Boathouse Capital, a Philadelphia-based private equity firm, has partnered with Green Shoot Partners to acquire Fresh Dining Concepts. Headquartered in Coral Gables, Florida, Fresh Dining Concepts is the third-largest Auntie Anne's franchisee and operates over 50 in-line stores, baking kiosks and satellite retail units along the East Coast from New York to Florida. In addition to its Auntie Anne’s operations, the company also operates several Cinnabon and Carvel stores.
"FDC’s units are located in some of the best malls in the country. Our plans include strategically growing the platform with additional 'Tier A' mall locations as well as expanding the Company’s footprint into other high foot traffic locations such as airports and train stations," said Green Shoot Partners Managing Partner Kevin Bush in a statement.
As the company’s new Chief Strategy Officer, Bush will work side-by-side with the existing FDC management team to identify and execute on growth opportunities.
Boathouse Capital invested participating preferred equity while affiliates of Green Shoot Partners and members of FDC management invested common equity to support the transaction.
Debt financing for the acquisition was provided by Bridge Funding Group Inc., a subsidiary of BankUnited N.A. ReInvest Capital served as the exclusive financial adviser to Green Shoot Partners on the transaction, while the law firms of Stevens & Lee and Marks & Klein provided legal counsel to Boathouse Capital and Green Shoot Partners, respectively, on the transaction.