Captain D's owner brings in new CEO

Sagittarius Acquisitions II, the recently formed holding company that invested $150 million earlier this month to acquire Nashville-based fast-food chain Captain D’s, said Wednesday that it has brought in a industry veteran to lead the holding company. Ron Powell has been named president and CEO of Sagittarius and chairman of the operating unit, Captain D's.

While a press release did not explain Powell's role at the company, the experience of a venture capital firm behind the transaction could indicate the reason for Powell's hiring. Grotech Capital Group, a venture capital firm in the Washington, D.C. area, scored huge returns several years ago by pairing Long John Silver's and A&W restaurants in shared locations. In a Washington Post report three weeks ago, Grotech founder Frank Adams said he sees Captain D's as the platform for future restaurant acquisitions.