M&A Deal Summary

Butterfly Equity and KKR Acquire Modern Restaurant Concepts

On February 27, 2018, private equity firms Butterfly Equity and KKR acquired restaurant Modern Restaurant Concepts

Acquisition Highlights
  • This is Butterfly Equity’s 1st and KKR’s 3rd transaction in the Restaurants sector.
  • This is Butterfly Equity’s 1st and KKR’s 116th transaction in the United States.
  • This is Butterfly Equity’s 1st and KKR’s 5th transaction in Colorado.

M&A Deal Summary

Date 2018-02-27
Target Modern Restaurant Concepts
Sector Restaurants
Buyer(s) Butterfly Equity
KKR
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Piper Sandler & Co. (Financial)
Davis Wright Tremaine (Legal)

Target

Modern Restaurant Concepts

Denver, Colorado, United States
Modern Restaurant Concepts is a farm-to-table fast casual restaurant company that operates restaurants and Maryland serving healthy, high-quality, sustainably-sourced, scratch-made fare at an attractive price point. Modern Restaurant Concepts is based in Denver, Colorado.

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Buyer(S) 2

Buyer

Butterfly Equity

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2016
PE ASSETS 4.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Butterfly Equity is a private equity firm focused on the food sector. The Firm will consider opportunities spanning the entire food chain include agriculture, aquaculture, food, beverages, food distribution, and food service. Butterfly Equity was formed in 2016 and is headquartered in Beverly Hills, California.


DEAL STATS #
Overall 2 of 9
Sector (Restaurants) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 2 of 4
State (Colorado) 1 of 1
Country (United States) 1 of 8
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-09 Pacifico Aquaculture

Baja California, Mexico

Pacifico Aquaculture is a provider of a premium ocean-raised striped bass. Pacifico Aquaculture was founded in 2010 and is based in Baja California, Mexico.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-12 Bolthouse Farms

Bakersfield, California, United States

Bolthouse Farms is a vertically integrated carrot and premium beverage manufacturer and distributor serving a broad customer base, including traditional retail grocery stores, mass merchants, club stores, and the natural foods channel. Bolthouse Farms was founded in 1915 and is based in Bakersfield, California.

Buy $510M
Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 269 of 484
Sector (Restaurants) 3 of 4
Type (Buyout (LBO, MBO, MBI)) 42 of 67
State (Colorado) 5 of 9
Country (United States) 116 of 210
Year (2018) 9 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-27 Giosis Gmarket International Pte.

Singapore, Singapore

Qoo10 is an online marketplace platform that allows its buyers enjoy highly secure and convenient shopping experience.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-04 LS Automotive

Anyang-si, South Korea

LS Automotive is a vehicle components manufacturer that achieved strong growth and market expansion including China and continues to engage in proactive investment in R&D for the future such as autonomous and electric vehicle components. LS Automotive was founded in 1973 and is based in Anyang-si, South Korea.

Buy -