TORONTO – The Ontario Teachers’ Pension Plan has bought a US$300-million stake in Flynn Restaurant Group LP, a U.S. restaurant franchise group.
FRG has 470 Applebee’s and 170 Taco Bell restaurants across the United States.
Teachers’ Private Capital bought the stake from an investment fund managed by Goldman Sachs and Weston Presidio.
FRG’s management team, including founder, chairman and chief executive Greg Flynn, also increased its stake in the company under the deal, which saw GS Capital Partners and Weston Presidio sell their entire stakes.
The investment by Teachers’ valued FRG at more than $1 billion.
FRG employs approximately 36,000 people in 27 states.