Salis Holdings Acquires 5-Unit Ted’s Bulletin
Salis Holdings announced the acquisition of Ted’s Bulletin, adding to the rapidly growing list of hospitality brands acquired by owner Steve Salis and his executive team under his holding company. Ted’s Bulletin, with five locations across D.C., Maryland and Virginia, has been offering guests a classic American dining experience since 2010. Known for its friendly neighborhood atmosphere and featuring an array of comfort foods, the restaurant was a 2011 RAMMY award winner for the best “Neighborhood Gathering Place” in the Washington metropolitan area.
“We are committed to protecting and preserving the neighborhood experience Ted’s Bulletin has provided for so many guests while making improvements to the environment that supports this experience. Our interest in acquiring this brand lies in the belief that Ted’s Bulletin can serve as an anchor in its communities across the greater Washington area and beyond,” says Steve Salis.
JPB Capital Partners, a middle-market private equity investor, sponsored Salis Holdings' acquisition of Ted’s Bulletin.
“We love to partner with innovative, visionary entrepreneurs like Steve,” says Jim Bolduc, Senior Managing Director at JPB. “Combining Steve and his team’s energy and savviness, with a strong local brand like Ted’s is very exciting for JPB. Together, we have identified a number of key growth drivers and look forward to supporting Steve and his team to grow and expand Ted’s in the coming years.”
Salis Holdings, based in Washington, DC, focuses on ideating and acquiring products and brands across a range of hospitality, leisure, real estate and retail businesses. Founded in late 2015, the holding company currently carries businesses and brands that serve millions of guests annually and generates in excess of $85 million in system-wide revenue. These companies include &pizza, Kramerbooks, Federalist Pig, and real estate development company, PFP Partners.
JPB Capital Partners is a leading equity investor in lower-middle market companies located primarily in the Mid-Atlantic and Southeast U.S. and benefiting from the consumer economy. Since its founding in 1995, JPB has deployed over $200 million across 36 platform companies in the food, beverage, restaurant, personal care, retail and consumer health sectors. Representative past and present partner companies in the restaurant space include Mulligan’s Beach House Bar and Grill, The Greene Turtle Sports Bar & Grille, Kenny Rogers Roasters, PF Changs Asian Bistro, and Baja Fresh. JPB is currently investing out of its third committed fund.
Ted’s Bulletin is a modern American diner with a 1920s/1930s art deco vibe offering patrons multiple comfort food dishes with breakfast available all day Its first location opened in 2010 in the Capitol Hill neighborhood of Washington, DC, and the restaurant has expanded to five locations in DC and nearby suburbs including 14th Street (also in Washington DC); Merrifield and Reston, Virginia; and, Gaithersburg, Maryland.