Aurora Capital Seeks Buyer for Restaurant Technologies
(Bloomberg) -- Aurora Capital Partners is weighing a sale of Restaurant Technologies Inc., according to people familiar with the matter.
The Los Angeles-based private equity firm is working with an adviser to sell Mendota Heights, Minnesota-based Restaurant Technologies, which could fetch more than $750 million including debt, said the people, who asked not to be identified as the details aren’t public.
A representative for Aurora Capital declined to comment, while Restaurant Technologies’ Chief Executive Officer Jeffrey Kiesel didn’t return a call for comment.
Aurora acquired Restaurant Technologies, formerly known as RTI, in April 2015. The company delivers and stores fresh cooking oil for businesses including restaurants, convenience stores and hotels across the U.S., as well as disposing of used oil. It has more than 26,000 customers serviced from 40 depots, according to its website.
Before Aurora, the company was owned by EQT Infrastructure Ltd. which acquired it in 2011 from Parthenon Capital Partners and ABS Capital Partners. Companies like RTI and Smarte Carte, which provides airport baggage carts and self-storage lockers, have been coveted by traditional private equity funds, as well as infrastructure funds seeking higher returns than can be achieved by investing in core assets such as tollroads and airports.
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