Pat & Oscar's president and CEO John Kaufman and executive vice president Tim Foley have successfully led a management buyout of the Pat & Oscar's restaurant chain, acquiring the 19-unit concept from the current shareholders for an undisclosed amount.
Kaufman and Foley joined the Pat & Oscar's management team in April 2008 under the premise of purchasing the San Diego-based brand within the year. Pat & Oscar's was owned by Australia-based Pacific Equity Partners, which they obtained in 2005 as part of their acquisition of Worldwide Restaurant Concepts Inc.
Kaufman recognized Pat & Oscar's as an industry leader when the brand first launched in 1991; however, he said after the chain was put in the position to sell, corners were cut in regard to food quality.
"We're going back to the basics of what makes a great restaurant," Kaufman said. "If we're going to have this second coming, we have to go back to the quality of the food we're known for."
That involves the reintroduction of Pat & Oscar's baby back ribs and a menu expansion that could include bottomless salads and breadsticks. They company also has introduced a new line of hot sandwiches, which they sell as part of a bundle.
"It's a great new product and what it says to us is that at Pat & Oscar's, people are looking for a little higher quality," Kaufman said.
Growth is expected through the franchise system as well.
"We plan to expand 70 percent to 80 percent of our restaurants through franchisees," he said. "Tim and I are not in this to flip the company in a year. We believe we have a concept that can compete nationally and internationally."
Kaufman and Foley worked extensively with Pat & Oscar's chief financial officer Brent Dunkin and chief operating officer George Hunter, directing all management and growth efforts, finalizing a transitional team to facilitate the sale to the current management team.
Kaufman and Foley also own and operate Truxton's American Bistro and Truxton's Short Order in Los Angeles.
