Church’s Chicken sells majority ownership to foreign company

United States-based SEAF Caribbean SME Growth Fund on Monday announced that it has acquired majority ownership of Camex Restaurant Incorporated – the parent company of Church’s Chicken and other popular fast-food joints.
The American Chamber of Commerce Guyana (AmCham Guyana) on Tuesday stated that this will enable the fast-food restaurant franchise to push its growth and expansion plans. The transaction is expected to be completed over the coming week.

Camex Restaurants Inc is the country’s largest restaurant operator, spearheading some 28 franchise locations of its five brands, which include Church’s Chicken, Dairy Queen, Pollo Tropical, Mario’s Pizza and Quiznos. Founded in 2006, Camex has grown to its peak, with a staff complement of over 380 team members, of which approximately 80 per cent are women.
This investment in Camex is said to be the first for the SEAF Fund, which was launched last October, with a regional office in Kingston, Jamaica. SEAF is an investment management group headquartered in Washington, DC, which provides growth capital and business assistance to small and medium enterprises (SMEs) in emerging and transition markets, underserved by traditional sources of capital.
With this new partnership, Camex plans to develop and add new brands to its portfolio, whilst simultaneously expanding operations across the Caribbean Community (Caricom) region. The SEAF Caribbean SME Growth Fund is a private equity fund which invests growth capital in fast-growing small and medium-sized enterprises throughout the countries of the Caribbean Common Market (Caricom).
Investment in Camex Restaurants Inc was directed by its Senior Managing Director Latin America and the Caribbean, Kurt Kisto and led by Managing Director, Leo Williams.
“Through their network in 31 countries around the world, they invest in entrepreneurs to seek to build successful businesses, with the view to realise both attractive returns for their investors, and a measurable development impact in local communities and positive contribution to the economies of the countries in which SEAF invests,” a statement from AmCham stated.
Terrence Campbell of Camex Restaurants shared that from the initial discussions and throughout the process, he was reassured that the company would be in good hands. Campbell will remain involved in the business as Executive Director while Lisa Insanally will assume the role of Chief Operating Officer.
Meanwhile, Insanally said that 2020 has been a year full of unprecedented challenges. “It is heartening to know that even at these trying times, that there are investors who continue to see the growth and potential in Guyana,” Insanally said.
The new Board of Camex Restaurants will be Chaired by Kisto and comprise Directors Terrence Campbell, Jennifer Cipriani, Leo Williams, Floyd Haynes and Zulfikar Ally.
The Fund’s Managing Director, Leo Williams, pointed out that the collective experience in business and within the region will allow the company to do great things locally and abroad. “We have built an exciting and robust pipeline of opportunities in Guyana and in the Caricom region and look forward to making more investments soon. Importantly, we are excited in driving a shared vision and collaborative growth with Terrence, the management and staff of Camex,” Williams said.
Additionally, Kisto, who is a former Executive Director for the Caribbean at the Inter-American Development Bank, also noted the need for private equity capital as an essential asset class to help businesses grow and expand, adding that private equity brings patient capital as well as expertise to drive growth and expansion in fast-growing economies such as Guyana.
“…also critically important for the rest of the Caricom region, as part of a necessary tool kit of financial assets required to assist businesses, especially in post-COVID-19 recovery for re-establishing a path to growth,” Kisto said.
SEAF, a member of AmCham, indicated that it was proud to have established the SEAF Caribbean SME Growth Fund, and to be able to play a catalytic role through making available private equity, accompanied with the expertise to facilitate the growth and expansion of small and medium-sized enterprises in Caricom. (G12)