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Brookwood Advises Management on the Recapitalization of ABP Corporation

We are pleased to announce that Brookwood Associates advised the management team of the well-known restaurant chain Au Bon Pain in a management-led recapitalization of the company. Au Bon Pain, which was a wholly-owned subsidiary of Compass Group PLC, is a fast casual restaurant concept founded in Boston in 1978. The company has over 200 systemwide bakery/cafés that serve freshly baked breads, bagels and pastries, signature sandwiches, pre-made and tossed salads, over 30 soup varieties and café beverages. Highlights of the assignment included:

  • Effective Positioning: Au Bon Pain faced the challenges of a recently-departed CEO, an unproven suburban prototype and Compass Group’s requirement to retain the company-owned airport locations. Brookwood helped present this complicated story in a clear fashion to potential investors.
  • Effective Marketing and Negotiating: To fully explore all options, Brookwood managed a marketing process that included senior debt, mezzanine debt and equity capital providers. Management received attractive offers, and Brookwood was instrumental in determining the best structure and negotiating favorable terms for management.
  • Excellent Result: The transaction allowed management to obtain a majority equity interest in the new company, plus a compatible financing partner for the future. Brookwood’s efforts achieved a result that exceeded our clients’ expectations.
 

"Brookwood's team was invaluable in helping the Au Bon Pain management team execute its Management Buyout. They helped us attract quality financial partners at an attractive valuation, and then continued to add a lot of value in getting the deal closed. We would use them again, hands down."

- Sue Morelli, President
  ABP Corporation

"This is the second time we worked with the principals from Brookwood. We sought them out because of the high degree of professionalism, exceptional quality and most of all, their ability to produce results that create real value. They structured a transaction exactly as we envisioned, despite the complexities and irregularities of our deal. I would absolutely recommend the terrific group of folks at Brookwood."

- Tim Oliveri, CFO
  ABP Corporation

The Au Bon Pain transaction is a good example of Brookwood’s ability to advise a management team in a complex recapitalization, while obtaining the necessary capital on attractive terms. We welcome the opportunity to speak with you about potential recapitalizations and MBOs as well as other situations involving mergers and acquisitions, debt and equity financing, bankruptcy/restructuring advisory assignments and fairness opinion services.

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