Purchase by investment firm to trigger accelerated growth of casual-dining strong performer
Garnett Station Partners acquired polished, casual-dining chain Firebirds for an undisclosed amount. The restaurant company operates 56 units in 20 states. Firebirds’ menu features dishes prepared on a wood-burning grill. The restaurants include the popular, cocktail-centric FIREBAR.
The New York City-based investment firm sees an opportunity in Firebirds due to its financial “outperformance.” According to a statement, the restaurant chain is outperforming in the industry with respect to comparable sales and AUVs (average unit volumes). As a result of the transaction, Garnett Station recapitalized Firebirds, most likely taking on leverage.
“Firebirds has found tremendous success over the past 20 years through the power of its concept, the passion of its team and the loyalty of its guests, contributing to its consistent industry outperformance from both an average unit volume and same store traffic perspective,” said Matt Perelman, co-founder and managing partner at Garnett Station. “We look forward to working closely with Steve and the entire management team to support and accelerate the brand’s long-term growth.”
We are confident that Firebirds will continue its impressive trajectory of growth while delivering the best possible dining experience for our guests.Steve Kislow, Firebirds
In October of 2021, Garnett Station Partners sold the Twin Peaks chain to Fat Brands for $300M. In December of the same year, it acquired a major stake in P.J. Whelihan’s parent, PJW Restaurant Group. With $2B in assets under management, Garnett Station has also invested in Mambo Seafood and Primanti Bros.
“We are incredibly proud of the brand that Firebirds is today and are thrilled to work in partnership with Garnett Station as we enter this next chapter,” said Steve Kislow, chief executive of Firebirds. “Through our bold menu offerings and customer-oriented approach, Firebirds has become a neighborhood staple in each of the local communities we operate in. We are confident that Firebirds will continue its impressive trajectory of growth while delivering the best possible dining experience for our guests.
TD Cowen and Netrex Capital Markets, LLC served as financial advisors to Garnett Station Partners. Kirkland & Ellis LLP provided legal counsel to Garnett Station related to the transaction. NorthPoint Advisors served as financial advisor to Firebirds.
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