A well-respected operator within the Yum! Brands system, with 40 units operating across three Southeastern states primarily under the Taco Bell brand. Bravo was backed by private equity firm SB Partners, who grew the company rapidly through a series of acquisitions from 2003 – 2009.
Brookwood advised Bravo on on the sale of the company to Celebration Restaurant Group, LLC. This transaction highlights another success in a series of restaurant franchisee transactions.
Engagement Process and Outcomes
Nature of the Assignment – Brookwood contacted nearly 200 financial and strategic buyers, and also solicited separate sale/leaseback proposals to maximize the value of the company’s 14 fee simple properties. By leveraging specific sector knowledge, Brookwood was able to highlight: (i) Bravo’s operational excellence; (ii) Bravo’s successful integration of acquired stores; and (iii) Bravo’s strong regional management team.
Excellent Result – Brookwood was able to run an expedited marketing process by entering into exclusive discussions with a logical bidder within the Yum! Brands system who made a preemptive offer for the company. After gathering a high number of initial bids, Brookwood confirmed the attractiveness of the preemptive offer that provided confidence in moving forward with the sale transaction. The company was sold at a multiple of EBITDA that exceeded expectations for a franchisee, and was above Brookwood’s preliminary valuation range.
Press Release Excerpt
We are pleased to announce that Brookwood Associates has advised Bravo Food Group, LLC (“Bravo”) on the sale of the company to Celebration Restaurant Group, LLC (“Celebration”). Bravo is a well-respected operator within the Yum! Brands system, with 40 units operating across three states primarily under the Taco Bell brand. Brookwood’s targeted marketing process highlighted Bravo’s operational excellence, successful integration of acquired stores, and strong regional management team.
The sale yielded an attractive outcome for the shareholders and management, and partners the company with an experienced operator within the Yum! Brands system. This transaction extends Brookwood’s track record in advising franchised restaurant companies from quick service to fast casual to casual dining.