Unbridled Capital recently provided sell-side advisory services to PVG Restaurant Group on the sale of 26 Sonic Drive-In restaurants in GA and SC. The restaurants were sold to Atticus Franchise Group, led by Mike Drum. This acquisition will bring Sonic into Atticus’ existing brand portfolio which also includes Wingstop and Massage Envy.
PVG acquired its initial 9 Sonic locations in 2014 and steadily grew over the course of 7 years across two states. The PVG team had a knack for acquiring, remodeling, and improving underperforming units. They embodied the ideal brand steward archetype and helped propel Sonic forward in the region.
“After a stalled process with a previous buyer, we realized that we could benefit greatly from having a broader sales process and a professional advisor. Given our history with Rick and the slew of recent Sonic transactions Unbridled Capital has closed, there was no question on who to partner with in the sale of our business. Rick Ormsby and his team delivered on our hope for a strong auction process and a successful transaction. Through each milestone and challenge, the Unbridled team exhibited a willingness to do whatever it took to keep the transaction moving forward. We strongly recommend Unbridled Capital to any Sonic franchisee looking to sell or finance their business,” said Gary Zancanelli.
“I’ve known Gary for several decades, dating back to his time as a KFC operator and franchisee. His organization is a class act, and our Unbridled team is very thankful to have helped PVG accomplish their goals through the sale of this Sonic business. While we know that Sonic will feel the loss of PVG, the brand stands to equally benefit from having Atticus join this system – they are an exciting and growing organization. We look forward to seeing their emergence within Sonic going forward, and we congratulate Atticus on this closing. Finally, we could not be happier for the entire PVG team as they move into their next chapter. The best is yet to come!” said Rick Ormsby, Managing Director.
As a condition of this closing, Unbridled Capital will make a charitable contribution to the Sonic Employee Relief Fund which is making a difference in the lives of employees that have been negatively impacted by recent hurricanes.
With almost 30 active sell-side transactions currently, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 and [email protected].