The private-equity group has been relatively quiet in recent years, despite the currently active state of the merger and acquisition environment in the restaurant industry. In fact, the fund—which usually plans to hold companies for eight to 10 years—has been a bigger seller than a buyer of late, having sold Cafe Rio last year.
Still, the firm, founded by Allan Karp and Chris Reilly, remains one of the bigger investment names in the space. It was a big investor in Habit Restaurants, which it took public late in 2014. And it also has invested in Burger Lounge, Cafe Zupas, Eureka Restaurant Group, California Fish Grill, Sprinkles Cupcakes and Taylor Gourmet, among others.