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Brookwood Advises on Sale of KirTac, Inc.
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We are pleased to announce that Brookwood Associates advised the shareholders of KirTac, Inc. (the “Company”) on the sale of the Company to K-MAC Enterprises, Inc., a portfolio company of Olympus Partners. The Company is a Yum! Brands franchisee operating 22 Taco Bell and KFC restaurants in north central Indiana. At the time of the sale, the Company owned the majority of its real estate – the land and building at 17 of its restaurants and the building at one other restaurant. Highlights of the assignment included:
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- Finding the Right Partner: The CEO and majority owner was looking to retire from the business and find the right purchaser who would take care of his long time employees. Brookwood contacted strategic and financial buyers that would provide a good cultural fit for the Company.
- Effective Marketing and Negotiating: The Company’s recent operating metrics were extremely strong and compared very favorably to other Yum! Brands franchisees. All required remodels were completed, and the Company had no remaining mission style (old format) buildings, which is very rare in the Taco Bell system. Brookwood highlighted the relevant selling points in its marketing process, which resulted in nearly 30 bids for the business and related real estate. Brookwood was instrumental in negotiating favorable terms for the shareholders.
- Excellent Result: The Company was sold to the purchaser that offered a strong price along with a good cultural fit for the employees. The Company’s real estate was sold in a sale/leaseback transaction that was negotiated in coordination with K-MAC to ensure that the terms of the sale/leaseback did not put undue burden on the operations going forward. Brookwood’s efforts achieved a result that exceeded our clients’ expectations.
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“Brookwood provided leadership from the beginning, utilized its vast network of contacts, and drove the negotiating process home while exceeding our more than modest expectations. I was particularly impressed with Brookwood’s expertise in dealing with world class banking institutions, multi-national law firms, and potential purchasers of all shapes and sizes. They know the market and its players like the palm of their hand."
- Ned Kirby, Chairman & CEO
KirTac, Inc.
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