Leon Black Bets on $2 Waffles as Restaurants Lure Rich Families
- Family offices like Black’s taking stakes in restaurant chains
- Fast casual grew 8.8 percent last year, fueling investments
Photographer: Michelle Arnol /EyeEm
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Leon Black, whose 60th birthday party featured seared foie gras and crab cakes for 200 guests, probably isn’t a frequent diner at Huddle House. But the private-equity titan now personally owns the growing chain of family restaurants.
Elysium, which invests part of the Apollo Global Management founder’s $5.6 billion fortune, bought the company this year from Sentinel Capital Partners for an undisclosed sum. The Atlanta-based chain -- whose motto is “Any Meal. Any Time.” -- has about 400 franchised outlets across the Southeast, offering kids-eat-free and Wednesday waffle specials.