PNC Riverarch Acquires Burger King Franchisee
PNC Riverarch Capital, a division of PNC Capital Finance, announced the acquisition of a controlling interest in Goldco, one of the largest Burger King franchisees in the U.S.
Concurrent with the closing of the transaction, Goldco acquired 33 restaurants located in Broward County, FL, from Burger King Worldwide.
The transaction for PNC Riverarch Capital was led by Michael Hand, managing director; Michael Rost, managing director; Andrew Wiechkoske, senior associate; and David Poss, associate. PNC will be represented on the Goldco board by Hand, Rost, Wiechkoske and David Hillman, senior advisor and managing director.
Senior debt for the transaction was provided by NXT Capital. TM Capital served as financial advisor to PNC Riverarch Capital in connection with the transaction. Goldco was previously a portfolio company of Equicorp Partners.
The transaction included equity investments by PNC Riverarch Capital, principals of Equicorp Partners, and the Goldco management team.
Dothan, AL-based Goldco operates 96 Burger King restaurants in Florida, Alabama and Georgia.