© Livingstone Partners 2012
Livingstone Partners LLP is regulated by the FSA
website by Hughes Media
Livingstone Partners LLP is regulated by the FSA
website by Hughes Media
Livingstone Partners is an international investment banking organisation,
the partner firms of which are separate legal entities. All rights reserved.
Livingstone Serves Meal Deal
July 2011
Livingstone’s Debt Capital Markets team has advised on the successful recapitalisation of its client, United Restaurant Group by GE Capital Corporation and Medley Capital. Livingstone acted as exclusive financial advisor to the Company.
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 US 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 by both stabilising us and positioning us for future growth was admirable. We are thrilled with our new financial partners at GE and Medley, and look forward to focusing our efforts on operating restaurants and growing the business profitably.”
“URG 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 support will provide the necessary certainty and momentum to accomplish this objective”, stated Thomas Mills, Head of Debt Capital Markets at Livingstone Chicago.
The deal closing represents another successful transaction for Livingstone’s team and follows quickly on the heels of its recapitalisation of US logistics group Martin Transporation in April 2011. Livingstone’s professionals are currently active on five other debt placement engagements in this increasingly competitive marketplace.
For further information contact:
Thomas Mills, Vice President
T: +1 312 670 5922
E: mills@livingstonepartners.com
Joseph Greenwood, Director
T: +1 312 670 5913
E: greenwood@livingstonepartners.com