GAcoaster Posted February 9, 2007 Share Posted February 9, 2007 From the New York Times Footballs, Funhouses and Fries By ANDREW ROSS SORKIN Published: February 9, 2007 Daniel M. Snyder, the entrepreneur and owner of the Washington Redskins, has agreed to acquire Johnny Rockets, the 1950s-inspired restaurant chain known for employees that sing and dance to vintage pop tunes every half-hour. Mr. Snyder’s private equity firm, RedZone Capital, is planning to announce the transaction today, he said in an interview. Terms of the deal were not disclosed, but revenues were $250 million, and analysts estimate the chain’s value could be more than $500 million. The acquisition is Mr. Snyder’s latest high-profile transaction in a recent series of deals. Last year, he took over the Six Flags amusement parks after a bitter proxy battle and, over the summer, struck a deal to back Tom Cruise’s production company when Paramount Pictures unceremoniously shed Mr. Cruise. Mr. Snyder’s deal for Johnny Rockets, which started in 1986 as a corner restaurant serving burgers and malts on Melrose Avenue in Los Angeles, is his first major entrance into the food business. Johnny Rockets has been on a tear, growing at least 20 percent a year since it was started by Ronn Teitelbaum, a clothing retailer, who expanded it to 203 locations, with some restaurants abroad. Mr. Teitelbaum died in 2000, but his chain continued to grow. It now has three outposts in Dubai and a presence on Royal Caribbean International cruise lines. For Mr. Snyder, who was a self-made millionaire at 19 and then created an advertising company that made him even wealthier, Johnny Rockets is an opportunity to leverage his marketing prowess and expand the chain across the nation, if not beyond. “We think it’s a big-time brand,” he said, his voice filled with excitement. “You can see the business rocketing, no pun intended, in the future.” He has ambitious expansion plans, anticipating opening 1,000 new restaurants in the next five years. “There’s no reason we shouldn’t have 15 or 20 Johnny Rockets in Dubai,” he said. One of the first steps will be establishing a series of smaller restaurants, called Johnny Rockets Express, in airports, malls and urban areas. While the company owns about a third of its stores, its plans are to expand its franchise program. He also envisions opening Johnny Rockets restaurants inside FedEx Field in Washington, where the Redskins play, and inside Six Flags theme parks. “The thing about Dan is he always keeps you guessing,” said Mark Shapiro, the chief executive of Six Flags, who left his job as ESPN’s programming director to work for Mr. Snyder. “If you had polled 100 C.E.O.’s about what Dan would buy next, this would not be on the list.” Mr. Shapiro, who says the Oreo cookie shake is his favorite Johnny Rockets menu item, added: “Anything he touches, as long as you got the patience, turns to gold.” Patience may be a virtue needed in his investment in Six Flags. Last year, its amusement parks recorded a 14 percent decline in attendance. Mr. Shapiro said he expected a turnaround this year after 7 of the 30 parks were sold for $312 million. But Mr. Snyder’s life has always been a roller coaster ride. A dropout from the University of Maryland who was enrolled for only a few semesters, Mr. Snyder quickly leaped into several entrepreneurial ventures. By the age of 20, he was leasing jets to ferry college students to the Caribbean. By 25, he had started a publishing business, but it ran aground, and a bank confiscated his sports car, a Lotus Elise. But he bounced back. Fred Drasner, chief executive of U.S. News & World Report and a mentor to Mr. Snyder, nicknamed him “Timex,” because he “takes a licking and keeps on ticking.” He created a marketing juggernaut, Snyder Communications, that in 2000 he sold to a French rival, Havas Advertising, for $2 billion in stock, a record for an advertising deal. Mr. Snyder pocketed nearly $300 million in the transaction. Johnny Rockets was sold to Mr. Snyder by the Teitelbaum family, Apax Partners and Centre Partners. Apax and Centre Partners became involved in 1995 after the company suffered a debilitating battle between Mr. Teitelbaum and Alfred M. Bloch, a psychiatrist who was then its controlling shareholder. Mr. Teitelbaum had sued Dr. Bloch and a partner, charging mismanagement and self-dealing. Link to comment Share on other sites More sharing options...
crazyrider06 Posted February 9, 2007 Share Posted February 9, 2007 Omg that would be so exciting it johnny rockets came to six flags.. Johnny rockets food is soooo gooooddd!!! Link to comment Share on other sites More sharing options...
Jayjay719 Posted February 9, 2007 Share Posted February 9, 2007 I love Johnny Rockets and I think this is a good move. This is making me want some food.... Link to comment Share on other sites More sharing options...
metrock Posted February 9, 2007 Share Posted February 9, 2007 I just find it interesting that Jonny Rocket's are also inside Cedar fair parks. Would Mr Snyder be a prick/idiot and pull these locations? I don't think he would. He has always been about making money. But it does bring up an interesting topic. So, I guess this means that Magic Mtn is getting a Jr for sure. I really hope it is in a new building and not a converted space. Link to comment Share on other sites More sharing options...
disneyfan1313 Posted February 9, 2007 Share Posted February 9, 2007 Interesting. I remember when Johnny Rockets first opened and they were "special". There were not many of them, it was a fun and semi-unique concept. Now they are EVERYWHERE - it really seems to me that the brand is already diluted.. why on earth would he want to add more of them. The fact that they were a destination restaurant is what made them special..now they are like any other chain. Link to comment Share on other sites More sharing options...
SharkTums Posted February 9, 2007 Share Posted February 9, 2007 Bad Diner Food + Bad Service + Annoying People Singing and Dancing = Elissa HATES Johnny Rockets!!!! Link to comment Share on other sites More sharing options...
disneyfan1313 Posted February 9, 2007 Share Posted February 9, 2007 Bad Diner Food + Bad Service + Annoying People Singing and Dancing = Elissa HATES Johnny Rockets!!!! I *hate* it when people try and interact with me when I am in a restaurant. I am trying to eat my food...not be part of a show. If I am staring at my food or my tablemate and not making eye contact.. that does not mean - "Come over and talk to me!". Blah! Link to comment Share on other sites More sharing options...
raptorcrew2002 Posted February 9, 2007 Share Posted February 9, 2007 I never found J-Rockets food any good, and never understood why anyone found them interesting to begin with. Blah. I think the reason they do maybe decent at the parks is because of one thing. AC! What the parks need are more real sit down casual type environments like Fridays, Applebee’s type restaurants. Or the best thing about Universal FL. Starbucks. Cheers! Link to comment Share on other sites More sharing options...
FlyingScooter Posted February 9, 2007 Share Posted February 9, 2007 Cedar Point announced there'd be new restaurants there, maybe this is why? JR's is okay. i like Red Robin better. Link to comment Share on other sites More sharing options...
Meteornotes Posted February 9, 2007 Share Posted February 9, 2007 Bad Diner Food + Bad Service + Annoying People Singing and Dancing = Elissa HATES Johnny Rockets!!!! Add me to that list. I can't stand this place. Crap customer service and crap food. Hmm, pretty much like your usual Six Flags experience. It's a natural match. dt Link to comment Share on other sites More sharing options...
niiicolaaah Posted February 9, 2007 Share Posted February 9, 2007 Bad Diner Food + Bad Service + Annoying People Singing and Dancing = Elissa HATES Johnny Rockets!!!! I *hate* it when people try and interact with me when I am in a restaurant. I am trying to eat my food...not be part of a show. If I am staring at my food or my tablemate and not making eye contact.. that does not mean - "Come over and talk to me!". Blah! I agree with all of these statements. Link to comment Share on other sites More sharing options...
Homer Posted February 9, 2007 Share Posted February 9, 2007 Wait a sec, doesn't some CF parks (CP and KBF comes to mind) already have Johnny Rockets in them? This is just weird. Link to comment Share on other sites More sharing options...
arrowfanman Posted February 9, 2007 Share Posted February 9, 2007 The food is tolerable, but the prices are rediculous! It's like, 5 bucks for a side of small fries! WTF!! So now for my own equation... Already expensive food + Theme park setting = Take out another morgatage. -Jahan "Always looking at the money" Makanvand Link to comment Share on other sites More sharing options...
Masked_Maverick Posted February 9, 2007 Share Posted February 9, 2007 R's is okay. i like Red Robin better. I agree Red Robin is better but I have had no bad visit's to JR's at CP. .If they do have to get rid of JR then I would love to see a Red Robin go in it's place. Link to comment Share on other sites More sharing options...
Darien Laker Posted February 9, 2007 Share Posted February 9, 2007 I didn't completely enjoy either of my sit-down restaurant experiences at Cedar Point, one of them being JR's. It was crowded and we were at the counter. The food was alright, but it was semi-annoying how they'd all stop what they were doing at the same time for certain songs. I thought it was funny the first time...they did YMCA. But then they kept doing it. Link to comment Share on other sites More sharing options...
mr_teisco_delrey Posted February 9, 2007 Share Posted February 9, 2007 I *hate* it when people try and interact with me when I am in a restaurant. I am trying to eat my food...not be part of a show. If I am staring at my food or my tablemate and not making eye contact.. that does not mean - "Come over and talk to me!". Blah! Nailed it! My other restaurant peeve is when the staff address my party as "hey guys". Too much familiarity for my blood. Link to comment Share on other sites More sharing options...
savemagicmountain Posted February 9, 2007 Share Posted February 9, 2007 This could be a good idea for SFI. I am not a big fan myself really expensive and the food is just average. JR seems to be a perfect fit for theme parks because of there prices. On a side note I can completely see the removal of JR from Knotts. It just would not make sense keeping JR in a rivaling parks. Link to comment Share on other sites More sharing options...
larrygator Posted February 9, 2007 Share Posted February 9, 2007 I've never been at a Johnny Rocket's myself, but in passing them they seem to be big with families. So following Snyder's strategy fo Six Flags, putting them into SF parks would make sense. I don't they would be removed from CF parks if they make money there. Darien Laker - to me Famous Dave's in the marina is the best sit down place at CP (especially off hours) with friendly staff and damn good chow. I love their BBQ sauce options. Link to comment Share on other sites More sharing options...
Gnome Posted February 10, 2007 Share Posted February 10, 2007 Ruby's is better. Link to comment Share on other sites More sharing options...
XanderLee Posted March 1, 2007 Share Posted March 1, 2007 And it starts: Coming to SFOT in 2007. www.sixflags.com/parks/overtexas/ParkPress/SBO2007.html Link to comment Share on other sites More sharing options...
eskater132 Posted March 2, 2007 Share Posted March 2, 2007 Does anyone know what SF parks are aquiring JR?? Link to comment Share on other sites More sharing options...
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