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  6. Pharos Capital Group and Harbert Private Capital Acquire Back Yard Burgers

M&A Deal Summary

Pharos Capital Group and Harbert Private Capital Acquire Back Yard Burgers

On November 6, 2007, private equity firms Pharos Capital Group and Harbert Private Capital acquired franchising company Back Yard Burgers

Acquisition Highlights
  • This is Pharos Capital Group’s 1st and Harbert Private Capital’s 1st transaction in the Franchising sector.
  • This is Pharos Capital Group’s 17th and Harbert Private Capital’s 23rd transaction in the United States.
  • This is Pharos Capital Group’s 5th and Harbert Private Capital’s 3rd transaction in Tennessee.
Investment Fate
  • Back Yard Burgers was sold to a consortium of financial buyers in 2017.

M&A Deal Summary
Date 2007-11-06
Target Back Yard Burgers
Sector Franchising
Buyer(s) Pharos Capital Group
Harbert Private Capital
Deal Type Going Private
Advisor(s) Morgan Keegan (Financial)

Target

Back Yard Burgers

Nashville, Tennessee, United States
Back Yard Burgers is a fast casual, better-burger concept that takes pride in its commitment to "providing custom, flame-grilled burgers and sandwiches with care." The company's franchise partners and employees are passionate about offering fresh ingredients, allowing their guests to customize their meals and serve the same high-quality food they would offer at home to their own family. Along with made-to-order gourmet Angus burgers, Back Yard Burgers' menu includes delicious grilled chicken sandwiches, fresh and creative salads, hand-dipped milkshakes, and freshly baked desserts. Today the franchise brand operates 55 locations (23-company owned and 33 franchised restaurants) in 11 states. Back Yard Burgers is a strong supporter of Share Our Strength - No Kid Hungry, whose goal is to end childhood hunger in America. Back Yard Burgers was founded in 1987 and is based in Nashville, Tennessee.

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Buyer(S) 2

Buyer

Pharos Capital Group

Dallas, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Pharos Capital Group is a private equity firm that provides later-stage equity funding to companies at or near cash-flow break even. Investment funds are typically used to support growth, acquisitions, management buyouts, or recapitalization. Pharos looks to commit $20 to $50 million per transaction. Target sectors include healthcare, business services, and technology. Pharos prefers US-based opportunities. Pharos Capital Group was formed in 1998 and is based in Dallas, Texas.

DEAL STATS #
Overall 18 of 39
Sector (Franchising) 1 of 1
Type (Going Private) 1 of 1
State (Tennessee) 5 of 10
Country (United States) 17 of 38
Year (2007) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-17 Time Domain

Huntsville, Alabama, United States

Time Domain Corporation produces ultra wideband location, sensing, telemetry, and sense through the wall products for commercial, industrial, and military markets. It offers Precision Location Ultra Wideband System (PLUS), a real- time location system that enables enterprises to have location information on their people and assets, as well as brings people and assets together by locating and documenting interactions of staff and patients in healthcare environments, as well as by securing assets, clients, and facilities.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-15 American Beacon Advisors

Irving, Texas, United States

American Beacon Advisors is a provider of investment advisory services to institutional and retail markets. American Beacon Advisors serves defined benefit plans, defined contribution plans, foundations, endowments, corporations, and other institutional investors, as well as retail clients. American Beacon Advisors was founded in 1986 and is based in Irving, Texas.

Buy $480M
Buyer

Harbert Private Capital

Birmingham, Alabama, United States

Category Private Equity Firm
Founded 1985
PE ASSETS 4.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Harbert Private Equity and Mezzanine is a private equity arm of Harbert Management Corp. The Private Equity group targets leveraged buyouts, recapitalizations, expansion capital investments, and distressed situations. The firm targets opportunities across a range of industries and typical transactions have enterprise values between A$10 and A$100 million. The Mezzanine Capital group seeks subordinated debt investments and can commit $3 to $15 million per transaction. . Harbert Management Corporation was formed in 1985 and has offices in Birmingham, Alabama; New York, New York; Nashville, Tennessee; Richmond, Virginia; London; Madrid; Paris; and Melbourne.

DEAL STATS #
Overall 23 of 60
Sector (Franchising) 1 of 1
Type (Going Private) 1 of 1
State (Tennessee) 3 of 3
Country (United States) 23 of 54
Year (2007) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-01 Travis Body & Trailer

Houston, Texas, United States

Travis Body & Trailer, Inc. is a manufacturer of all-aluminum dump trailers, including end dump, bottom dump and transfer trailers, as well as several specialty application trailers. Travis serves customers in a variety of end markets, such as rendering, municipal solid waste, agriculture, recycling, energy, aggregates, underground utilities and construction.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-12 NRI Construction

Atlanta, Georgia, United States

NRI Construction, headquartered in Atlanta, Georgia, is a leading provider of apartment renovation and restoration services throughout the U.S., with a primary focus on the Southeast.

Buy -
Mergr

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