Realized Investments
Buffet Partners, LP
Buffet Partners, headquartered in Plano, Texas, operates 58 family-style buffet restaurants accounting for roughly $130 million in sales. Fifty-five units operate under the "Furr's" name in six states across the southwestern U.S., and three units are located in Florida under the "Stevie B's" name. The company also operates a food manufacturing and distribution facility ("Dynamic Foods"), which supplies the company's restaurants as well as third-party customers.
Since the acquisition in 2003, management's strategy has centered on maintaining positive trends in the "all-you-can-eat" business while enhancing sales through conversion of select units into a guest-friendly scatter-bar buffet format. Buffet Partners has also achieved additional growth by significantly increasing third-party sales from its Dynamic Foods facility. CIC Partners also assisted management in the completion of a sale/leaseback transaction on 7 units, allowing the Company to pay down acquisition debt.
With the Company on solid footing, CIC Partners sold its interest in Buffet Partners to management in August 2006. The resulting transaction provided CIC with an attractive 3.0x return on its investment.