CrowdOut Capital completed a $20 million term loan facility for L Catterton–backed restaurant group Punch Bowl Social. The proceeds from the facility will be used to open multiple new locations throughout the U.S., with expansion concentrated in Arlington, VA, Dallas, Ft. Worth, TX, Milwaukee and several other cities.
This marks the second time Punch Bowl Social has worked with CrowdOut, choosing its flexible debt over traditional loans from financial institutions.
“CrowdOut has been a great partner and has helped us grow to meet consumer demand for more locations,” said Robert Cornog, Jr., chief financial officer and principal of Punch Bowl Social. “CrowdOut provided the flexibility and efficiency we wanted because the CrowdOut loan was structured in a manner that provided the right capital, at the right terms and at the right time.”
“We are seeing more companies like Punch Bowl Social return for additional funding after having a positive experience working with CrowdOut in previous capital raises,” said Alexander Schoenbaum, CEO of CrowdOut Capital. “We have found a better way to lend in the midst of today’s glut of alternative debt. We don’t want to take advantage of our borrowers – we want to collaborate with them.”
CrowdOut is a private lending syndication platform and is the first and only company in the market to use a web-based platform to offer individuals the opportunity to invest as little as $1,000 directly into corporate debt. These loans range in size from $3 million to $25 million. Companies rely on CrowdOut to help reduce lending costs by streamlining the process, shortening the duration and drastically reducing fees and expenses. CrowdOut’s underwriting includes extensive due diligence using traditional methods, along with the latest digital and social media tools to ensure it knows the company inside and out.
Punch Bowl Social is an experiential food and beverage brand which brings scratch kitchens and craft beverages together with social gaming under a design-forward roof. It was recently named one of The World’s Most Innovative Companies of 2018 by Fast Company Magazine.
