CHAMPAIGN – A private equity firm's investment in Jimmy John's Gourmet Sandwich Shops will help the Champaign-based company expand nationally, the company said Wednesday.

The equity firm, Weston Presidio, made an undisclosed investment in the company founded by Jimmy John Liautaud and will serve as a "strategic partner" for the sandwich shop chain, the company said.

"Weston Presidio's track record is undisputable," Liautaud stated in a press release. "They are retail specialists first, and they will add significant depth to the strategic planning and infrastructure needed to continue our explosive growth.

"They have done it before many times, and we welcome them into our high-speed efficient culture," Liautaud said.

Jimmy John's has more than 475 corporate and franchised locations in 34 states. The company prides itself on fresh baked bread and made-to-order sandwiches delivered quickly.

Weston Presidio is known for making investments in high-growth, branded consumer businesses. Its previous investments have included JetBlue Airways, Fender Instruments, Guitar Center, Restoration Hardware, Papyrus and Wild Oats Markets.

Liautaud, who is Jimmy John's founder, chairman and largest shareholder, will continue to own and manage the company, along with President James North, the press release said.

Michael Lazarus, managing partner of Weston Presidio, said in the release that his firm has experience "navigating high-growth consumer businesses through national expansion."

"Jimmy John's is a perfect match for our strategy of backing successful entrepreneurs in highly loyal, customer-driven businesses," Lazarus said. "Jimmy has built a tremendous brand, attracting motivated employees and franchisees, while building 'cult-like' consumer loyalty by delivering the best sub sandwiches to consumers in a fast-paced, entertaining environment."

North said the transaction will strengthen Jimmy John's ability to recruit "best-in-class" employees in his segment of the restaurant market.

In an interview this morning, Jeff Mills, a partner in Weston Presidio, said the investment amounts to a "non-controlling" stake in Jimmy John's, but he would not disclose the size of the investment or the share Weston Presidio will hold.

Mills said Weston Presidio looks at 1,500 to 2,000 businesses a year and invests only in five to 10 a year.

"Jimmy really impressed us as someone who has all the characteristics of someone who's going to be incredibly successful," Mills said. "He already is."

When asked whether he expects Jimmy John's to be publicly traded someday, Mills said, "It's really up to Jimmy. ... Obviously the investment fund hopes to make a return on its money, but there are a variety of ways that can happen, and an initial public offering is only one of them."

Mills said he first became acquainted with Jimmy John's in his college days.

"I went to grad school at Northwestern, so my first experience with Jimmy John's was one in Evanston, where everyone on campus knew Jimmy John's and thought of it as a local shop," he said. "That was 13 years ago, and I always had a favorable impression of the brand and concept."

Jimmy John's was founded in 1983 by Liautaud, who was then 19, in a converted garage in Charleston. The company's headquarters is on Fox Drive in Champaign.

Weston Presidio has offices in San Francisco, Boston and Menlo Park, Calif., and has more than $3.3 billion under management. The company's Web site says its investments range from $10 million to $100 million, and its most important consideration in investment decisions is the strength of the management team.

The company generally prefers to be the lead investor, the Web site stated.