. Onex acquired Jack’s in 2015, investing US$234 million. With the deal's close, expected in Q3 2019, the firm will have received proceeds of about US$835 million, resulting in a gross multiple of invested capital of 3.6 x and a 38 percent gross return.

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