M&A Deal Summary

Boathouse Capital and Green Shoots Capital Acquire Fresh Dining Concepts

On December 4, 2019, private equity firms Boathouse Capital and Green Shoots Capital acquired franchising company Fresh Dining Concepts from Capitala Group

Acquisition Highlights
  • This is Boathouse Capital’s 2nd and Green Shoots Capital’s 1st transaction in the Franchising sector.
  • This is Boathouse Capital’s 43rd and Green Shoots Capital’s 1st transaction in the United States.
  • This is Boathouse Capital’s 5th and Green Shoots Capital’s 1st transaction in Florida.
Investment Fate
  • Fresh Dining Concepts was sold to a financial buyer in 2022.

M&A Deal Summary

Date 2019-12-04
Target Fresh Dining Concepts
Sector Franchising
Buyer(s) Boathouse Capital
Green Shoots Capital
Sellers(s) Capitala Group
Deal Type Secondary Buyout

Target

Fresh Dining Concepts

Coral Gables, Florida, United States
Fresh Dining Concepts is a multi-unit franchise operator that owns and manages a large network of locations across food brands including Auntie Anne’s, Cinnabon, Carvel, and Jamba. Fresh Dining Concepts is based in Coral Gables, Florida.

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Buyer(S) 2

Buyer

Boathouse Capital

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2008
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Boathouse Capital is a provider of mezzanine and equity capital to lower middle-market companies in a variety of industries. The Firm works in partnership with management teams and private equity firms in funding private equity sponsored buyouts, management buyouts, recapitalizations, refinancings, and growth capital financings. Boathouse can commit up to $25 million per transaction and generally pursues companies with 'exceptional' management, sustainable competitive advantages, growing end markets, 'sticky' business models, and diversified customers. Boathouse seeks companies with at least $10 million in revenues and at least $5 million of EBITDA. Boathouse is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 43 of 53
Sector: Franchising M&A 2 of 2
Type: Secondary Buyout M&A Deals 4 of 4
State: Florida M&A 5 of 5
Country: United States M&A 43 of 53
Year: 2019 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-12 Network for Good

Washington, District of Columbia, United States

Network for Good provides small nonprofits and partners with an all-in-one fundraising platform and support services needed to execute modern, results-oriented fundraising campaigns. Network for Good is based in Washington DC.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 Survey Healthcare Global

Pocatello, Idaho, United States

Survey Healthcare Global provides custom survey solutions through its proprietary technology suite to a variety of market research firms, public relations/communications companies, management consulting firms, big data companies, and a variety of other end-users. Survey Healthcare Global was founded in 2003 and is based in Pocatello, Idaho.

Sell -
DESCRIPTION

Green Shoots Capital is a private equity firm focused on partnerships with management teams in sustainable start-up businesses across a variety of sectors. Green Shoots Capital was founded in 2017 and is based in Mumbai, India.


DEAL STATS #
Overall 1 of 1
Sector: Franchising M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Florida M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2019 M&A 1 of 1

Seller(S) 1

SELLER

Capitala Group

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1998
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Capitala Group is an asset manager that provides equity and mezzanine capital to mid-sized companies valued up to $250 million. Funds are generally used to support growth needs, add-on acquisitions, management/leveraged buyouts, and recapitalizations. Capitatala will invest across the US, but generally targets opportunities located in the Southeast. Industry preferences include building products, business services, consumer/reteail, general industrial, healthcare, and technology. Prospective companies typically have revenues greater than $10 million and EBITDA of at least $3 million. Capitala was formed in 1998 and is headquartered in Charlotte, North Carolina.


DEAL STATS #
Overall 38 of 56
Sector: Franchising M&A 1 of 1
Type: Secondary Buyout M&A Deals 13 of 19
State: Florida M&A 2 of 3
Country: United States M&A 37 of 55
Year: 2019 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-03 Nth Degree

Duluth, Georgia, United States

Nth Degree is a provider of exhibit management and event services. The company provides specialized installation and dismantle services for trade shows and also serves as an experiential marketing and management agency. Nth Degree was founded in 1979 and is based in Duluth, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-12 Source Support Services

Lawrenceville, Georgia, United States

Source Support Services is a provider of outsourced technical product support services for equipment manufacturers across a variety of industries, including information, medical and industrial automation technologies. Source delivers 24x7 on-site support services, implementation services, and global service parts logistics for mission-critical environments in over 100 countries around the globe. Source Support Services is based in Lawrenceville, Georgia.

Buy -