Buyout (LBO, MBO, MBI) • Restaurants

Nicolet Capital Partners, Fairmont Capital and Windjammer Capital Acquire Shari’s Management

On March 2, 1999, private equity firm Nicolet Capital Partners, private equity firm Fairmont Capital and mezzanine finance firm Windjammer Capital acquired restaurant Shari’s Management for 60M USD

Acquisition Context
  • This is Nicolet Capital Partners’ 1st, Fairmont Capital’s 1st and Windjammer Capital’s 1st transaction in the Restaurants sector.
  • This is Nicolet Capital Partners’ 3rd, Fairmont Capital’s 3rd and Windjammer Capital’s 2nd largest (disclosed) transaction.
  • This is Nicolet Capital Partners’ 1st, Fairmont Capital’s 1st and Windjammer Capital’s 12th transaction in the United States.
  • This is Nicolet Capital Partners’ 1st, Fairmont Capital’s 1st and Windjammer Capital’s 1st transaction in Oregon.
Investment Fate
  • Shari’s Management was sold to a consortium of buyers in 2006 for 80M USD.

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M&A Deal Summary

Date March 2, 1999
Target Shari’s Management
Sector Restaurants
Buyer(s) Nicolet Capital Partners
Fairmont Capital
Windjammer Capital
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 60M USD

Target Company

Shari’s Management

Beaverton, Oregon, United States
Shari’s Management Corp. is a 97-unit chain of family-style restaurants. Shari’s Management Corp. offers 24-hour sit-down dining and a broad selection of value-oriented breakfast, lunch and dinner.
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Buyers Overview 3

Buyer

Nicolet Capital Partners

Evanston, Illinois, United States

Category Private Equity Firm
Founded 2005
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Nicolet Capital Partners LLC is a private equity firm that invests in established companies headquartered in the US. Nicolet focuses on companies with distinct and sustainable market positions, revenues between $30 - $300 and EBITDA greater than $7 million. The Firm provides both debt and equity capital. Nicolet will consider minority and majority positions and looks to invest $15 to $50 million per transaction. Specific areas of interest include manufacturing, distribution, business services and consumer products. The Firm will consider a variety of transaction types, including buyouts, growth capital financings, and recapitalizations. Nicolet Capital Partners LLC is formed 2005 and is based in Evanston, Illinois.


Deal Context for Buyer #
Overall 1 of 9
Sector: Restaurants 1 of 1
Type: Buyout (LBO, MBO, MBI) 1 of 6
State: Oregon 1 of 1
Country: United States 1 of 9
Year: 1999 1 of 2
Size (of disclosed) 3 of 3
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-09-01 American Fire Protection Group

Edina, Minnesota, United States

American Fire Protection Group, Inc. is a fire protection industry. American Fire Protection Group provides quality of protection for any facility through a wide variety of fire suppression systems, from basic wet pipe sprinkler systems and dry pipe sprinkler systems to complex special hazards systems, such as foam and chemical suppression systems.

Buy -
DESCRIPTION

Fairmont Capital is a private equity firm that seeks investments in middle-market consumer related businesses. Fairmont targets companies with at least $10 million in annual revenue. Prospective transactions are typically valued between $5 and $300 million. Fairmont will consider investment situations that include leveraged acquisitions and management buyouts, going private restructurings, co-investments with other private equity firms, and recapitalizations. Industry sectors of interest include manufacturing, retail, restaurant chains, distribution, and service. Fairmont will not invest in high technology, financial services, real estate, and start-ups. Fairmont Capital is based in Brea, California.


Deal Context for Buyer #
Overall 1 of 5
Sector: Restaurants 1 of 3
Type: Buyout (LBO, MBO, MBI) 1 of 3
State: Oregon 1 of 1
Country: United States 1 of 5
Year: 1999 1 of 1
Size (of disclosed) 3 of 3
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-05-14 VICORP Restaurants

Denver, Colorado, United States

VICORP Restaurants, Inc. is an operator of branded family-style restaurants.

Buy -
Buyer

Windjammer Capital

Newport Beach, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Windjammer Capital is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.


Deal Context for Buyer #
Overall 12 of 52
Sector: Restaurants 1 of 1
Type: Buyout (LBO, MBO, MBI) 10 of 29
State: Oregon 1 of 1
Country: United States 12 of 52
Year: 1999 1 of 3
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-08-01 PowerSports

Delray, Florida, United States

PowerSports, Inc. is a fully-integrated marketer and retailer of a comprehensive line of motorcycles, mopeds, personal watercrafts, all-terrain vehicles, and related services, parts & accessories.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-09-01 American Fire Protection Group

Edina, Minnesota, United States

American Fire Protection Group, Inc. is a fire protection industry. American Fire Protection Group provides quality of protection for any facility through a wide variety of fire suppression systems, from basic wet pipe sprinkler systems and dry pipe sprinkler systems to complex special hazards systems, such as foam and chemical suppression systems.

Buy -