Foodtastic Secures $50-Million Equity Investment to Expand Acquisition Strategy
Summary
This capital is in addition to the $47-million RRP committed to Foodtastic in 2018.Foodtastics balance sheet is unleveraged and the company intends to raise debt financing to complement the new RRP equity capital and use these funds to continue the acquisition program executed over the past two years.Our partnership with RRP has allowed Foodtastic to make 10 acquisitions, including such well-known brands as, Rotisserie Benny and Monza. These new funds allow us to continue our acquisition strategy, says Peter Mammas, president and Chief Executive Officer of Foodtastic.In addition, Foodtastic will continue to execute its asset-light organic-growth plan. The companys franchisees plan to open 90 new restaurants over the next 30 months.Peter and his team at Foodtastic have a strong track record of value creation, says Patrick McCaney, managing director and portfolio manager for Oaktree. They have built a high-quality business and we look forward to continuing to support the next stage of the companys growth.We are very excited about the future of Foodtastic, says Jordan Rubin, managing member, JHR Capital. We believe our brands have great potential and are confident that management will continue to grow the company organically and will find quality restaurant concepts to acquire.