M&A Deal Summary

JPB Partners, Farragut Capital Partners and Salis Holdings Acquire Ted s Bulletin

On November 3, 2017, asset manager JPB Partners, mezzanine finance firm Farragut Capital Partners and Salis Holdings acquired restaurant Ted s Bulletin from Matchbox Food Group

Acquisition Highlights
  • This is JPB Partners’ 9th, Farragut Capital Partners’ 5th and Salis Holdings’ 1st transaction in the Restaurants sector.
  • This is JPB Partners’ 32nd, Farragut Capital Partners’ 65th and Salis Holdings’ 1st transaction in the United States.
  • This is JPB Partners’ 1st, Farragut Capital Partners’ 1st and Salis Holdings’ 1st transaction in District of Columbia.

M&A Deal Summary

Date 2017-11-03
Target Ted s Bulletin
Sector Restaurants
Buyer(s) JPB Partners
Farragut Capital Partners
Salis Holdings
Sellers(s) Matchbox Food Group
Deal Type Divestiture

Target

Ted s Bulletin

Washington, District of Columbia, United States
Ted's Bulletin is a modern American diner with 6 locations in the Washington, DC market. Ted serves as a community anchor in its neighborhoods offering classic American comfort dishes. Ted's Bulletin was founded in 2010 and is based in Washington, District of Columbia.

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Buyer(S) 3

Buyer

JPB Partners

Columbia, Maryland, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1995
Size Small
Type Sector Agnostic
DESCRIPTION

JPB Capital Partners LLC is the private equity affiliate of merchant bank JPB Enterprises. JPB Capital looks to invest in lower middle-market businesses located in the Mid-Atlantic and Southeast regions of the US. Target businesses typically have revenues of $10 to $100 million and EBITDA greater than $2 million. Sectors of interest include distribution, business services, food/beverage, manufacturing, and specialty contracting. The Firm prefers control positions. The firm invests in the range of $3 to $10 million per transaction. JPB Capital Partners is located in Columbia, Maryland.


DEAL STATS #
Overall 32 of 34
Sector (Restaurants) 9 of 9
Type (Divestiture) 2 of 2
State (District of Columbia) 1 of 1
Country (United States) 32 of 34
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-22 Hometown Hospice & Homecare

Brookfield, Wisconsin, United States

Hometown Hospice & Homecare, Inc. provides both hospice and homecare services in the greater Milwaukee, Wisconsin area. The Company is certified by both Medicare and Medicaid. Hometown provides routine hospice services in homes, assisted living facilities, and skilled nursing facilities. In addition to routine services, the Company offers a Life Enhancement Program that utilizes a holistic approach to patient care by incorporating lifelong interests into the hospice plan of care. From a home care perspective, Hometown provides skilled nursing, physical therapy, occupational therapy, speech therapy, and home health aides all tailored to meet the specifics of each patient’s plan of care as prescribed by their doctor. Hometown was formed in 2013 and is headquartered in Brookfield, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-17 PetroQuest Energy

Lafayette, Louisiana, United States

PetroQuest Energy, Inc. is an energy company engages in the exploration, development, acquisition, and production of oil and natural gas reserves. PetroQuest Energy was founded in 1983 and is based in Lafayette, Louisiana.

Sell -
Buyer

Farragut Capital Partners

Chevy Chase, Maryland, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2011
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Farragut Capital Partners LLC is a private investment firm that provides mezzanine and equity capital to help finance buyouts, generational transfers, growth capital financings, and recapitalizations. The Firm prefers asset-light businesses with unique and defensible market positions, stable business models, and reasonable capital expenditure and working capital needs. Sectors of interest include light and niche manufacturing, business services, distribution & logistics, and media. Farragut's target investment size is $2 to $10 million. Farragut Capital Partners was formed in 2011 and is based in Washington, District of Columbia.


DEAL STATS #
Overall 65 of 94
Sector (Restaurants) 5 of 5
Type (Divestiture) 1 of 1
State (District of Columbia) 1 of 1
Country (United States) 65 of 94
Year (2017) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-15 Digital West

San Luis Obispo, California, United States

Digital West, Inc. provides fiber optic connectivity, colocation, cloud services, digital business applications, and telephony to businesses that demand high-quality products and outstanding reliability. Digital West serves commercial clients, including carriers, small businesses, and medium-to-large enterprise clients with custom infrastructure needs. Digital West was founded in 1999 and is based in San Luis Obispo, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-21 Arc Drilling

Valley View, Ohio, United States

Arc Drilling is a provider of fast hole EDM, wire EDM, and sinker EDM manufacturing services. Arc Drilling is a long-time supplier to OEMs and Tier I suppliers in the industrial gas turbine, aerospace engine, and industrial markets. Arc Drilling has manufacturing operations in Cleveland, Greenville, South Carolina and Charleston, South Carolina. Arc Drilling was founded in 1961 and is based in Valley View, Ohio.

Buy -
Buyer

Salis Holdings

Washington, District of Columbia, United States

Category Company
Founded 2015
Sector Business Services
DESCRIPTION

Salis Holdings focuses on ideating and acquiring products and brands across a range of hospitality, leisure, real estate, and retail businesses. Salis Holdings was founded in 2015 and is based in Washington, District of Columbia.


DEAL STATS #
Overall 1 of 1
Sector (Restaurants) 1 of 1
Type (Divestiture) 1 of 1
State (District of Columbia) 1 of 1
Country (United States) 1 of 1
Year (2017) 1 of 1

Seller(S) 1

SELLER

Matchbox Food Group

Reston, Virginia, United States

Category Company
Founded 2002
Sector Restaurants
DESCRIPTION

Matchbox Food Group is an operator of a chain of restaurants. Matchbox Food Group was founded in 2002 and is based in Reston, Virginia.


DEAL STATS #
Overall 1 of 1
Sector (Restaurants) 1 of 1
Type (Divestiture) 1 of 1
State (District of Columbia) 1 of 1
Country (United States) 1 of 1
Year (2017) 1 of 1