Growth Club
1851 Growth Club
FAST Acquisition Corporation Looks to Acquire QSR Brand
With $200M funded, the new special-purpose acquisition company is looking to invest in a quick-service brand that has successfully pivoted during COVID-19.
Fast-casual dining concepts take note: your brand could be poised for acquisition.
According to a recent article from Nation’s Restaurant News, FAST Acquisition Corporation, a newcomer in the special purpose acquisition company (SPAC) space with a $200M target, is looking to acquire a quick-service restaurant brand.
Based on industry changes in response to the coronavirus pandemic, CEOs of the acquisition company Doug Jacob and Sandy Beall are specifically seeking a brand that has amended their services and seen success during the crisis — one with drive-thru capabilities, partnership with a third party-delivery service and technology and “a ton of room for growth.”
FAST Acquisition’s leadership team is made up of restaurant industry veterans, including chairman Kevin Reddy, who’s worked at McDonald’s, Chipotle and Noodles & Co. and chief strategy officer Kimberly Grant, who served as CEO of ThinkFoodGroup restaurant and hospitality company as well as Ruby Tuesday. Their expertise paired with the rest of the team lends any brand years of combined experience.
“We’re looking for companies where we can apply our expertise in running some sizable public companies that will last 25 years to the more the entrepreneurial spirit of the emerging growth brands,” Beall says.
With a knowledge-rich group already assembled and funding raised, the SPAC is looking to invest in a promising brand as soon as possible, even though SPAC rules don’t require an investment to be made within the first two years.
“I’m incredibly excited by the time. I’m excited by the assets we’re interested in,” Jacob said. “And I’m excited by our team.”
Read the full story at nrn.com.
