Quiznos Appoints New CEOQuiznos announced today that effective immediately, it has appointed Greg Brenneman as President and CEO. Quiznos also announced that TurnWorks, Inc., Mr. Brenneman’s private equity firm, has taken an equity position in the company.
The company also said that Rick Schaden, previously Chairman and CEO, will now act as Chairman.
“Quiznos is one of the best kept secrets in the quick service restaurant industry if not one of the best in any industry,” said Mr. Brenneman, now CEO, President and partner of Quiznos. “Since 1991, Rick Schaden, and Quiznos’ employees and franchise owners have grown the business from 18 to over 5,000 restaurants, making the Company one of the fastest growing QSR concepts in decades. Together they have done an outstanding job.”
“The cornerstone for this incredible growth has been delivering innovative award-winning food. Quiznos is famous for serving outstanding toasted sandwiches. The soups and salads are terrific as well. We will never, ever lose focus on the quality of our food. The food is the reason my family and I have been huge Quiznos fans for years.”
“Moving forward, our primary mission will be to relentlessly work on increasing restaurant profitability for our franchise owners. At the same time, we will build our brand awareness and expand our loyal customer base. We will also continue our focus on growth internationally, which is still very much in the early days, and in the U.S., where we will continue our disciplined unit growth – particularly in small towns by utilizing traditional and innovative distribution channels.”
“We are confident that Greg brings the right mix of experience, strategic foresight and drive to take the Quiznos brand to the next level of growth and profitability,” Rick Schaden said. “Greg’s strategic vision and his ability to execute are well known and have been documented time and again, most recently at Burger King, and before that, Continental Airlines and PricewaterhouseCoopers. Greg also brings an excellent track record working with franchise owners to improve their unit economics and the ability to spearhead revenue growth through innovative new products, concepts and opportunities.”
Quiznos is the second-largest player in the U.S. sandwich market and one of the fastest-growing restaurant chains in North America. The chain is primarily national in scope, but has a growing presence in 20 international markets. Through its offering of oven-toasted subs, gourmet soups and fresh salads, Quiznos appeals to a broad demographic of consumers looking for a high-quality alternative ‘fresh made for you’ to traditional fast food.
In May 2006, Cervantes Capital sold part of its ownership in Quiznos to J.P. Morgan Partners, a private equity division of JPMorgan Chase & Co., in order to take the company to the next stage of development. CCMP Capital Advisors, LLC, a private equity firm formed by the former buyout/growth equity professionals of J.P. Morgan Partners, manages the investment for J.P. Morgan Partners. Cervantes Capital, J.P. Morgan Partners and TurnWorks, Inc. now all have equity positions in the Company. Mr. Brenneman’s primary focus will be on Quiznos but he will continue to be involved in TurnWorks, Inc. as he has since 1994.
Celebrating its 25th anniversary in 2006, Denver-based Quiznos is a national chain designed for today's busy consumers who are looking for a tasty, fresher alternative to traditional fast food restaurants. Using only premium quality, real ingredients, Quiznos restaurants offer creative, chef-inspired recipes for sandwiches, soups and salads. With more than 5,000 franchise restaurants, Quiznos is one of the fastest-growing quick service restaurant chains.
In June 2006, Nation’s Restaurant News ranked Quiznos in its Top 100 Restaurant Chains as the #1 restaurant chain in growth in number of units – five years in a row. Entrepreneur magazine in January, 2006 ranked Quiznos in its annual Top Franchise 500 as the #2 Best Overall Franchise and QSR magazine ranked the chain in its Top 50 Chains in August, 2005 as #3 by change in system wide sales.
For more information, visit www.quiznos.com.