Boathouse Capital has teamed up with Green Shoot Partners to buy Coral Gables, Florida-based Fresh Dining Concepts, an Auntie Anne’s franchisee. No financial terms were disclosed.
PHILADELPHIA–(BUSINESS WIRE)–Boathouse Capital, a Philadelphia-based private equity firm, is pleased to announce that it has partnered with Green Shoot Partners to acquire Fresh Dining Concepts (“FDC” or the “Company”). Headquartered in Coral Gables, Florida, Fresh Dining Concepts is the third largest Auntie Anne’s franchisee and operates over 50 in-line stores, baking kiosks and satellite retail units along the East Coast from New York to Florida. In addition to its Auntie Anne’s operations, the Company also operates several Cinnabon and Carvel stores.
Steve Gord, General Partner at Boathouse Capital remarked, “Auntie Anne’s has over 1,200 locations in the US and has established a dominant foothold as the world’s largest soft-pretzel franchise. We are thrilled to partner with Green Shoot Partners and the FDC management team to build upon the Company’s current success in the Auntie Anne’s franchise system.”
“FDC’s units are located in some of the best malls in the country. Our plans include strategically growing the platform with additional ‘Tier A’ mall locations as well as expanding the Company’s footprint into other high foot traffic locations such as airports and train stations,” added Kevin Bush, Managing Partner of Green Shoot Partners, a Boston-based independent sponsor. As the Company’s new Chief Strategy Officer, Mr. Bush will work side-by-side with the existing FDC management team to identify and execute on growth opportunities.
Kevin Condon, Principal at Boathouse Capital commented, “FDC has demonstrated impressive financial and operating performance and has successfully built a sizable platform. The Company is led by a high caliber management team and we are excited to provide them with the capital and resources to scale the business further.”
“We have built a great team and culture here at Fresh Dining Concepts,” said Luis San Miguel, CEO of Fresh Dining Concepts. “We look forward to working with Boathouse Capital and Green Shoot Partners on the next phase of the Company’s growth.”
Boathouse Capital invested participating preferred equity while affiliates of Green Shoot Partners and members of FDC management invested common equity to support the transaction. Debt financing for the acquisition was provided by Bridge Funding Group, Inc., a subsidiary of BankUnited, N.A. ReInvest Capital served as the exclusive financial advisor to Green Shoot Partners on the transaction, while the law firms of Stevens & Lee and Marks & Klein provided legal counsel to Boathouse Capital and Green Shoot Partners, respectively, on the transaction.
About Boathouse Capital
Boathouse Capital is a Philadelphia-based private equity firm with $350 million of capital under management. Boathouse invests $5 million to $30 million of flexible capital in the form of debt and equity into high growth middle-market companies. The firm’s investment strategy is centered around partnering with management teams to create enduring value and positioning companies for accelerated growth. www.boathousecapital.com