A New York investment firm has acquired Tucsonβs homegrown sandwich chain Eegeeβs, a move Eegeeβs CEO says will help the 47-year-old chain expand and make capital improvements to its 24 existing locations.
The partnership with 39 North Capital, which closed Oct. 5, βwill enable us to supercharge our growth, expand our footprint, remodel the restaurant exteriors and invest in new technology,β newly appointed CEO C. Ron Petty said in a written release.
βWe are as committed to Tucson and building it out as weβve always been,β he added when reached by phone Wednesday morning. βOur intention is to grow Eegeeβs and reinvest in the company here as well as eventually, at some time, weβll have to go to another market once we build this one out.β
Petty, who had been the chairman of Eegeeβs board of directors before the 39 North deal, said the beneficiaries of the late ownerβs estate decided to sell. Owner Betty OβConnor died in 2012 and the company was put in a trust.
Kitchen Fund, a premier restaurant investment firm, partnered with 39 North in the deal. Eegeeβs is 39 Northβs 11th restaurant acquisition since forming in late 2016.
39 North co-founder and managing partner Jacob Roffman said in a written statement that his firm will provide βoperational and financial resources to support the continued growth of an already iconic brand.β He could not be reached for additional comment, but in a tweet late Wednesday morning, he said his family-owned firm had no intentions of changing Eegeeβs menu.
βDonβt worry, we will not be changing anything about the product,β he tweeted. βWe look forward to carrying on the proud @eegees tradition.β
Petty echoed that, saying customers will not see any changes as a result of the 39 North deal.
βWe still have the fries, the ranch dressing and the frozen drinks,β he said. βFrom a customer standpoint thereβs no change.β
Petty said work on redesigning the restaurantsβ exteriors could begin next spring.