Foodtastic Closes $175 Million Revolving Debt Facility to Fund Acquisitions
Summary
Commitments were oversubscribed and Foodtastic expects to expand the facility to support further growth.This new debt is in addition to the existing equity investment of Restaurant Royalty Partners, a joint venture of Oaktree Capital Management, L.P. and JHR Capital LLC.Peter Mammas, President and Chief Executive Officer of Foodtastic, said, "Our new debt facility will allow more leading restaurant brands to find a home in the Foodtastic portfolio. Our access to capital, brand management track record and reputation for an efficient transaction process continue to make us a buyer of choice in North America. "North American brands interested in exploring a transaction with Foodtastic are encouraged to contact Peter Mammas directly.Foodtastic is a leading franchisor of restaurant brands in Canada. Including the recently announced acquisition of Quesada, Foodtastics Canadian system exceeds 900 restaurants and $830 million in sales. Foodtastic is rapidly growing internationally, with over 100 restaurants outside of Canada.Foodtastics brands include Second Cup, Pita Pit, Milestones, Fionn MacCools, Shoeless Joes, Au Coq, La Belle et La Boeuf, and Monza.