Ben Nematzadeh, chief executive officer of Warner Food Management Inc. in Hawthorne, Calif., is apparently doubling-down on his investment of Jack in the Box franchised restaurants.
In a live auction held Feb. 23-24 in Sacramento, Nematzadeh, who already owns 30 Jack in the Box restaurants in Southern California, led one of four successful bidding groups to purchase a total of 66 California franchises up for sale due to Chapter 11 bankruptcy actions, the Fresno Business Journal reported Wednesday, March 3.
The bid price was $39,018,877 or approximately $591,200 per location.
Nematzadeh led a group that purchased 31 restaurants located in Fresno, Chico, Redding and Anderson.
Another 31 restaurants in the Sacramento area were purchased by Anil Yadav. Romesh Japra purchased two restaurants, one each in Crescent City and Eureka. Jyoti Madhura purchased the two remaining restaurants, both in Fresno.
The sale was conducted by National Franchise Sales under the direction of Beverly N. McFarland, the court-appointed trustee responsible for selling the assets of Debtors Central Valley Food Services Inc., Food Service Management Inc., Kobra Associates Inc., and Sierra Valley Restaurants Inc.
All 66 restaurants sold were previously owned and operated by northern California developer and restaurateur Abe Alizadeh, who started his business career as a Jack in the Box franchisee before he diversified his operations to develop numerous office buildings and shopping centers throughout Central and Northern California.
The sale is pending Bankruptcy Court approval, expected in April.
Scripps Interactive Newspapers Group
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