JACKSON, Miss. -- Roger Friou will become president of Jitney Jungle Stores of America here when the sale of the chain to a New York-based investment firm is completed this week. Friou will continue as chief financial officer of the 104-unit chain. In assuming the presidency he will succeed Henry Holman, who will continue as chairman and chief executive officer. Jitney Jungle is being acquired by Bruckman, Rosser, Sherrill & Co., a new leveraged buyout firm, in a recapitalization valued at $350 million, excluding transaction costs. Bruckman, Rosser, Sherrill & Co. was formed by former employees of Citicorp Venture Capital Co. Steve Sherrill, one of the company's partners, told SN Jitney Jungle is the company's first food-industry investment, "though we are looking for other food chains to acquire," he noted. Standard & Poor's assigned the chain a single-'B' rating last week on its $200 million senior unsecured notes, due 2006; the chain's overall corporate credit rating is single-'B' plus.
