Fat Tuesday, an off-premise alcohol business in the United States, closed on a new senior secured credit facility provided by Comvest Credit Partners. The proceeds provide capital to accelerate growth. Garnett Station Partners, a New York based principal investment firm, acquired Fat Tuesday in April 2021.
“We are extremely pleased to be partnering with the Comvest team and look forward to turbo charging growth and continuing the positive momentum of the Fat Tuesday brand,” Alex Macedo, CEO of Fat Tuesday, said. “Having finished 2021 strongly with over 30% same store sales growth on a two-year basis, we have secured additional, substantial capital to accelerate new unit expansion across the country and in select international locations.”
Founded in Louisiana in 1983, Fat Tuesday has grown significantly to become the largest off-premise and take-away alcohol business in the U.S. specializing in frozen drinks. The company operates 61 company-owned locations with an additional 23 franchised locations, which are predominantly located in warm geographies, tourist destinations, entertainment districts and outdoor malls. Over its nearly 40-year history, the company has grown organically from a local, New Orleans family-owned business serving alcoholic daiquiris to become an international retailer. The company is poised for rapid growth in 2022, with more than 25 new units in development. With this new credit facility and its robust pipeline, Fat Tuesday expects to have more than 150 locations in the next several years.
Garnett Station Partners acquired Fat Tuesday in April 2021 and immediately made several strategic investments to accelerate growth, including the hiring of a new management team led by CEO and Chairman Alex Macedo. Macedo was previously a senior executive at Restaurant Brands International where he held various roles including global president of Tim Horton’s and as the president of Burger King North America.
Houlihan Lokey served as exclusive financial advisor to Fat Tuesday, a portfolio company of Garnett Station Partners.