Livingstone Brings a Deal to the Table for United Restaurant Group
June 2011
Livingstone, the leading independent international investment banking firm, is pleased to announce the successful recapitalization of its client, United Restaurant Group (“URG” or the “Company”) by GE Capital Corporation (“GE”) and Medley Capital (“Medley”). Livingstone acted as exclusive financial advisor to the Company. Terms of the deal were not disclosed.
URG, with 32 locations across the Mid-Atlantic region of the United States, is a leading franchisee of TGI Friday’s casual dining restaurants. Since its formation, URG has grown to become the second largest franchisee in TGI Friday’s domestic system, winning significant awards and recognition including US Franchise Group of the year (three times) and Domestic Franchise Restaurateur of the Year.
The refinancing by GE and Medley supports the Company’s current liquidity needs, positions the Company for continued growth, simplifies URG’s capital structure and reduces the Company’s overall debt burden.
URG President Tony Grillo stated: “This transaction would not have been possible without the guidance from Livingstone, which came through on all of its commitments and more. Livingstone’s protection of the company in positioning us for current stability and future growth is admirable. We are thrilled with our new financial partners at GE Capital and Medley Capital, and look forward to focusing our efforts on operating restaurants and growing the business profitably.”
“United Restaurant Group has built a market-leading and consistently profitable business over the years, and they deserve strong financial partners to continue their record of growth. GE and Medley’s recapitalization of URG will provide the necessary stability and support to accomplish this objective”, stated Thomas Mills, Livingstone’s Head of Debt Capital Markets.
The deal closing represents another successful transaction for Livingstone’s Debt Capital Markets Practice. Livingstone’s professionals are currently active on five other debt placement engagements in this increasingly competitive marketplace.
For further information contact:
Thomas Mills
T: 312 670 5922
E: mills@livingstonepartners.com
Joe Greenwood
T: 312 670 5913
E: greenwood@livingstonepartners.com
