Quiznos Appoints Greg Brenneman President and CEO
"Quiznos was the best decision I ever made."
Brenneman's TurnWorks Takes an Equity Position in Quiznos; Rick Schaden to Remain as Chairman
DENVER, CO - 8 January 2007 - Quiznos, one of the nation's fastest-growing quick
service restaurant chains and pioneer of the toasted sandwich, today announced that
it has appointed Greg Brenneman as President and CEO, effective immediately. Quiznos
also announced that TurnWorks, Inc., Mr. Brenneman's private equity firm, has taken
an equity position in the company.
The company also said that Rick Schaden, previously Chairman and CEO, will now serve
as Chairman.
"Quiznos is one of the best kept secrets in the quick service restaurant industry
if not one of the best in any industry," said Mr. Brenneman, now CEO, President
and partner of Quiznos. "Since 1991, Rick Schaden, and Quiznos' employees and franchise
owners have grown the business from 18 to over 5,000 restaurants, making the Company
one of the fastest growing QSR concepts in decades. Together they have done an outstanding
job."
"The cornerstone for this incredible growth has been delivering innovative award-winning
food. Quiznos is famous for serving outstanding toasted sandwiches. The soups and
salads are terrific as well. We will never, ever lose focus on the quality of our
food. The food is the reason my family and I have been huge Quiznos fans for years."
"Moving forward, our primary mission will be to relentlessly work on increasing
restaurant profitability for our franchise owners. At the same time, we will build
our brand awareness and expand our loyal customer base. We will also continue our
focus on growth internationally, which is still very much in the early days, and
in the U.S., where we will continue our disciplined unit growth - particularly in
small towns by utilizing traditional and innovative distribution channels."
"We are confident that Greg brings the right mix of experience, strategic foresight
and drive to take the Quiznos brand to the next level of growth and profitability,"
Rick Schaden said. "Greg's strategic vision and his ability to execute are well
known and have been documented time and again, most recently at Burger King, and
before that, Continental Airlines and PricewaterhouseCoopers. Greg also brings an
excellent track record working with franchise owners to improve their unit economics
and the ability to spearhead revenue growth through innovative new products, concepts
and opportunities."
Quiznos is one of the fastest-growing restaurant chains and the second-largest player
in the U.S. sandwich market. The restaurant is primarily national in scope, but
has a growing presence in 20 international markets. Through its offering of oven-toasted
subs, gourmet soups and fresh salads, Quiznos appeals to a broad demographic of
consumers looking for a high-quality alternative 'fresh made for you' to traditional
fast food.
In May 2006, Cervantes Capital sold part of its ownership in Quiznos to J.P. Morgan
Partners, a private equity division of JPMorgan Chase & Co., in order to take the
company to the next level. CCMP Capital Advisors, LLC, a private equity firm formed
by the former buyout/growth equity professionals of J.P. Morgan Partners, manages
the investment for J.P. Morgan Partners. Cervantes Capital, J.P. Morgan Partners
and TurnWorks, Inc. now all have equity positions in the Company. Mr. Brenneman's
primary focus will be on Quiznos but he will continue to be involved in TurnWorks,
Inc. as he has since 1994.
ABOUT QUIZNOS
Celebrating its 26th year, Denver-based Quiznos is a national chain designed for
today's busy consumers who are looking for a tasty, fresher alternative to traditional
fast food restaurants. Using only premium quality real ingredients, Quiznos restaurants
offer creative, chef-inspired recipes for sandwiches, soups and salads. With more
than 5,000 franchise restaurants, Quiznos is one of the fastest growing quick service
restaurant chains.
In October 2007, Quiznos was named as leading the QSR industry in wait time performance
by the Mystery Shopping Providers Association's (MSPA) 2007 Wait Time Study. In
May 2007, Zagat's consumer surveys listed Quiznos in top 5 for Top Food, Top Facilities,
Top Service and Top Overall, ahead of its direct competitors. In June 2006, Nation's
Restaurant News ranked Quiznos in its Top 100 Restaurant Chains as the #1 restaurant
chain in growth in number of units--five years in a row. Entrepreneur magazine in
January, 2006 ranked Quiznos in its annual Top Franchise 500 as the #2 Best Overall
Franchise and QSR magazine ranked the chain in its Top 50 Chains in August, 2005
as #3 by change in system-wide sales.
For further information, please visit http//www.quiznos.com