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Fresh Dining Concepts acquisition completed

Third-largest Auntie Anne’s franchisee provided capital to grow further

Boathouse Capital and Green Shoot Partners acquired the third-largest Auntie Anne’s franchisee in the country. The two firms partnered to finalize the Fresh Dining Concepts (FDC) acquisition. Gables, Fla.-based FDC operates over 50 locations of Auntie Anne’s. The system has emerged as a diverse retail-outlet portfolio with in-line stores, baking kiosks and satellite retail units.

Primarily-located along the East Coast from New York to Florida, these outlets form the core of FDC’s business. As a robust foodservice operator, FDC also operates Cinnabon and Carvel Store outlets. “We look forward to working with Boathouse Capital and Green Shoot Partners on the next phase of the company’s growth,” said Luis San Miguel, Fresh Dining Concepts chief executive.

“Boathouse Capital invested participating preferred equity while affiliates of Green Shoot Partners and members of FDC management invested common equity to support the (Fresh Dining Concepts acquisition),” noted the announcement. Bridge Funding Group, Inc. provided debt financing for the acquisition. Bridge Funding Group operates as a subsidiary of BankUnited, N.A.

Accelerating FDC growth

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The acquisition of the company will provide capital to help further diversity the portfolio of locations. FDC can now expand into non-traditional channels, including airports and train stations. FDC can also gain further market share by expanding into more “Tier A” mall locations.

“We are thrilled to partner with Green Shoot Partners and the FDC management team to build upon the Company’s current success in the Auntie Anne’s franchise system,” said Steve Gord, Boathouse Capital general partner.

Moreover, Boathouse Capital helps management teams accelerate growth through its investments, according to its online profile. Its portfolio also includes KBP Foods, a Yum Brands restaurant franchisee.

Regarding the Fresh Dining Concepts acquisition, ReInvest Capital served as the exclusive financial advisor to Green Shoot Partners. Meanwhile, the law firm of Stevens & Lee provided legal counsel to Boathouse Capital. In addition, Marks & Klein advised Green Shoot Partners on legal matters.

Photo credit: Auntie Anne’s

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