Flynn Restaurant Group Receives Strategic Investment from Ontario Teachers' Pension Plan

Flynn Restaurant Group Receives Strategic Investment from Ontario Teachers' 
Pension Plan 
With 640 Restaurants and $1.4 Billion in Sales, Flynn Restaurant Group is the 
First US Franchise Group to be Valued at More than $1 Billion 
Positions the Company to Continue Strong Growth through Multiple Initiatives 
GS Capital Partners and Weston Presidio Realize Value through Sale of 
Interests to Ontario Teachers' and FRG Management 
SAN FRANCISCO, CA, May 28, 2014 /CNW/ - Flynn Restaurant Group LP (FRG), the 
largest restaurant franchise group in the US, today announced that it has 
received a strategic investment of approximately $300 million from Ontario 
Teachers' Pension Plan (OTPP), one of Canada's largest and most active pension 
FRG's management team, led by its founder, chairman and chief executive 
officer, Greg Flynn, also participated in the investment and has significantly 
increased its direct ownership position in the company as a result of the 
transaction. OTPP, through its Teachers' Private Capital (TPC) group, and FRG 
management purchased certain of their interests from an investment fund 
managed by Goldman Sachs (GS Capital Partners) and Weston Presidio, which most 
recently invested in FRG in 2011. A predecessor GS Capital Partners fund was 
previously an investor in the Company from 2001-2005, and an earlier Weston 
Presidio fund was an investor from 2005-2011. The current investment by OTPP 
values FRG at over $1 billion. 
"We are pleased to welcome Ontario Teachers' as an investor," said Mr. Flynn. 
"They have access to large amounts of evergreen capital, and they do not face 
any of the issues related to fund timing that conventional private equity 
firms face. They are very experienced investors and have generated an 
impressive track record over decades of making direct investments into 
companies like ours. They are also just really great people, and it has been a 
pleasure completing this transaction with them. We now have enhanced resources 
to continue to grow through a variety of initiatives, including existing 
restaurant revitalizations, new restaurant development, and potential new 
Since its founding in 1999, Flynn Restaurant Group has grown to become the 
largest restaurant franchisee in the US, and one of the 50 largest foodservice 
companies of any kind. It was the first US franchise group to exceed $1 
billion in sales, and it is the first group to be valued at greater than $1 
billion. With 470 Applebee's and 170 Taco Bell restaurants generating $1.4 
billion in annual sales, FRG employs approximately 36,000 people in 27 states. 
Its focus is to provide exceptional dining experiences to its guests, 
rewarding career opportunities to its employees and superior returns to its 
shareholders.  FRG works to do this by coupling local empowerment in each of 
its markets with deep resources and high standards at the corporate level. 
"FRG has experienced tremendous growth since its founding and we see a number 
of opportunities for additional expansion," said Jane Rowe, Senior 
Vice-President of TPC.  "Greg and his team have done an outstanding job of 
delivering strong financial results by fostering a culture of continuous 
improvement and by delivering consistently enjoyable and affordable dining 
experience to its guests. We are excited to have the opportunity to support 
Greg and his team as they continue to execute their strategic plan and enter 
the next stage of their growth." 
TPC activities include leading deals on a sole or partnered basis, investing 
in private equity funds in markets and sectors that it cannot efficiently 
access directly and co-investing with other like-minded private equity funds. 
TPC manages a global portfolio valued at approximately $14.8 billion. 
While neither GS Capital Partners nor Weston Presidio will have an investment 
in FRG going forward, Sean Honey, the Weston Presidio partner responsible for 
the investment and a managing partner of Main Post Partners, will remain on 
the FRG Board. Main Post is a private equity investment firm focused on lower 
middle market companies in the consumer, business services and industrial 
growth sectors. 
About Flynn Restaurant Group With 640 restaurants generating $1.4 billion in 
annual sales, Flynn Restaurant Group LP is the largest restaurant franchisee, 
and one of the 50 largest foodservice companies of any kind, in the United 
States. Through its two wholly-owned subsidiaries, Apple American Group LLC 
and Bell American Group LLC, the company owns and operates 470 Applebee's 
restaurants and 170 Taco Bell and associated YUM! Brands restaurants.  Flynn 
Restaurant Group directly employs 36,000 people in 27 states across the US. 
More information is available at 
About Ontario Teachers' Pension Plan With $140.8 billion in net assets as of 
December 31, 2013, the Ontario Teachers' Pension Plan is the largest 
single-profession pension plan in Canada.  An independent organization, it 
invests the pension fund's assets and administers the defined benefit pensions 
of 307,000 active and retired teachers in Ontario. For more information visit  Follow us on Twitter @OtppInfo 
About Goldman Sachs The Goldman Sachs Group, Inc. is a leading global 
investment banking, securities and investment management firm that provides a 
wide range of financial services to a substantial and diversified client base 
that includes corporations, financial institutions, governments, and 
high-net-worth individuals. Founded in 1869, the firm is headquartered in New 
York and maintains offices in all major financial centers around the world.

SOURCE  Flynn Restaurant Group LP 
Diann Banaszek, Flynn Restaurant Group LP, (415) 279-3390,; Deborah Allan, Vice-President, Communications, Ontario 
Teachers' Pension Plan, (416) 730-5347,; Andrea 
Raphael, Managing Director, Goldman Sachs & Co., (212) 357-0025, 
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CO: Flynn Restaurant Group LP
ST: California 
-0- May/28/2014 11:00 GMT
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