Comvest Partners has provided $135 million for Cerca Trova Restaurant Concepts, which is backed by H.I.G. Capital. The capital infusion was used to fund the acquisition of 45 Outback Steakhouse restaurants from its franchisor Bloomin’ Brands Inc and refinance existing debt. Based in San Diego, Cerca Trova is a restaurant management company.
WEST PALM BEACH, FL–(Marketwired – May 03, 2017) – Comvest Partners, through its lending strategy, Comvest Capital (“Comvest”), has acted as documentation agent and lender in a new $135.0 million senior secured credit facility for Cerca Trova Restaurant Concepts, Inc. (“Cerca Trova”) (formerly T-Bird Restaurant Group, Inc.), a portfolio company of H.I.G. Capital (“H.I.G.”). The financing was used to fund the acquisition of 45 corporate-owned Outback Steakhouse restaurants from its franchisor, Bloomin’ Brands, Inc. and refinance existing debt. The acquisition includes all stores in Arizona, Colorado, Nevada and New Mexico. Cerca Trova remains the largest domestic franchisee of Bloomin’ Brands and becomes the exclusive franchisee of Outback Steakhouse in Arizona, California, Colorado, Nevada, and New Mexico.
“Cerca Trova represents H.I.G.’s inaugural financing with Comvest. We were under strict time constraints and Comvest exceeded our expectations in terms of their thoughtful approach and speed to close. We are excited to partner with Comvest as we strengthen Cerca Trova’s presence in the Southwest and solidify Outback Steakhouse as the premier casual dining experience in the region,” said Jeff Bohl, Managing Director of H.I.G., Cerca Trova’s majority owner.
“We are pleased to partner with H.I.G. and Cerca Trova. We are impressed with Cerca Trova’s management team and operating expertise and we look forward to supporting its future growth prospects under H.I.G.’s leadership,” said Brad Nii, Managing Director at Comvest.
About Cerca Trova Restaurant Concepts, Inc.
Founded in 1994 and headquartered in San Diego, California, Cerca Trova is the largest franchisee of Outback Steakhouse with exclusive rights in Arizona, California, Colorado, Nevada and New Mexico, operating over 100 restaurants pro forma for the acquisition. Outback Steakhouse is a casual, full-service dining steakhouse featuring Australian décor and is the largest restaurant brand owned by Bloomin’ Brands, Inc. (NASDAQ: BLMN).
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $21 billion of equity capital under management. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach.
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, the firm has invested $2.6 billion in over 145 companies. Today, Comvest’s funds have $2.5 billion of assets under management. Through its extensive capital resources and broad network of industry relationships, Comvest offers companies financial sponsorship, critical strategic and operational support, and business development assistance.