Comvest Credit Partners closed a new senior secured term loan facility for Another Broken Egg, a Florida-based restaurant operator and franchisor owned by an affiliate of private equity firm The Beekman Group.
Another Broken Egg used the financing to facilitate a dividend recapitalization of the company, to fund future corporate growth and to support accelerated franchisee system development and remodeling. Terms of the transaction were not disclosed.
Founded in 1996, Another Broken Egg is an operator and franchisor of full-service daytime cafes which serve southern-inspired breakfast, brunch and lunch offerings. The company currently operates 80 corporate and franchise locations across 15 states. The company expects to open 20 new locations in 2022 and to have more than 200 locations by 2025.
“Beekman is excited to partner with Comvest Credit Partners in this transaction,” John G. Troiano, managing partner and CEO of The Beekman Group, said. “Comvest Credit Partners has a strong track record lending in the restaurant sector, and this transaction is not only a successful outcome for company shareholders, but also for Another Broken Egg franchisees and employees.”
“This is an exciting partnership for Comvest Credit Partners, and we’re grateful for the opportunity,” Dan Lee, a partner at Comvest Credit Partners, said. “We’ve been very impressed with our interactions to date, and we look forward to working with and supporting Another Broken Egg and The Beekman Group.”
“We are extremely pleased to be partnering with the Comvest Credit Partners team and look forward to reaching the next level of growth for the Another Broken Egg brand,” Paul Macaluso, CEO of Another Broken Egg, said. “Having finished 2021 with over 21% same store sales growth vs. 2019, we have a bright future ahead as we continue to execute on unit growth, our cafe remodel program and adding additional franchisees into the Another Broken Egg family.”
Arlington Capital Advisors served as exclusive financial advisor to Another Broken Egg on this transaction.