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Stake Sandwich

Equity firm buys into Quiznos, names new ceo

Published

17 years ago

January 10, 2007

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Turnworks Inc. (Highland, Texas), a private equity firm, has acquired an equity stake in The Quiznos Master LLC (Denver), the nation’s second-largest sub sandwich chain. Turnworks president Gregory Brenneman has been named Quiznos’ president and ceo.

Brenneman is regarded as a turnaround expert who is credited with having revitalized Burger King, another number-two fast-food chain.

Richard Schaden, who along with his family has controlled the Quiznos business, will remain as chairman.

Brenneman stepped down as ceo of Burger King in April 2006. But in less than two years in the post, he was credited with increasing sales at the company and helping prepare it for an initial public offering. He remained a major Burger King shareholder after his departure.

JPMorgan Partners and Cervantes Capital, Quiznos’ former owner, also have equity positions in the company.

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