Background: El Jannah began in 1998 as a single family-run charcoal chicken shop in Granville, NSW. It gew to 5 stores in 2020… and now 51 stores in 2025. Today, El Jannah pumps out 100,000 chickens every week and pulls in more than $300 million in annual gross sales.

What happened: Now, US private equity giant General Atlantic has acquired the majority of the business for almost $1 billion. Under its new owners, El Jannah plans an aggressive expansion, with more than 30 new stores set to open in the next 12 months as it aims to take on chicken heavyweights like KFC and Red Rooster.

What else: The founders aren't walking away. As part of the deal, they’re keeping a meaningful ownership stake in a classic private equity rollover move.

What's the key learning?

💡A private equity rollover is when the seller of a company keeps a portion of their ownership, rather than taking the entire amount in cash, which aligns them with the new investor’s goals.

💡Founders are often encouraged to retain a rollover stake because it aligns incentives with the private equity firm. The founder understands the product, customers, and operational heartbeat of the business - so keeping skin in the game helps drive stronger long-term performance.

💡A rollover can also lead to a larger future payout. If a founder sells most of the business today but keeps a stake for several years, that remaining portion can grow significantly. With private equity firms like General Atlantic typically holding companies for 3 to 7 years, the second payday often arrives sooner than expected.