"Unbridled Capital recently provided sell-side advisory services to Conifer Industries on the sale of their 16 KFC and KT restaurants in Maine and New Hampshire. The restaurants were sold to KBP Foods, led by Mike Kulp and Barry Dubin.
“Going into the transaction, we heard about how difficult deals were to close, so we knew we wanted to hire a professional advisor. Based on Unbridled’s history in the KFC brand, we thought they would be the best option to assist us. Their team was terrific through every stage of the transaction, from LOI negotiations to helping us navigate through COVID. When COVID hit, we were understandably concerned about the transaction falling through, but all parties worked well together and were able to come to the finish line,” said the Thurston Family.
The Thurston family has been a steward of the KFC brand for the past 50 years. Fred Thurston entered the system in 1970 and steadily grew the business over the next few decades. Beginning in 1996, they began cobranding many of their restaurants with Taco Bells.
“The Thurston family has had a terrific reputation in the KFC system for decades. We were honored to receive the phone call from them when they decided to sell their business. They had never transacted in the M&A world before, so we knew we could be of great help throughout the process. I am proud of our team for achieving this successful conclusion during one of the most turbulent times in modern history. We want to congratulate both parties on a successful transaction, and we wish the Thurston family many blessings in whatever life brings them next.
Finally, we continue to see a shift in the overall franchise landscape as consolidators acquire legacy franchisees at an amazing pace. KFC franchisees are near to my heart, and I’m extremely thankful to our Unbridled team in our unwavering support of KFC franchisees across the world,” said Rick Ormsby, Managing Director.
As a condition of this closing, Unbridled Capital will make a charitable contribution to the KFC Foundation. We want to give back to the employees who are so important to the success of the KFC brand. We want to be a blessing because we’ve been blessed.
With several hundred restaurants under current M&A and financing assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services for the world’s leading brands. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].