C SQUARED LEADS $73.5 M RECAPITALIZATION AND SHAREHOLDER BUYOUT FOR 108-UNIT WENDY’S OPERATOR, CAROLINA RESTAURANT GROUP

C Squared Advisors recently managed the closing on the equity raise, recapitalization, and shareholder buyout for Carolina Restaurant Group (CRG), a 108-unit Wendy’s operator based in Charlotte, North Carolina.

It was a multi-faceted deal that CRG’s management team, led by Quint Graham and Gary Miller, and C Squared Partner Carty Davis, had been positioning for several years. The transaction involved the buyout of the long-time majority equity partners of CRG, an equity-raise with new shareholder, Stonehenge Capital Partners, and the recapitalization of CRG’s debt obligations with a lending group led by CIT Bank.

During the recapitalization process, CRG also closed on several small acquisition opportunities with financing provided by People’s Bank.

“Managing the recapitalization during the second half 2018, in what was a challenging environment for the restaurant industry, was difficult. Ultimately, CIT understood and recognized the opportunity with one of Wendy’s premier operators and, with the steadfast support of new equity partner Stonehenge Capital, completed the transaction in a timely manner,” said Davis.

CRG’s longtime CFO, Gary Miller, added, “C Squared’s experience and expertise in the restaurant sector is extensive and enabled them to effectively structure our transaction while satisfying existing shareholders’ liquidity objectives. C Squared sourced and secured the appropriate capital providers that supported the buyout and our long-term corporate goals. We look forward to continuing our relationship with C Squared indefinitely.”

For more information about C Squared Advisors, please visit our website at www.c2advisorygroup.com