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Quiznos is going south for the winter, expanding into Latin America like never before. The company has signed a 20-unit development deal and plans to open 5 this year, in Costa Rica, Honduras, Panama, Nicaragua, and El Salvador.
In June 2018, High Bluff Capital Partners acquired the once high-flying brand, which had around 5,000 locations at its peak, but was down to about 800 when acquired, with a large number of those surviving restaurants outside the U.S. According to its website, San Diego-based High Bluff is a PE firm specializing in investing in “iconic consumer-facing companies.” It has also been described as a company looking to resurrect once-popular brands, now down at the heels. Its other brand to date is Taco Del Mar, acquired in July 2018.
“As we dive into the next phase of our long-term growth strategy, our Latin American presence is one vehicle to accelerate the reinvigoration of the Quiznos brand and drive further expansion,” said Tom Harper, Vice President of International Development at Rego Restaurant Group, owner of Quiznos. (Rego is a fast-casual restaurant platform backed by High Bluff.) “Along with our trusted and dedicated partner, Master Franchisee Richard Eisenberg, we see considerable potential to benefit from this as a targeted investment approach.”
Eisenberg is president of San Jose, Costa Rica-based QSR International and a longtime Quiznos franchisee. “With the positioning of the Quiznos brand as a ‘cafe-style’ destination concept, consumers in this region are embracing a robust breakfast platform,” said Eisenberg. He also is the CEO of Rightway Brands (Smiling Moose).
In an article in QSR magazine in January 2019, Anand Gowda, Executive Chairman of Rego and Managing Partner of High Bluff Capital Partners, said the company could add “six to 10” more restaurants en route to generating, as a target, north of $50 million of EBITDA.
Stay tuned.