Add-on Acquisition • Restaurants

Next Level Burger Acquires Veggie Grill

On January 11, 2024, Next Level Burger acquired restaurant Veggie Grill from Brentwood Associates and Breakwater Management

Acquisition Context
  • This is Next Level Burger’s 1st transaction in the Restaurants sector.
  • This is Next Level Burger’s 1st transaction in the United States.
  • This is Next Level Burger’s 1st transaction in California.

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M&A Deal Summary

Date January 11, 2024
Target Veggie Grill
Sector Restaurants
Buyer(s) Next Level Burger
Sellers(s) Brentwood Associates
Breakwater Management
Deal Type Add-on Acquisition

Target Company

Veggie Grill

Culver City, California, United States
Veggie Grill features a satisfying and energizing variety of hot sandwiches and burgers, entree salads, bowls, home-style plates, shareable sides, organic teas, and house-made desserts prepared with hearty, plant-based proteins and fresh, wholesome ingredients. Veggie Grill was formed in 2006 and is based in Culver City, California.
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Buyer Overview 1

Buyer

Next Level Burger

Portland, Oregon, United States

Category Company
Sector Restaurants
DESCRIPTION

Next Level Burger is the nation’s first 100-percent plant-based burger joint, redefining the classic American burger experience by offering flavor-packed, guilt-free healthy alternatives to the status quo. Next Level Burger is based in Portland, Oregon.


Deal Context for Buyer #
Overall 1 of 1
Sector: Restaurants 1 of 1
Type: Add-on Acquisition 1 of 1
State: California 1 of 1
Country: United States 1 of 1
Year: 2024 1 of 1

Seller Profiles 2

SELLER

Brentwood Associates

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1972
PE ASSETS 2.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Brentwood Associates is a private equity firm focused on long-term investments in middle-market growth companies. Brentwood typically targets investments in consumer-related businesses. Specific areas of interest include action sports/outdoor lifestyle products, business services, consumer products/services, direct marketing, distribution, education, health/wellness, marketing services, specialty media, specialty retail, and sporting goods. Brentwood's preferred equity investment size is $50 to $200 million. Brentwood Associates was formed in 1972 and is based in Los Angeles, California.


Deal Context for Seller #
Overall 30 of 30
Sector: Restaurants 2 of 2
Type: Add-on Acquisition 12 of 12
State: California 5 of 5
Country: United States 28 of 28
Year: 2024 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-07 Far West Services

Costa Mesa, California, United States

Far West Services operates over 100 restaurant locations across California, Nevada, Washington, Colorado, and Utah. Far West Services was founded in 2003 and is based in Costa Mesa, California.

Buy -
DESCRIPTION

Breakwater Investment Management is a private investment firm focused on providing loans and growth capital financing to owner-entrepreneurs and sponsor-backed businesses in the lower middle-market. The Firm looks to invest at least $20 million in profitable companies (> $5 million of EBITDA) throughout the US and Canada. Breakwater Investment Management was formed in 2009 and is headquartered in Los Angeles, California.


Deal Context for Seller #
Overall 10 of 10
Sector: Restaurants 1 of 1
Type: Add-on Acquisition 6 of 6
State: California 6 of 6
Country: United States 10 of 10
Year: 2024 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-24 Matcon

Coquitlam, British Columbia, Canada

Matcon is an innovative company for construction services in the Vancouver Metro area. Since its inception almost twenty years ago, the company has continued to update and expand services from original expertise in excavation & shoring work to demolition, environmental contracting, infrastructure construction, and deep foundations. Matcon was formed in 1997 and is based in Coquitlam, British Columbia.

Buy -