Essex Capital Group arranged $15.5 million to fund the acquisition of multiple Burger King restaurants located in the Midwest.
As a part of the financing, Essex placed the transaction debt and equity as well as additional development financing for the acquiring entity, Factorial BK. The development financing took the form of a delayed draw term loan. This additional capital will be used to accelerate store remodels and drive ongoing growth.
“The Factorial principals are a highly experienced team in the quick-serve restaurant space. This transaction serves as a platform acquisition for Factorial and entry into the Burger King system. We were pleased to be able to execute a complete financing solution for the team given today’s capital markets,” Fred Beilstein, managing director of Essex, said.
“Essex Capital delivered exactly what we needed in a timely fashion. We tasked Essex with executing a complex transaction on a tight timeframe. Given additional market challenges faced due to the environment created by COVID-19, we were thrilled with Essex’s tenacity to bring us a successful closing,” Michael Stanley, managing partner at Factorial, said.
Essex Capital acted as the exclusive financial advisor for Factorial in this transaction.