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June 4. 2023
For multiple Popeyes franchisees in separate transactions totaling S350 million. Capital Insight executed a management buy-out (MBO). sale of a majority interest in a company to an institutional investor where management was retained. and various hybrid and conventional sale/leaseback transactions.
The transactions were highly structured with a combination of senior debt, junior capital and sale/ leaseback financing, with an alternative structure Loosely modeled after an ESOP.
• In a 25-unit. $45 million Taco Bell deal, Capital Insight again executed a recapitalization. which provided for an alternative structure utilizing various components of the asset base.
• For a 75-unit, fast casual Asian restaurant company with three brands. Capital Insight has been engaged with the company six years and executed an M&A transaction. recapitalization, negotiated creditor forbearance during the pandemic, and partnered with management to successfully reposition the company.
• Capital Insight advised a regional brewery concept located in the Pacific Northwest that was significantly impaired by the pandemic. We worked with ownership and management to terminate leases in approximately 10 locations in an out-of-court settlement and negotiated a long-term forbearance with their senior lender.' Bishov said. We were able to obtain a solution that is allowing the company to re-establish its pre-pandemic operations. and they are now seeing the benefit of that.'
Hired by Golden Corral franchisee. Platinum Corral and subsequently approved by the bankruptcy court Capital Insight represented the debtor. Platinum Corral as the financial and real estate advisor in the development and execution of a S5o million Chapter 11 Plan of Reorganization. As part of this engagement. Capital Insight worked with management to optimize its portfolio, which included successfully breaking up the company's master leases. a rarity in commercial real estate 'It's unheard of.' said Bishov. of the Leases. 'The master lease structure is designed to force tenants to either reject or accept all properties, regardless of profitability. Given the tenant attributes. the partial rejection and termination of the master leases provided more than $20 million of economic relief for the debtor.' Since the restructure. the company 'is on a trajectory at or above pre-pandemic cash flows with a highly profitable portfolio of locations." With buffet concepts being hit the hardest during Covid. 'Golden Corral was one of the few buffet concepts with strong brand identity, resilience and quality. which provided a platform of scale that continues to thrive on the other side of the pandemic