The Togo’s sandwich concept has been sold to Nimes Capital, the private equity firm of well-known investor David Nazarian and his family.
The quick-service chain said in the announcement of the deal that current top management will stay in place, and that CEO Tony Gioia will retain an undisclosed equity stake.
Gioia and the investment group Mainsail Partners acquired the group in 2007. Togo’s was earlier owned by Dunkin’ Brands, which viewed the sandwich chain as a way of securing a presence on the West Coast. Dunkin’ viewed Togo’s operators as potential franchisees for Dunkin’ Donuts, which is concentrated in the East.
Today, Togo’s has 251 branches in six states, all in the West.
The chain revealed in announcing the change of ownership that its average unit sales now top $660,000, which would yield systemwide sales of about $167 million.