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Capital Buzz: Blackstreet Capital dines out on Jerry’s Subs & Pizza

 

Capital Buzz: Blackstreet Capital dines out on Jerry’s Subs & Pizza

POSTED BY administrator on Jun 16 under Kitchenware

Capital Buzz: Blackstreet Capital dines out on Jerry’s Subs & Pizza
News from Washington Post:

Blackstreet Capital Management recently bought the rights to Jerry’s Subs & Pizza, the iconic mid-Atlantic restaurant chain known for its pizza and cheese steaks — and its radio commercials featuring hungry presidents “Bill Clinton” and “Barack Obama.”

Chevy Chase-based Blackstreet, run by local financier Murry Gunty, bought three company-owned Jerry’s and the rights to royalty fees from 65 others in West Virginia, Maryland, Virginia and Delaware.

“We bought it last month,” said Gunty, who declined to say how much he paid for the Gaithersburg-based company, which opened its first restaurant outside Washington in 1954.

Blackstreet bought the name, the intellectual property and the responsibility to market and support the franchisees. Gunty bought Jerry’s from Dave Terzian.

Each unit averages around $ 500,000 in revenue, which comes to about $ 35 million in systemwide sales.

Blackstreet has a lot of experience with running restaurant and franchise businesses. At one time it was the third-largest franchisee of Papa John’s pizza stores; it was the franchisor to a 250-unit group of printing stores called Alphagraphics.

Gunty still owns a controlling interest in a San Francisco-based casual dining Italian restaurant cha…………… continues on Washington Post

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