Buffets, Inc., headquartered in Eagan, Minnesota, is the largest operator of buffet-style restaurants in the U.S. with 410 restaurants operating under the HomeTown Buffet or Old Country Buffet brand names in 38 states. Buffets is positioned in the mid-scale dining segment and offers a convenient, value-priced selection of high quality food and excellent customer service. With 22% of the $4.2 billion buffet/cafeteria segment, a share nearly double that of its next largest competitor, Buffets leads a segment that has enjoyed a 17% compound annual growth rate since 1990. With innovations such as the scatter-bar system and all-inclusive pricing, Buffets' brands are synonymous with the modern buffet concept.
Buffets' formula of exceptional value, quality, service and convenience has generated consistent growth in sales and profits for the past 16 years. Management's strategic objective is to reinforce Buffets' position as the market leader in the buffet-style restaurant segment by expanding its core Old Country Buffet and HomeTown Buffet concepts.
In October 2000, Sentinel Capital Partners, together with Caxton-Iseman Capital, Inc., a New York-based private equity firm, took Buffets private in a going private transaction valued at $665 million. Lehman Brothers Inc., Fleet Securities Inc. and First Union National Bank provided senior debt financing. Credit Suisse First Boston Corp. arranged mezzanine financing. Buffets' management also invested in the transaction.
Buffets' formula of exceptional value, quality, service and convenience has generated consistent growth in sales and profits for the past 16 years. Management's strategic objective is to reinforce Buffets' position as the market leader in the buffet-style restaurant segment by expanding its core Old Country Buffet and HomeTown Buffet concepts.
In October 2000, Sentinel Capital Partners, together with Caxton-Iseman Capital, Inc., a New York-based private equity firm, took Buffets private in a going private transaction valued at $665 million. Lehman Brothers Inc., Fleet Securities Inc. and First Union National Bank provided senior debt financing. Credit Suisse First Boston Corp. arranged mezzanine financing. Buffets' management also invested in the transaction.