Virentes Hospitality CEO Jim D’Aquila, right, and Andrew Povec of Virentes Partners Group.
Jim D’Aquila got noticeably excited as he talked about the Shipley Do-Nuts and Sweet Paris Creperie and Café flagship stores his company is constructing in Nashville Yards, the $1.3 billion mixed-used development project underway in Tennessee’s largest city.
“You couldn’t ask for better locations, being in the middle of the action there and right next to the 4,700-seat indoor live entertainment music and event center where the biggest names in country music perform,” said the CEO of Virentes Hospitality Group. “We’re absolutely tickled about it. We really are. It’s going to be special.”
D’Aquila went over his group’s plans for its new restaurants that are scheduled to open this summer. He described in detail the modern design they’re using for their Shipley store in Nashville after signing a 22-unit agreement with the Texas-based donut, kolache and coffee chain late last year. He said the 1,600-square-foot restaurant will include soaring 19-foot ceilings with one wall displaying “big, beautiful neon retro Shipley signage.” The restaurant will also feature a spacious patio and serve an array of coffee products along with Shipley’s more than 60 menu offerings.
Virentes’ Sweet Paris location in Nashville Yards is a short walk from its Shipley in the building that houses The Pinnacle, the state-of-the-art music venue. Its 2,600-square foot space will seat close to 100 and also have a large patio area, according to D’Aquila.
“What is great is that the concert lines form outside our restaurant and that will draw a lot of business for sure,” he said.
It’s been a busy and productive past year for D’Aquila and his hospitality group, which operates under Virentes Partners Group, as they continue to grow and diversify their restaurant portfolio. Virentes acquired an existing Shipley in Jacksonville and began construction on another store in Clearwater, Florida. D’Aquila said the plan is to open three stores by July.
Along with their multi-unit deal with Shipley, the largest single agreement the brand signed in 2024, they also finalized a 15-unit deal with Sweet Paris to develop in Tampa and Jacksonville, Florida, along with Nashville and the Raleigh-Durham area.
“Virentes has hit the ground running, having already signed one lease in Tennessee and with two others in negotiation in Florida. What has impressed us the most has been their commitment to putting together an excellent team and investing in leadership and management early,” Shipley Senior Vice President of Development Keith Sizemore said.
Virentes Hospitality plans to open 15 Sweet Paris cafes in Florida, Tennessee and North Carolina.
Along with leading Virentes Hospitality, D’Aquila serves as a managing member and chief investment officer for Virentes Partners Group, a multi-family office partnership based in South Carolina. The parent company is a franchisee of Massage Envy and Orangetheory Fitness. Its principals, who prefer to remain out of the spotlight, are also minority shareholders of massage franchise Hand & Stone and own about dozen ghost kitchens.
Other Virentes Partners minority holdings include food business incubator Dom Food Group and recreational and expedition vehicle manufacturer Storyteller Overland.
D’Aquila said his company started off as a Jimmy John’s franchisee in 2012 before exiting the brand last year. At press time, it was in the final stages of adding a third restaurant franchise, with a term sheet signed on a large multi-unit agreement.
“We are always looking for new opportunities to grow our portfolio in the fast-casual space and are excited to take on another brand,” he said. “Like a lot of private equity firms, we really like the restaurant space. But while private equity is usually in it for short-term investments of three to five years, we are looking at long-term investment cycles of 10 to 12 years” that prioritize patient capital and strategic growth. He said his team is positioned well to grow and adapt to the economic challenges by focusing on operational excellence and financial discipline.
“Don’t get me wrong, we’re looking for three-year paybacks” on our investments, said D’Aquila, “but at the same time we’re looking at where does it end 10 years from now.”
D’Aquila said Virentes was attracted to Shipley and Sweet Paris for their similarities and differences. Shipley, he said, presented an affordable daily buy for customers with average ticket sales of $10 to $11. Sweet Paris, he explained, is more of a destination buy with repeat customers stopping by occasionally to be in elegant surroundings and treat themselves to artisanal soups, salads sandwiches and fancy cocktails.
“No one else is doing crepes like Sweet Paris and no one else is doing freshly baked donuts and savory kolaches as well as Shipley, in my opinion,” D’Aqulia said. “We really looked under the hood for both brands and saw how well they were doing in Houston, Dallas and in other southern markets and said to ourselves, we can take this into other markets and have a lot of success. Why not Raleigh? Why not Tampa or Jacksonville? We see enormous opportunity to grow with these brands.”
D’Aquila said Virentes is eager to continue growing and diversifying its restaurant portfolio.
“I’ve probably read 100” franchise disclosure documents “in the last 12 months, have been to probably 40 private meetings with companies during the time and kissed a lot of frogs,” he said. “The point is, we’re not letting dust collect on our shoes and, yes, I’m having a lot of fun with this. We are in this for the long game and are extremely excited and energized to keep the momentum going.”