Jimmy John Liautaud
Jimmy John Liautaud, the visionary founder of his Gourmet Sandwiches, is equally renowned for his dedication to philanthropy. Alongside his wife Leslie and their children, he established the Liautaud Family Foundation in 2017.
He is committed to a wide range of charitable activities, extending its support to numerous organizations, including prominent names such as the Mayo Clinic, Lurie Children's Hospital of Chicago, the American Heart Association, Frances Nelson SmileHealthy dental clinic, Crisis Nursery, Camp Southern Ground, and Champaign County Youth Assessment Center.
One cause that holds a special place in the hearts of the Liautaud family is the Horatio Alger Association. This association awards scholarships to high school students who have overcome significant adversities, a cause close to their heart.
In 2014, the restaurant industry was buzzing with talk of IPOs, and he contemplated taking his company public. However, this decision weighed heavily on him as he valued tranquility and privacy. Known for his hands-on approach, he meticulously attended to every detail of his business and cherished autonomy, especially from shareholders. In 2007, he entered into a strategic partnership with investor Weston Presidio, which propelled his sandwich empire from $300 million to $2.5 billion in sales. By 2014, thoughts of an exit strategy began to circulate.
Rumors of Jimmy John's exploring his options led to enticing offers from various quarters. He embarked on a journey to evaluate these opportunities, engaging with reputable private equity firms. Among these, Neil Aronson, Managing Director at Roark Capital, stood out as a longtime acquaintance. When Roark Capital presented a bid, he sensed it was the perfect fit. Roark Capital, with a track record of acquiring 64 franchise and multi-unit brands, including well-known names like Arby's, Corner Bakery, and Cinnabon, possessed extensive expertise in the food and beverage sector. They pledged to collaborate on crafting both micro and macro strategies, allowing him to preserve his unique identity.
Over two years, Jimmy John's founder immersed himself in getting to know the Roark team. In 2016, he decided to sell a majority of his company shares to Roark Capital while retaining a 35% ownership stake, as well as his role as Chairman and the largest individual shareholder. The management structure remained intact, with James North assuming the role of CEO and President. In 2019, he integrated his remaining stake in his company with Inspire Brands. While he still holds shares in Inspire Brands, his focus has since shifted towards the charitable endeavors of his Foundation and his family's investment company.