M&A Deal Summary

Oak Hill Capital and Garnett Station Partners Acquire Checkers

On March 23, 2017, private equity firms Oak Hill Capital and Garnett Station Partners acquired restaurant Checkers from Sentinel Capital Partners for 525M USD

Acquisition Highlights
  • This is Oak Hill Capital’s 2nd and Garnett Station Partners’ 3rd transaction in the Restaurants sector.
  • This is Oak Hill Capital’s 11th and Garnett Station Partners’ largest (disclosed) transaction.
  • This is Oak Hill Capital’s 48th and Garnett Station Partners’ 3rd transaction in the United States.
  • This is Oak Hill Capital’s 2nd and Garnett Station Partners’ 1st transaction in Florida.

M&A Deal Summary
Date 2017-03-23
Target Checkers
Sector Restaurants
Buyer(s) Oak Hill Capital
Garnett Station Partners
Sellers(s) Sentinel Capital Partners
Deal Type Secondary Buyout
Deal Value 525M USD
Advisor(s) Piper Jaffray Companies
North Point Advisors LLC (Financial)
Kirkland & Ellis (Legal)

Target

Checkers

Tampa, Florida, United States
Checkers is a double drive-thru restaurant chain in United States. The company develops, owns, operates and franchises both Checkers and Rally’s restaurants. Checkers was founded in 1986 and is based in Tampa, Florida.

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Buyer(S) 2

Buyer

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.

DEAL STATS #
Overall 55 of 76
Sector (Restaurants) 2 of 2
Type (Secondary Buyout) 17 of 25
State (Florida) 2 of 4
Country (United States) 48 of 69
Year (2017) 1 of 2
Size (of disclosed) 11 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-09 Monsoon

Portland, Oregon, United States

Monsoon is an e-commerce solutions company that powers the online businesses of mid-sized merchants through integrated solutions that allow these merchants to easily manage inventory, orders, and fulfillment; sell more products in more places; and intelligently price products across channels. Monsoon was founded in 1998 and is based in Portland, Oregon.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-22 Wave Broadband

Kirkland, Washington, United States

Wave Broadband LLC is a provider of industry major high-speed internet, all-digital TV and phone services for residential, small/medium and Enterprise business customers. PC Magazine’s Readers’ Choice Award named RCN one of the winners for best ISPs in 2013, 2015 and 2016 – RCN was rated highest in overall satisfaction. RCN is YouTube HD Verified, earning the company the highest-ranking that Google offers. RCN is also a Netflix Open Connect partner, placing in the Top rankings on the Netflix USA ISP Speed Index in the markets RCN serves. RCN's affordably priced advanced digital services are delivered through its proprietary, state-of-the-art fiber-rich network and supported by 100% U.S.-based customer service. RCN's primary service areas include Boston, Chicago, Lehigh Valley (PA), New York City, Philadelphia (Delaware County) and Washington, DC.

Sell $2.4B
Buyer

Garnett Station Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2013
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Garnett Station Partners is a private equity firm focused on the consumer sector. Specific areas of interest include food/beverage, health/wellness, automotive, and residential services. The Firm looks to commit $25 to $200 million per investment and will consider opportunities throughout North America. Garnett Station Partners was formed in 2013 and is headquartered in New York City.

DEAL STATS #
Overall 3 of 17
Sector (Restaurants) 3 of 6
Type (Secondary Buyout) 1 of 2
State (Florida) 1 of 3
Country (United States) 3 of 17
Year (2017) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-07 Out West Restaurant Group

San Diego, California, United States

Out West Restaurant Group is the exclusive franchisee of Outback Steakhouse in Arizona, California, Colorado, Nevada and New Mexico. In addition to the beef and steak items Outback is best known for, the Australian-themed concept offers a variety of chicken, ribs, seafood, and pasta dishes. The company's strategy is to differentiate its restaurants by emphasizing consistently high-quality food and service and great value in a casual atmosphere inspired by the Australian Outback. Currently, Out West Restaurant Group owns and operates over 100 Outback Steakhouse locations and is the largest franchisee of Bloomin’ Brands in the world. Out West Restaurant Group was founded in 1994 and is based in San Diego, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-01 Kona Ice

Florence, Kentucky, United States

Kona Ice is a mobile food truck company that provides one-of-a-kind, gourmet, family-friendly shaved ice experience. Kona Ice is based in Florence, Kentucky.

Buy -

Seller(S) 1

SELLER

Sentinel Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 11.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sentinel Capital Partners is a private equity firm that targets investments in middle-market companies with strong management and 'attractive growth prospects'. Sentinel looks to invest up to $400 million of equity in companies generating EBITDA of up to $65 million. Sectors of interest include business services/outsourcing, consumer products and services, food and restaurants, franchising, and manufacturing. Prospective transaction situations include management buyouts, recapitalizations, corporate divestitures, take-privates, and growth capital financings. Sentinel Capital Partners was formed in 1995 and is based in New York, New York.

DEAL STATS #
Overall 42 of 69
Sector (Restaurants) 5 of 8
Type (Secondary Buyout) 21 of 30
State (Florida) 3 of 7
Country (United States) 38 of 62
Year (2017) 2 of 5
Size (of disclosed) 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-10 ECM Industries

New Berlin, Wisconsin, United States

ECM Industries is a manufacturer and supplier of electrical products for construction, maintenance, lighting, irrigation, landscape supply, and gas utility markets. ECM Industries is based in New Berlin, Wisconsin.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-05 National Spine & Pain Centers

Frederick, Maryland, United States

National Spine & Pain Centers is a provider of interventional pain management services focused on relieving chronic back and neck pain. Interventional pain management is a rapidly growing medical specialty whose objective is to relieve pain through advanced, minimally invasive procedures while preventing costly, invasive surgery. National Spine & Pain Centers provides management services to physicians who are dedicated to providing high quality patient care in outpatient ambulatory surgical center settings. Affiliated physicians are fellowship-trained and board-certified/board-eligible pain specialists and many are nationally recognized leaders in pain management. National Spine & Pain Centers was founded in 1998 and is headquartered in Frederick, Maryland.

Sell -
Mergr

Product

Company

Legal