2020

Unbridled Capital recently provided sell-side advisory services to 2JR Pizza Enterprises, LLC on the sale of their 30 Pizza Hut restaurants in Kentucky, Indiana, Iowa, and Illinois. The restaurants were sold to new franchisee IPH Enterprises, led by Charan Dhaliwal.

For Unbridled, this closing now marks over a dozen Pizza Hut franchise businesses sold in the past 3 years, representing over 600 restaurants with a success rate of eclipsing 90%. These results are unprecedented, equaled in the industry only by Unbridled’s success rate in other franchise brands.

“When we decided to make this transition for our family, we were confident that Unbridled Capital was the right choice to be on our side. They are smart, responsive, experienced, trustworthy, and well-connected with buyers all over the country. Perhaps more importantly, they also made us feel like they were part of our organization, always seeking to solve problems and unravel unforeseen delays. We are very thankful for the outstanding work and perseverance of both Derek and Rick in helping achieve our goals in this sale. If anyone is looking to hire Unbridled, let me be the first to give them a big endorsement,” said Jeff Reetz.

Jeff Reetz has had Pizza Hut in his blood for decades. He started working for Pizza Hut Corporate in 1985 and spent the next 15 years moving up the ladder in operations. In 2000, he acquired the Louisville market in a refranchising initiative and later purchased the Illinois/Iowa market in 2008. It quickly became a family business as his son, Brian, spent the last decade as an instrumental piece of the business operations.

“The Reetz family has had a terrific reputation in the Pizza Hut system for over 20 years. Given their close ties to Louisville, we were honored to receive their phone call when they decided to sell. This transaction took longer than normal, then throw COVID into the mix, and it was a stressful time for everyone involved.
Jeff and Brian persevered, excelled through COVID, and were able to get the deal closed in early August. I continue to be proud of our team for helping our clients get to the closing table, especially during one of the most turbulent times in modern history. We want to congratulate both parties on a successful transaction, and we wish the Reetz family the absolute best in wherever life takes them next.

Finally, we are starting to see a strong positive shift in the Pizza Hut system. This is partly tied to heightened delivery demand through COVID, but Corporate leadership has also enacted several new strategies and technological improvements which are starting to take hold. Pizza Hut franchisees have been through a lot in the past several years and are well deserving of positive news for their businesses,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Pizza Hut museum at Wichita State University. We want to give back to the employees who are so important to the success of the Pizza Hut brand. We want to be a blessing because we have 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].

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]

Unbridled Capital recently provided sell-side advisory to both Pizza Hut of Arizona and Kyte Enterprises on the sale of 30 Pizza Hut restaurants throughout Arizona. The restaurants were sold to new franchisee EMERGE! INC., led by Kamal Singh. This acquisition will bring Pizza Hut into EMERGE’s existing brand portfolio which includes KFC, Taco Bell, and Sonic restaurants.

In 1964, Brent Kyte and three other young partners from Topeka, Kansas were so impressed by Dick Hasseur, the first Pizza Hut franchisee, they decided to begin their own Pizza Hut franchise. Each partner put up $2,000 and then borrowed an additional $5,000 from Arizona Bank in Flagstaff to open their first Pizza Hut October 27, 1965.

Brent admits, the first six months were tough. Even though the location opened with great sales, the manager they brought from Topeka was not making the cut. The four partners drew straws to determine who would take over the manager role and relocate to Flagstaff; Brent won. Six months later Brent was able to pay off the incurred debt and the store became profitable. The four partners grew increasingly ambitious and began to pursue additional areas for expansion. Two years later, Pizza Hut Inc. offered up Tucson, and the partners jumped at the opportunity.

By 1975 the group reached $1M in sales and set their sights on further expansion. The shareholders then hired Pat McConaughey (CPA) in 1976. Pat eventually became the President of PH of AZ and led the company to new heights.

Pat and Brent built a strong and exceptional management team over the decades that consistently ranked in the top 10 of many of PHLLC’s operations metrics. Of the myriads of Pizza Hut businesses sold by Unbridled Capital, their business has had the highest AUVs so far.

“Unbridled Capital stands miles ahead of other advisors when it comes to deal-making within the Pizza Hut System, so when it came time to select an advisor, we knew we wanted to partner with Unbridled. Tony Petrunin and Rick Ormsby were essential in navigating us through some challenging deal headwinds; the loss of the original buyer (due to external reasons) and transacting through COVID, to name a few. Throughout the entire process, Unbridled demonstrated endurance, creativity and stamina that led us to a positive outcome. The team was unwavering in their confidence and ability to see the transaction through and execute on our ambitions. Without a doubt, we would only recommend Unbridled Capital to any peer looking to sell or finance their business,” said Pat McConaughey.

“Brent and Pat built an extraordinary business over the past five decades. Leading such a tenured client through a transaction is not a commitment we took light-heartedly. I’m especially proud of the resiliency shown by our Unbridled team to keep this deal on-track despite the unprecedented times presented by COVID-19. We wish Pat, Brent, and their shareholders nothing but success as they enter a new chapter of their lives. We also congratulate Kamal Singh and the entire EMERGE! team on another successful transaction with Unbridled. Kamal is known as a brand champion, and we are confident that his team will accomplish great things as they continue to grow their footprint in Pizza Hut. We are really thankful to have been part of this transition for everyone,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Pizza Hut museum at Wichita State University. We want to show our respects to the fantastic legacy of the Pizza Hut brand. We want to be a blessing because we’ve been blessed.

Unbridled Capital provides the franchise community with unrivaled investment banking services.  For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Brad Chasteen, Michael Silverman, Guy Campbell and Rob Atkisson on the sale of their 67 Moe’s Southwest Grill restaurants in FL, SC, VA, DC and MD. The restaurants were sold to Quality Fresca, a new division of Quality Restaurant Group, which now becomes the largest franchisee in the Moe’s system.

“When we came together to sell our businesses, we knew we needed an advisor with specialized expertise and a vast network of family-office and private equity buyers. Unbridled’s relationships, transparency, attention to detail and reputation for closing deals made them the ideal advisor for us. With four different sellers, this was not a simple transaction. Unbridled was deeply invested in our success, quickly prepared to solve any problems that arose. We are thankful for their guidance through this process and recommend them unequivocally,” said franchisee Brad Chasteen.

“This transaction was truly unique. In all my years doing M&A work, I have never been part of a sale where 4 franchisee businesses were sold simultaneously to 1 buyer. This process took expertise, patience and endurance, and I thank Derek Ball at Unbridled for being a steady hand along the way. I am really proud of the outcome for all constituents – A. several smaller Moe’s franchisees, who achieved a valuation significantly higher than ever imagined if selling alone, B. Quality Fresca, which got a fantastic platform business that enables future Moe’s growth across many territories and C. Moe’s Corporate, who inherits a well-capitalized consolidator with the scale to help propel the brand to bigger things. We wish Brad, Michael, Guy and Rob the very best as they move-on to the next stages of their lives, and we send a big congratulations to Quality Fresca on completing this transaction with such professionalism and persistence,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled will make a charitable contribution to the No Kid Hungry Program, a national partner with Moe’s whose charitable mission is simply to end childhood hunger in America. We want to give back to the causes that are important to the Moe’s brand and its franchisees. We want to be a blessing because we’ve been blessed.

Unbridled has recently completed dozens of successful sell-side M&A transactions totaling over 1,000 restaurants with a closing rate of 95%. With over $1,000,000,000 in closed and current M&A assignments, Unbridled Capital provides the franchise community with unrivaled investmentbankingservices. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

2019

According to Jay Rutherford, he’s always found himself in the restaurant business. “I started in the family business right out of college,” he said. His father, Jay Rutherford, Sr. operated a number of Long John Silvers for 17 years before buying into the Taco Bell system.

Rutherford senior also opened up Valvoline Instant Oil Change shops, where the younger Rutherford cut his teeth on that business by managing a store.

“But we soon found out the investment to get into a Valvoline was the same as Taco Bell, and Taco Bell’s returns were so much better,” he said. They sold the Valvolines and instead focused on building up their taco business. Later, in 2015, he and his dad hired Rick Ormsby, currently managing director of investment banking firm Unbridled Capital to sell their eight locations.

After the sale, “I thought, what do I want to do now?” said Rutherford. “About that same time, Bojangles’ was on a development path in our area, and I knew the market well. I built up that business to five stores, finally leaving that in August.”

His winding road of restaurant experience brought him to a point where he finally had to move on, he said. “I had been thinking about my career path for some time. It was a good time to get out for me personally. I had been keeping up with Unbridled Capital, and I have known Rick personally for 10 or 15 years at least. He has been a friend who’s always been interested in me—I saw a good opportunity with Rick when he asked me to join the team.”

As COO, Rutherford will be overseeing all aspects of the business, “a very difficult job,” says Ormsby. Ormsby felt he needed to add that COO position if he wanted to grow the business and do what Ormsby himself does best: “Go see clients and drive the business.”

“And I couldn’t just have a deal guy or a finance guy do this. I knew this role would have to manage the entirety of the business. It’s everything from finance and marketing to administration. It’s difficult to find someone with that broad of a skill set,” he said.

Ormsby had an ah-ha moment: “A really successful franchisee is the perfect kind of person to handle the broad responsibilities of managing a business,” he said. “They balance the checkbook, develop new stores, lead HR and hire and fire, they handle customer complaints and deal with Pepsi and Dr. Pepper. They are good business people. Jay had all this. I knew he could handle these functions.”

Six weeks into his new job as Chief Operating Officer for Unbridled, Rutherford says he is still learning, but is excited about what he brings to the table. “I can understand the franchisee’s way of thinking, and their processes,” Rutherford said.

And he has sold restaurants, which can be nerve wracking, he reports. “I understand their feelings 150 percent. This is their lifework, and maybe they are nervous, because they don’t know what the next chapter will look like. I can talk through that with them.”

For Ormsby, it signals to their franchise clients that “we believe heart and soul in franchisees, because that’s the type of person we’ve brought into the company.”

For more information, contact Jay Rutherford at 502-252-6427 or by email at [email protected].

Unbridled Capital recently provided sell-side advisory to RayChris Corporation on the sale of 2 KFC stores in Kentucky. The restaurants were sold to long time franchisee JRN, Inc, led by Tyrone Neal. The Popp family, long-time KFC franchisees, will continue to operate a KFC location in Kentucky.

“We are extremely pleased with Unbridled Capital’s handling of our recent KFC sale. For a smaller transaction, this deal was quite complicated, and I’ve come to realize that it is extremely difficult to sell KFCs without the help of an advisor – much more challenging than in years past. The Unbridled team not only found us the best buyer for our locations, but they also helped immensely and patiently with the purchase agreement, entity issues, R&M negotiations, due diligence and corporate approval. We would give the highest endorsement to Rick, Tyler and the entire team at Unbridled Capital,” said Chris Popp, President of RayChris Corporation.

“Over the past 36 months, Unbridled has been at the forefront of helping KFC franchisees in the sale of their businesses, having completed 16 KFC sell-side transactions representing almost 150 restaurants with a success rate of 100%. We are very thankful to both parties for their dedication in closing this transaction. To Tyrone and the JRN team, congrats on the continued growth of your KFC business! It has been an honor to help the Popp family, and we wish them continued success in KFC,” said Rick Ormsby, Managing Director.

With about $1,000,000,000 in recent and active sell-side M&A assignments across a variety of brands, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected]

Unbridled Capital recently provided sell-side advisory to CFL Pizza LLC on the sale of 32 Pizza Huts in Ohio, Kentucky and Indiana. The restaurants were sold to new franchisee Chaac Pizza Midwest, LLC, led by Luis Ibarguengoytia and Gauge Capital. Andy Rosen, long-time Yum franchisee, will continue to operate Pizza Hut, Taco Bell and KFC restaurants throughout the Southeastern US.

“We are extremely pleased with Unbridled Capital’s handling of our recent Pizza Hut sale. Rick and his team are thorough, professional, respectful, discrete and always available. They created a sales process that yielded results that were above expectations. They deftly navigated the purchase agreement process, due diligence, Pizza Hut approval (for a new franchisee) and closing. Importantly, they are experts at managing both parties and finding solutions to difficult problems through the course of a transaction. We are a repeat customer, having sold Taco Bells in Atlanta several years ago with Rick’s help, and we would give the highest endorsement to Rick, Tony and the entire team at Unbridled Capital,” said Andy Rosen, CEO of CFL Pizza, LLC.

“Over the past 36 months, Unbridled has been at the forefront of helping Pizza Hut franchisees in the sale of their business, having completed 11 Pizza Hut sell-side transactions representing almost 500 restaurants with a success rate of 91.7%. To do this, we have worked diligently to develop the nation’s best market of franchise buyers, operators, family offices and private equity firms. To Luis and his partners, welcome to the Pizza Hut family! Finally, it has been an honor to help Andy and the entire CFL team, and we wish them continued success in Pizza Hut, Taco Bell and KFC,” said Rick Ormsby, Managing Director. 

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Pizza Hut museum at Wichita State University. We want to show our respects to the fantastic legacy of the Pizza Hut brand. We want to be a blessing because we’ve been blessed.

With about $750,000,000 in recent and active sell-side M&A assignments across a variety of brands, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Rage, Inc. and related entities on the sale of 117 Pizza Huts in North Carolina, Virginia, Kentucky, West Virginia, Tennessee, South Carolina and Illinois. Bob Geist was the principal franchisee, along with son Ron Geist and Dale Roach. The restaurants were sold to new franchisee Tasty Hut, LLC, a subsidiary of Tasty Brands, LP and led by Tom Scott.

“When we decided that it was time to retire and sell our business, we came directly to Rick and his Unbridled team because we trusted them and valued their excellent reputation and unsurpassed results. The process of selling 117 Pizza Huts wasn’t easy – it required persistence, negotiating ability, analytical skills, great business acumen, integrity, availability and encouragement. Rick and Derek exhibited these qualities abundantly throughout our transaction, and we couldn’t have sold this business without them. We are so appreciative of their efforts, and we give Unbridled Capital our very highest endorsement,” said Dale Roach, President of Rage, Inc.

“In my humble opinion, Bob Geist is one of the big success stories in America’s illustrious history of franchising. As a college kid and assistant greenskeeper at the Wichita State golf course, Bob saw first-hand how newborn Pizza Hut would become global phenomenon. He chose North Carolina to develop because of its various universities, and his team grew an incredible business over 50+ years. This legacy should never be forgotten. It was an absolute honor to represent Rage, Inc. in this successful sale. We heartily welcome Tom Scott and the Tasty Huts team to Pizza Hut, and we extend our most gracious congratulations, thank you and future regards to Bob, Ron, Dale and the entire Rage organization,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Pizza Hut museum at Wichita State University. We want to show our respects to the fantastic legacy of the Pizza Hut brand. We want to be a blessing because we’ve been blessed.

Over the past 36 months, Unbridled has completed 11 Pizza Hut sell-side transactions representing almost 500 restaurants with a success rate of 91.7%. With about $750,000,000 in recent and active sell-side M&A assignments across a variety of brands, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Alice J Schleicher Inc. on the sale of 14 KFC restaurants in Indiana and Kentucky. The restaurants were sold to Houston Enterprises USA, Inc., led by existing KFC franchisee Mike Houston. After this transaction, the Schleicher family will continue as franchisees in the operation of KFCs in other markets.

“It was never a question that we were going to hire Unbridled Capital when it came time to downsize our business. Rick and his team have an excellent reputation of getting the best prices and terms for KFC franchisees. We certainly were not disappointed in this transaction. They designed a targeted outreach and found the Houston organization to acquire our business, which was clearly not the obvious buyer in the market. Getting the deal closed required patience, critical-thinking skills, determination, integrity and relationships within the KFC brand. Rick and Derek exhibited these qualities in high measure, and they were faithfully by our side the entire time. We thank them immensely and give them very high marks for their efforts. We’d strongly encourage any franchisee to hire them in the sale of their company,” said franchisee Kimra Schleicher.

“The Schleicher family has been in the KFC system for many years and is one of the most distinguished and respected operators in the system. As such, we are so very thankful to them for their confidence in us. For this transaction, I was extremely proud of our team’s tenacity and results. This business was not sold to one of the large consolidators in the KFC system, and as such, it required an extra focus on financing, due diligence and corporate approval. We wish a hearty congratulations to the Houstons as they bring their family to the Louisville area. Finally, we send our kindest regards to the Schleicher’s as they continue to represent the KFC brand with success,” 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.

Unbridled has recently completed 16 successful KFC sell-side transactions totaling almost 150 restaurants with a closing percentage of 100%. With over $1,000,000,000 in closed and current M&A assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital is excited to announce the hiring of Jay Rutherford as Chief Operating Officer. Mr. Rutherford brings 25 years of franchising experience to our team.

Prior to joining Unbridled Capital, Mr. Rutherford was in the franchise systems of Valvoline Instant Oil Change, Taco Bell and Bojangles’ Famous Chicken and Biscuits. Mr. Rutherford operated locations of these brands in Kentucky, West Virginia, Ohio, Virginia, and the Carolinas. As a former franchisee, Mr. Rutherford can speak to the expertise and quality service provided by Rick Ormsby. Mr. Ormsby represented Jay in the sale of his family’s Taco Bell restaurants in 2015.

‘This change brings exciting news for our clients. Jay’s background will help us draw closer to the heart and soul of the franchisees that we love and respect so much. Additionally, our clients will see and hear more from me. Our goal is to increase Unbridled’s focus on solving their complex needs with even better service, critical thinking and innovation. Welcome to the team, Jay!’ said Rick Ormsby, Managing Director.

The addition of Mr. Rutherford is well-timed as Unbridled extends its’ services to new brands and sectors. With recent assignments in Panera, Burger King, and more, the company is continuing to grow outside of Yum! Brands. Despite their expanded focus, Unbridled has had a massive year with hundreds of restaurants sold and numerous landmark assignments in KFC, Taco Bell and Pizza Hut.

Unbridled Capital recently provided sell-side advisory services to Papa John’s USA, Inc. on the sale of 24 locations in the South Florida area. Unbridled Capital acted as refranchising agent for Papa John’s in this transaction. The market was sold to existing franchisee Ricky Warman and related entity(s).

“Unbridled has now helped us in the refranchising of three markets: South Florida, Macon and Minneapolis. They have been an excellent and very valuable partner throughout each transaction. They have a vast network of buyers, inside and outside of the Papa John’s brand and across franchisees, investors, family offices and private equity firms. They have vast expertise in valuations, deal structuring and due diligence. Perhaps most importantly, they are trustworthy and passionate about their clients’ interests. For these reasons, we continue to use their services and would recommend them wholeheartedly to any seller of a franchise company,” said Joe Smith, CFO of Papa John’s International, Inc.

“We are very thankful to Papa John’s for their continued trust in Unbridled for their refranchising needs. South Florida was a very popular market with great sales volumes, and we had a great buyer turnout at high prices. For Ricky Warman and his partners, we wish them the very best with this market as they continue to grow. Finally, we send our kind regards to everyone at Papa John’s as they continue the brand turnaround,” said Rick Ormsby, Managing Director.

With a success rate of 91.4% in recent M&A assignments, Unbridled Capital provides the franchise community with unrivaled success in investment banking services.  For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Zak Family Foods on the sale of 25 KFC, Taco Bell and co-branded restaurants in Iowa, Illinois and Nebraska. The restaurants were sold to FMI Dollar Bell Inc., a related entity to Canadian-based Yum franchisee FMI Group.

“We are very thankful to Unbridled Capital for their help in selling our family business. It was an emotional decision to sell and Unbridled took great care of us throughout the course of the transaction. I have experience with other M&A advisory firms, and I am convinced that Unbridled is the best in the business. Our family is a happy customer, and we would recommend them unequivocally to anyone considering a sale of their franchise company,” said Jason Zakaras.

“The Zakaras family is indeed special – they are great people. Jason has been a fantastic operator and face of the KFC brand for the last decade. His passion for the business did not go unnoticed by anyone who met him. Parents Jerry and Debbie were looking to retire, and we are so happy that they now get to enjoy a quieter phase of their lives. Many best wishes to Jerry, Debbie, Jason and the entire family, and we congratulate FMI Group on adding to their KFC business here in the US,” said Rick Ormsby, Managing Director.

As a condition of this closing and token of our appreciation, Unbridled Capital will make a charitable contribution to the KFC Foundation which assists employees obtaining education, navigating crisis situations and with their personal finances. We want to be a blessing because we’ve been blessed.

With a success rate of 91.4% in closing recent M&A assignments, Unbridled Capital provides the franchise community with unrivaled success in investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Kohlman Enterprises on the sale of 5 KFC restaurants in Wisconsin. The restaurants were sold to existing franchisee KBP Foods.

“When I came to the realization that it was time to explore a possible sale, I made sure to begin the journey with Unbridled Capital. From our first valuation to the closure of the transaction, the team proved to be very insightful, proactive and thorough. Furthermore, I had a few unique timing and tax considerations that Unbridled and their partners were able to help me navigate. Unbridled’s efficiency, persistency and grit were true hallmarks of this transaction. I’d strongly recommend that franchisees exploring a possible sale make their first call to Unbridled Capital,” said Mike Kohlman.

“We are truly honored to have represented Mike Kohlman in this transaction. He is a long- time steward of the KFC brand, and he will be missed. We send him many best wishes in this next chapter of his life. We also congratulate KBP on yet another successful transaction.” said Rick Ormsby, Managing Director.

As a condition of this closing and token of our appreciation, Unbridled Capital will make a charitable contribution to the KFC Foundation which assists employees obtaining education, navigating crisis situations and with their personal finances. We want to be a blessing because we’ve been blessed.

With about 20 active and recent KFC assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected]

Unbridled Capital recently provided sell-side advisory to John and Will Duryea on the sale of their 11-unit portfolio of 5 Taco Bells, 3 KFCs, and 3 co-branded KT restaurants in Missouri, Illinois and Iowa. The restaurants were sold to KBP Foods.

“Unbridled Capital exceeded our expectations every step of the way. They secured the best price with the lowest deal risk for our family. Given Unbridled’s strong track record [~91% success rate], we knew we were in good hands once we selected a buyer. Their team worked proactively, day and night, to ensure our transaction was always moving forward with efficiency. If you are looking for a group to treat your sale as if it was their own, I’d look no further than Unbridled Capital,” said franchisee Will Duryea.

“We are absolutely honored to have represented the Duryea’s. This sale was logistically more difficult than most in that we had two distinct sellers (dad and son), three types of restaurants (TB, KT, KFC) and three states of operation (MO, IL, IA). I’m proud of the hard-work and expertise that our Unbridled team provided to the Duryea family, who we consider as long-time friends. We send a hearty congratulations to them as well as KBP Foods on this transaction.” said Rick Ormsby, Managing Director.

As a condition of this closing and token of our appreciation, Unbridled Capital will make a charitable contribution to the Taco Bell and KFC Foundations which assist employees obtaining education, navigating crisis situations and with their personal finances. We want to be a blessing because we’ve been blessed.

With about 20 active and recent KFC assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Monty Mex Corp on the sale of 8 high-volume Taco Bells and 1 KFC in the Montgomery, AL area.

“I’ve known and trusted Rick Ormsby for many years. When our family decided to pursue a sale, we felt confident that Unbridled Capital was the right firm to represent our interests. Throughout the process, they exceeded our expectations. They brought multiple offers to us at huge prices, helped us select the best buyer and were very focused in the details of due diligence to get all parties to the closing table on schedule and with no surprises. They receive my highest endorsement,” said franchisee Phil Festoso.

“The Festoso family has been near-and-dear to my heart for many years. They are fantastic people, and in my opinion, they successfully operated some of the best Taco Bell restaurants in the country. We congratulate them for an awesome and well- deserved outcome. They will be missed by the Taco Bell community, but they will remain personal friends for years to come,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Taco Bell Foundation. We want to give back to the employees who are so important to the success of the Taco Bell brand. We want to be a blessing because we’ve been blessed.

With several hundred restaurants under current M&A assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected]

Unbridled Capital recently provided sell-side advisory services to Papa John’s USA, Inc. on the sale of 19 locations in the Macon, GA area. Unbridled Capital acted as refranchising agent for Papa John’s in this transaction. The market was sold to existing franchisee Paul Passafiume and related entity(s).

“Unbridled did a great job of helping us find the right buyer for our Macon, GA market. They are well-connected to a large network of buyers throughout the franchise industry, and they are very knowledge in critical areas such as valuations and deal execution. We would strongly recommend them to any franchisor looking for a refranchising agent in the divestiture of Corporate markets,” said Joe Smith, CFO of Papa John’s International, Inc.

“It has been an honor to work for Papa John’s over the past year through the divestiture of several Corporate markets. With a variety of new plans in-place, we are hopeful for a bright future for the brand, and we send a hearty congratulations to both Papa John’s and Paul Passafiume’s organization on the completion of this transaction,” said Rick Ormsby, Managing Director.

With several hundred restaurants under current M&A assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected]

Unbridled Capital recently provided sell-side advisory to Rudoni Management, Inc. on the sale of 7 KFC restaurants in Michigan. Dana, Steve Jr. and Christi Rudoni were third generation franchisees, and their parents Steve and Lynn started with a single KFC in 1976 in Mount Pleasant, Michigan. Many will know Steve Rudoni, who passed away in 2015 and was a longtime advocate for KFC franchisees through decades of service to the brand. The restaurants were sold to Bells & Birds, Inc., a multi-unit Taco Bell and KFC franchisee based in Michigan.

“Having never bought or sold a restaurant, our family did not know how to sell our KFC business. We turned to Unbridled Capital, and they did a superb job of navigating each step of the process: finding multiple offers, selecting the best buyer, negotiating a purchase agreement, attaining Corporate approval, facilitating due diligence and reaching a successful closing. The Unbridled team was patient, confident, knowledgeable and deeply experienced. They represented us with excellence, and we give them the highest endorsement in the sale of our KFC business,” said Dana Rudoni.

“The Rudoni family has been a household name in the KFC system since 1976. They are wonderful people who care deeply about KFC and have a true sense of legacy and family – both are rare to see in franchising today. We congratulate them on this sale and thank them for over 43 years of service to the KFC brand. Additionally, we send our best wishes to the Bells and Birds team as they continue to grow their KFC footprint in Michigan,” 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 assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected]

Unbridled Capital recently provided sell-side advisory to BBG Specialty Foods on the sale of 4 Taco Bell restaurants in Alabama. The restaurants were sold to Tacala, LLC, one of the country’s largest franchisees.

“We are very thankful to Unbridled Capital for representing us in the sale of our Taco Bell business. Their relationships, expertise, professionalism and constant availability were big difference makers in getting our business sold efficiently and for the best price. Not only do I trust them, but I would highly endorse their work to all of my colleagues, franchisees and friends,” said franchisee Charles Nailen.

“It is bittersweet to see the Nailen family leave Taco Bell after so many successful years. I’ll never forget their integrity, positive attitude, love of life and love for the Taco Bell brand. This was one of the fastest transactions we’ve completed, and I am thankful to Derek Ball and our entire team for paying attention to every detail in securing the best outcome for the Nailens in the shortest time. We wish Charles and Kay the very best as they exit the Taco Bell system, and we congratulate the entire Tacala organization on this acquisition,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Taco Bell Foundation. We want to give back to the employees who are so important to the success of the Taco Bell brand. We want to be a blessing because we’ve been blessed.

With several hundred restaurants under current M&A assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected]

Unbridled Capital recently provided sell-side advisory to Que Taco Enterprises and D&M Holdings on the sale of 11 Taco Bell restaurants in Colorado. The restaurants were sold to existing multi-unit franchisee Rob Alvarado of Alvarado Concepts.

“Unbridled did a first-class job in representing us in this sale. They were thorough, patient, trustworthy and intently focused on getting the deal closed, despite several delays. Not only was I impressed by their expertise, but they were always available, no matter what time of day. Their availability gave us a high amount of comfort that the outcome would be successfully achieved. The Unbridled Capital team would receive my very highest endorsement to any franchisee considering a sale of their business,” said franchisee Mike Hoffman.

“Unbridled has four cornerstone principles: being comprehensive, innovative, relatable and passionate. This transaction took longer than normal to complete, and I am proud of our team’s passionate execution and comprehensiveness throughout the process to champion our clients’ best interests. We wish Mike and Kim Hoffman the very best as they exit the Taco Bell system, and we congratulate the Alvarado family on yet another acquisition,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Taco Bell Foundation. We want to give back to the employees who are so important to the success of the Taco Bell brand. We want to be a blessing because we’ve been blessed.

With about 15 active and recent Taco Bell assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Taco Bill and Tacos El Camino on the sale of 6 Taco Bell restaurants in California. The restaurants were sold to existing multi-unit franchisee Taylor Loesch of T & K, LP.

“Rick helped us in the sale of our Baltimore Taco Bell market several years ago. Since then, he has really built an excellent team at Unbridled – they are responsive, analytically-minded, detail-oriented, creative in finding solutions and possess strong critical-thinking skills. We really benefited from their dedication to getting this transaction closed as effectively as possible. Unbridled would receive our highest recommendation as a franchise M&A advisor,” said franchisee Chris Walsh.

“This is the second sell-side transaction I’ve been a part of on behalf of Bill and Chris’s Taco Bell businesses. They are gentlemen, and we are very thankful that they chose us to represent them in this sale. As longstanding franchisees, Bill and Chris will be missed in Taco Bell system. For Taylor, we congratulate his organization on their first acquisition since Taylor acquired the business from his father. We look forward to watching T & K continue to grow in the future. We wish all parties the best of success in their future endeavors,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Taco Bell Foundation. We want to give back to the employees who are so important to the success of the Taco Bell brand. We want to be a blessing because we’ve been blessed.

With about 15 active and recent Taco Bell assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected]

Unbridled Capital recently provided sell-side advisory to Bullock-Scott Restaurant Group LLC of TN, GA, AL and Carreca Enterprises, Inc. on the sale of 45 Pizza Hut restaurants in Tennessee, Georgia and Alabama. The restaurants were sold to new franchisee GPS Hospitality, one of the country’s largest restaurants operators with roughly $650MM in annual revenues and 388 Burger Kings & 19 Popeye’s.

“Rick and his team at Unbridled Capital did a superb job for our family. We knew we needed an advisor who had connections with family-offices and large franchisees outside of the Pizza Hut system, and Unbridled specializes in making a broader market beyond the existing franchise base to get higher prices with lower deal risk. Indeed, they brought several well-capitalized buyers to our business to make offers at record prices. Equally as important, they provided substantial help in finding solutions during due diligence, with lease assignment challenges and with asset allocations to positively impact our tax liability. We would wholeheartedly recommend them to anyone considering a sale of their franchise,” said Jeff Bullock.

“We are thankful to Jeff and the entire family for the opportunity to have represented them, and we wish them the very best in this new stage of their lives. Over the past 18 months, Unbridled has sold about a dozen Pizza Hut businesses, many of them to family-office buyers we’ve introduced to the Pizza Hut brand. In this case, we are super-excited to welcome GPS Hospitality to Pizza Hut. They are great people with a proven track record of world class operations and brand stewardship. Congratulations and warm wishes to Tom Garrett, Scott Jasinski, Chris Phillips and the entire GPS team,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Pizza Hut museum at Wichita State University. We want to show our respects to the fantastic legacy of the Pizza Hut brand. We want to be a blessing because we’ve been blessed.

With about 50 recent and active sell-side M&A assignments across a variety of brands, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Bells and Birds, Inc. on the sale of 8 Taco Bell restaurants in Louisville, KY. The restaurants were sold to existing franchisees Judd and Erica Wishnow of ABTB Louisville LLC. Bells and Birds will continue operating as a large Taco Bell and KFC franchisee in Michigan, Indiana and Ohio.

“We are very thankful for Unbridled Capital’s expertise and support on this transaction. They have been a great partner for us over the past year. We value their integrity, relationships with franchisees and analytical expertise. We would highly recommend them to anyone looking to buy, sell or finance a franchise business,” said Rodney Walker, President of Bells and Birds, Inc.

“It was an honor to work with Rodney, Jim and their partners on this transaction. Several years ago, I helped them buy these restaurants, and they have operated successfully in this market ever since. The Unbridled team looks forward to continuing to be customers and supporters of these Taco Bell locations in our hometown of Louisville, KY. We wish Rodney and his team – as well as Judd & Erica – many blessings as they continue to grow their respective restaurant businesses throughout the region with such an awesome brand as Taco Bell,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Taco Bell Foundation. We want to give back to the employees who are so important to the success of the Taco Bell brand. We want to be a blessing because we’ve been blessed.

With about 15 active and recent Taco Bell assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to High Plains Pizza on the sale of 82 Pizza Hut restaurants in MT, WY, UT, CO, KS, OK and TX. The restaurants were sold to existing franchisee Grand Mere Capital, led by Mike Cherney.

In 1962, Bill Colvin decided to leave the oil industry and venture out into franchising with the Pizza Hut Brand. Bill and then partner Norman Blankenship opened their first location in Liberal, Kansas in 1962, and after their partnership split, Bill and his family grew to own and operate Pizza Hut restaurants throughout the country. Their focus was on quality, service and giving back to their communities. Not surprisingly, High Plains Pizza became known for its brand leadership and for having some of the best and highest volume dine-in restaurants in the entire Pizza Hut system. Bill had four sons who became involved in the business: Kent, Mike, Tracy and Greg. Kent became President of High Plains Pizza and shepherded its growth and vision. Kent’s imprint on the Pizza Hut brand will continue to be seen for many years to come.

“I have known and trusted Rick Ormsby for many years. When we came to the decision to sell our 56-year-old family business, there was no hesitation in turning to Unbridled Capital to represent High Plains Pizza. Unbridled played an instrumental role in helping us through this transition. We appreciate their relationships with buyers, their analytical expertise, their integrity, their persistency and their friendship. We would highly recommend Unbridled Capital to anyone looking to sell or finance their business,” said Kent Colvin.

“We feel honored to have represented High Plains Pizza in this transaction. It is humbling to work for such a successful and tenured franchisee of over 56 years. It is no exaggeration

to say that Kent Colvin, his family and staff are among the most honorable, professional and impressive clients we have had the privilege of representing. We wish them many blessings as they enter a new phase of their lives. We also congratulate Mike Cherney and Grand Mere Capital on our third acquisition together in the past 18 months. They have now grown to about 150 Pizza Huts, and we are certainly excited to watch them succeed and help change the culture and future of the Pizza Hut brand,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Pizza Hut museum at Wichita State University. We want to show our respects to the fantastic legacy of the Pizza Hut brand. We want to be a blessing because we’ve been blessed.

With about 15 active and recent Pizza Hut assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Mass Burgers and related entities on the sale of 13 Five Guys restaurants around Boston, Massachusetts. The restaurants were sold to existing franchisee Jeff Howes of Mass 5G LLC.
“We would highly recommend the Unbridled Capital team. Their connections to buyers across the country, knowledge of franchise M&A, analytical expertise and persistence throughout the process were instrumental in completing this transaction successfully,” said Marc Magerman.

“The Five Guys brand has been a great growth story, and it was an honor to represent Mass Burgers in this transaction. Because this was a platform acquisition within the Five Guys brand, there was substantial interest and high valuations here. The buyer has restaurant holdings in various states – a growing trend as franchise consolidation increases. We congratulate both parties on a successful transaction,” said Rick Ormsby, Managing Director.

With over 40 active and recent M&A assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected]

Unbridled Capital recently provided sell-side advisory to Dan Lewis and his family on the sale of 3 Taco Bell restaurants in Lodi, California. The restaurants were sold to existing franchisees Dave Engen and Brent Flynn of Engen Ventures, Inc.

Dan’s father Fred Lewis started in the retail business in Burbank, CA as a gas station owner, where he met Burt Baskin and Irv Robins. He quickly became a Baskin & Robins franchisee in San Bernardino 1956, where he opened the 30th store in the system. Mrs. Lewis loved Mexican food, and they would frequent one of Glenn Bell’s pre-Taco Bell Mexican restaurants in San Bernardino. They met Glenn at a 1965 Franchising Convention in the area and became Taco Bell franchisees in 1967. Dan joined the business in 1975, and by 1987, the Taco Bell in Lodi had the 2nd highest sales in the entire system. They opened two other stores in 1993 and 2000. In 2005, daughter Carrie came to work in the family business as an Above Store Leader. In 2013, son Mark began working for his father, serving as Director of Operations. In 2018, one of their Taco Bell locations was ranked #1 in the country in VOC scores.

“My experience with Rick Ormsby and his team at Unbridled was very pleasurable. I was impressed with their knowledge to walk me through this process, and the Unbridled team modeled integrity throughout the transaction. I would highly recommend them,” said Dan Lewis.

“It goes without saying that the Lewis family has had a tremendous legacy within the Taco Bell brand for 52 years. After working with hundreds of clients, I can honestly say that I have met very few people who I respect more than Dan Lewis. He is a successful

businessman who does it the right way – with humility, kindness and a genuine care for other people. It was an honor to help Dan and his family through this exciting and emotional time. We wish them many blessings as they enter a new phase of their lives, and we also congratulate Dave Engen, Brent Flynn and the entire Engen Ventures organization on a successful closing,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Taco Bell Foundation. We want to give back to the employees who are so important to the success of the Taco Bell brand. We want to be a blessing because we’ve been blessed.

With about 15 active and recent Taco Bell assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services.  For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

2018

According to Jay Rutherford, he’s always found himself in the restaurant business. “I started in the family business right out of college,” he said. His father, Jay Rutherford, Sr. operated a number of Long John Silvers for 17 years before buying into the Taco Bell system.

Rutherford senior also opened up Valvoline Instant Oil Change shops, where the younger Rutherford cut his teeth on that business by managing a store.

“But we soon found out the investment to get into a Valvoline was the same as Taco Bell, and Taco Bell’s returns were so much better,” he said. They sold the Valvolines and instead focused on building up their taco business. Later, in 2015, he and his dad hired Rick Ormsby, currently managing director of investment banking firm Unbridled Capital to sell their eight locations.

After the sale, “I thought, what do I want to do now?” said Rutherford. “About that same time, Bojangles’ was on a development path in our area, and I knew the market well. I built up that business to five stores, finally leaving that in August.”

His winding road of restaurant experience brought him to a point where he finally had to move on, he said. “I had been thinking about my career path for some time. It was a good time to get out for me personally. I had been keeping up with Unbridled Capital, and I have known Rick personally for 10 or 15 years at least. He has been a friend who’s always been interested in me—I saw a good opportunity with Rick when he asked me to join the team.”

As COO, Rutherford will be overseeing all aspects of the business, “a very difficult job,” says Ormsby. Ormsby felt he needed to add that COO position if he wanted to grow the business and do what Ormsby himself does best: “Go see clients and drive the business.”

“And I couldn’t just have a deal guy or a finance guy do this. I knew this role would have to manage the entirety of the business. It’s everything from finance and marketing to administration. It’s difficult to find someone with that broad of a skill set,” he said.

Ormsby had an ah-ha moment: “A really successful franchisee is the perfect kind of person to handle the broad responsibilities of managing a business,” he said. “They balance the checkbook, develop new stores, lead HR and hire and fire, they handle customer complaints and deal with Pepsi and Dr. Pepper. They are good business people. Jay had all this. I knew he could handle these functions.”

Six weeks into his new job as Chief Operating Officer for Unbridled, Rutherford says he is still learning, but is excited about what he brings to the table. “I can understand the franchisee’s way of thinking, and their processes,” Rutherford said.

And he has sold restaurants, which can be nerve wracking, he reports. “I understand their feelings 150 percent. This is their lifework, and maybe they are nervous, because they don’t know what the next chapter will look like. I can talk through that with them.”

For Ormsby, it signals to their franchise clients that “we believe heart and soul in franchisees, because that’s the type of person we’ve brought into the company.”

For more information, contact Jay Rutherford at 502-252-6427 or by email at [email protected].

Unbridled Capital recently provided sell-side advisory to Kenmar Ventures on the sale of its 5 Little Caesar’s restaurants in Tennessee. Kent Turtle and his family were successful Little Caesar’s franchisees for many years. The business was sold to Quantum Restaurants.

With over 20 active assignments and closings expected in the next few months, Unbridled Capital is continuing its unprecedented growth in the franchise investment banking community. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Border Management Corporation on the sale of its 2 Taco Bell restaurants in Amarillo, TX. John Camp and his family have been successful Taco Bell and Pizza Hut franchisees for many years, and they will continue operating their remaining multi-unit restaurant business. These 2 Taco Bells were sold to Alvarado Concepts LLC.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Taco Bell Foundation. We want to give back to the employees that are so important to the success of the Taco Bell brand. We want to be a blessing because we’ve been blessed.

With 13 recent and active sell-side M&A assignments within the Taco Bell brand, Unbridled Capital provides the franchise community with unrivaled investment banking services.  For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Chambers Enterprises LTD on the sale of its 6 KFC restaurants in Ohio and Kentucky.

Keith Chambers is one of the most recognizable and respected franchisees in the entire KFC system.  His KFC Journey started 43 years ago with franchisee Bob and Anne Bagshaw, who encouraged Keith and his wife Carol to become KFC franchisees 30 years ago. Keith is also a servant leader, having served as past AKFCF President, 12 years on the NAC/NCAC boards and 4 years as NAC Chair/NCAC Vice Chair. He presently serves on the RSCS-KFC Concept Board and as the AKFCF Archive Chair.

“It was a privilege to work with the Unbridled Capital professionals, particularly Rick Ormsby and Derek Ball, whose expertise and service-based attitude, sometimes 7 days a week, day and night, added tremendous value to our transaction…and KFC transition,” said Keith.

“We are very thankful to have helped Keith and his wife Carol in the sale of their life’s work. Keith is an honorable man, a well-respected franchisee and a friend. While this concludes a wonderful chapter in their journey, I am certain that Keith and Carol have a fantastic future ahead. I hope fellow franchisees take the opportunity to thank Keith for all he has done for the KFC brand. Finally, we congratulate KBP Foods on yet another acquisition,” said Rick Ormsby, Managing Director.

As a condition of this and one other closing, Unbridled Capital has made a charitable contribution of $20,000 to the KFC Foundation. Especially during the Christmas season, we want to give back to the employees that are so important to the success of the KFC brand. We want to be a blessing because we’ve been blessed.

With 10 active and recent KFC assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services.  For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to the Bagshaw family on the sale of 24 KFC and multi-brand restaurants in Ohio and Northern Kentucky. The restaurants were sold to KBP Foods.

In 1971, Bob and Anne Bagshaw started in the KFC business with then partner, Marvin Payne, in Jackson, Ohio. In May of 1972, the Bagshaw’s opened the Hillsboro, Ohio KFC and Payne kept the Jackson KFC. Over the years, the Team Bagshaw organization grew to become one of the most successful and well-known franchisees in the KFC system. Many franchisees will readily say that the Bagshaw family has had an enormous impact on their careers and livelihoods.

Second generation franchisees Jeanine Bagshaw and brother Bruce Bagshaw were 29-year franchisees. Like many, they grew up working in KFC restaurants and supporting the family business. Returning from college, they shared in growing Team Bagshaw from nine to the current twenty-four restaurants. Starting with Bob and Anne, the family was active and served in leadership positions in the Great Lakes and Southeast Regional franchise associations, a theme that continued through the third generation with Rob Holt, Jordan Anne Phillips and Blake Bagshaw.

“The decision to transition was a tough one, mainly due to the wonderful people we know and respect in the KFC Family. However, it was the right time for our family,” shares Jeanine. “Once we knew our direction, Rick and Derek were there to assist and made the transaction as seamless as possible. We appreciate their expertise and guidance, and highly recommend Unbridled Capital.”

“This assignment was a very, very special one for us. For years, I have had a profound respect and appreciation for Team Bagshaw. From their best-in-class restaurants, to their integrity, to their longevity, and to their love for the KFC brand, they are a model for what every franchisee should be. It has been an extreme honor to represent Jeanine, Bruce and the entire Team Bagshaw family. We are very thankful to have been a part of their story, and we wish them the best in the next phase of their lives,” said Rick Ormsby, Managing Director.

As a condition of this and one other closing, Unbridled Capital has made a charitable contribution of $20,000 to the KFC Foundation. Especially during the Christmas season, 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 10 active and recent KFC assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to PH Hospitality Group,
LLC on the sale of its 43 Pizza Huts in the Milwaukee area. Mark Dillon is a longterm franchisee, and he will continue operating a smaller Pizza Hut business in
Wisconsin. The restaurants were sold to EYM Pizza of Wisconsin, LLC.

“This is yet another transaction involving a growth-oriented buyer who is a
significant consolidator within multiple brands. EYM Restaurant Group is now
one of Pizza Hut’s largest franchisees. We congratulate both groups on a
successful closing,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable
contribution to the Pizza Hut museum at Wichita State University. We want to
show our respects to the fantastic legacy of the Pizza Hut brand. We want to be a
blessing because we’ve been blessed.

With about $500,000,000 in active and recent Yum assignments, Unbridled
Capital provides the franchise community with unrivaled investment banking
services. For more information, please contact Rick Ormsby at 502-252-6422 or
[email protected].

Unbridled Capital recently provided sell-side advisory to Silver Oak Management
Corporation on the sale of its 5 Taco Bell restaurants in Sacramento, CA. Walter
Plunkett is a long-term franchisee, and his family will continue operating a
smaller Taco Bell business in the area. The restaurants were sold to Pacific Bells,
LLC.

“With over $2MM AUVs in a very-tight geography, these 5 restaurants have been
a great business that will hopefully continue successfully for many years. We
congratulate Walter, Robin and Chris as well as the entire Pacific Bells team on
the acquisition,” said Rick Ormsby, Managing Director.

As a condition of this closing, Unbridled Capital will make a charitable
contribution to the Taco Bell Foundation. We want to give back to the employees
that are so important to the success of the Taco Bell brand. We want to be a
blessing because we’ve been blessed.

With about $500,000,000 in active and recent Yum assignments, Unbridled
Capital provides the franchise community with unrivaled investment banking
services. For more information, please contact Rick Ormsby at 502-252-6422 or
[email protected].

Unbridled Capital donates $5,000 to the Taco Bell Foundation at FRANMAC to help fund college tuition for team members

Unbridled Capital recently provided sell-side advisory to William F. Alford Co. on the sale of its 14 KFC restaurants in the Southwest Michigan area. Rich Alford and Ashley Courtland were third-generation franchisees, and the Alford family spent over 50 years successfully operating from Niles, Michigan. The restaurants were sold to KBP Foods.

“For over 50 years, the Alford family has been one of the most tenured and respected franchisees in the KFC system. We are honored that they entrusted Unbridled Capital to handle the sale of their life’s work. This transaction represents a growing trend: that KFC franchisees are now realizing the complexity of today’s M&A transactions and are increasingly in need of the unique and sophisticated guidance that Unbridled offers. We wish many blessings to Rich and Ashley and congratulate KBP Foods on the acquisition,” 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 that are so important to the success of the KFC brand. We want to be a blessing because we’ve been blessed.

With about $200,000,000 in recent KFC assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Tennyson Enterprises (and related entities) on the sale of its 10 Pizza Huts in Iowa and Missouri.

The restaurants were sold to IMO Huts, Inc., led by Greg Shelton and Doug O’Connor. The Shelton family are Wichita-based franchisees with a rich history and legacy in the Pizza Hut system.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Yum Foundation. We want to give back to the employees that are so important to the success of these brands. We want to be a blessing because we’ve been blessed.

With dozens of recent assignments, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services.  For more information, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory services to Papa John’s International on the sale of its 30 locations in the Minneapolis area. The market was sold to existing franchisee Ricky Warman and related entity(s).

Unbridled Capital acted as refranchising agent for Papa John’s in this transaction. For more information on acquiring larger Papa John’s markets, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to RCGF, LLC on the sale of its 6 Taco Bell locations in South Texas. RCGF was led by Bob Kusenberger, and the restaurants were sold to Emerge! Properties, LLC, led by Kamal Singh.

“This transaction represents a growing trend of aggressive, millennial buyers who are looking to enter new brands and develop a strategy of consolidation and significant near-term growth. In this case, Kamal is a large existing KFC and Sonic franchisee, and this acquisition positions him to grow into a third brand in Taco Bell that has an impressive track record and growth trajectory,” reports Rick Ormsby, Managing Director at Unbridled Capital.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Taco Bell Foundation. Unbridled seeks to give back to the employees that are so important to the success of these brands. “We want to be a blessing because we’ve been blessed,” states Ormsby.

With approximately 20 current sell-side M&A engagements nationwide, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected]

Unbridled Capital recently provided sell-side advisory to Papa Murphy’s International on the sale of its 18 locations in the Denver and Colorado Springs areas.

Papa Murphy’s sold to Fresh Take LLC, led by Ryan McCallister, Tyler Ross and Brad Seymore. At closing, the trio now operates 28 total stores in Colorado.

Unbridled Capital acted as refranchising agent for Papa Murphy’s. For more information on the brand, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to WKRP Management LLC (and related entities) on the sale of its 39 Pizza Huts in Colorado, Kansas and Missouri. Terry Ruder, Steve Patton and Nestor Weigand were legacy franchisees with an outstanding business and long history of excellence in the Pizza Hut system.

WKRP sold to new franchisee, Grand Mere Capital, led by Mike Cherney. This is the second Pizza Hut acquisition for Grand Mere in the past 8 months. Unbridled sold 23 Pizza Huts to them last year. As of the close of this transaction, Grand Mere now owns 62 Pizza Huts.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Yum Foundation. We want to give back to the employees that are so important to the success of these brands. We want to be a blessing because we’ve been blessed.

With approximately 250 Pizza Huts for sale nationwide, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services.  For more information, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to The Matlock Restaurant Group on the sale of its 3 Taco Bell and KFC locations in Tennessee and Kentucky. Owners Johnny and Pam Matlock sold to Charter Foods LLC, led by Bob Jenkins.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Taco Bell Foundation. We want to give back to the employees that are so important to the success of these brands. We want to be a blessing because we’ve been blessed.

With approximately 20 current sell-side M&A engagements nationwide, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services. For more information, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected]

In our industry, sometimes it is easy to get focused on transactions, interest rates and EBITDA and forget the bigger and more important part of this business – the employees who are so critical to its success.

Over the years, we have all been touched to hear of so many stories of changed lives that started as an hourly worker in a restaurant. Here are a few themes: Broken families brought together. Achievement and advancement. Confidence and self-esteem. College graduations. Training that lasts a lifetime. Relationships and friendships in difficult times.

At Unbridled Capital, we want to show our appreciation for the hard-working employees who run these businesses. Going forward, Unbridled will make a charitable donation to a Restaurant Foundation for deals we close – and within each particular brand when possible.

“As a business owner, I know that the front-line employees make all the difference, yet they are often underrecognized and underappreciated in our narrow world of M&A and financing. At Unbridled, we want to be different. We want to financially contribute to the Foundations that support the employees within the brands we serve. Our goal is to raise thousands of dollars each year. We want to be a blessing because we have been blessed,” says Rick Ormsby, Managing Director.

For more information on Unbridled Capital, please feel free to visit www.unbridledcapital.com or each Rick Ormsby directly at 502-252-6422 and [email protected]

Unbridled Capital, a franchise advisory firm focused primarily on the restaurant industry, provided sell-side advisory to La Raza Pizza, Inc. on the sale of its 43 Pizza Huts in Indianapolis. The selling franchisee, Gene Camarena, is a legacy franchisee with a long history of excellence in the Pizza Hut system. Gene and his family sold the Indianapolis market to new and growing franchisee, Quality Huts, a portfolio company of GenRock Capital Management.

With approximately 500 restaurants for sale across numerous brands, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services.  For more information on Unbridled Capital, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital, a franchise advisory firm focused primarily on the restaurant industry, provided sell-side advisory to Wheeler Enterprises, Inc. on the sale of their 15 restaurants (12 KFCs and 3 KLs) in Ohio, West Virginia and Pennsylvania. Larry and Mrs. Wheeler, and their sons Chad, Brandon, and Brian, have been successful and respected KFC franchisees for many decades, dating back to when Larry opened their first restaurant in the 1970’s. The Wheelers divested their restaurants to KBP Foods, KFC’s largest franchisee with almost 600 restaurants.

With over 500 restaurants for sale across numerous brands, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services.  For more information on Unbridled Capital, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital Sponsors Taco Bell Foundation Cornhole Tournament at the Franchise Forum and Wins 1st Place

Unbridled Capital, a franchise advisory firm focused primarily on the restaurant industry, closed the following transaction in December: Cecil Eiserer and SEC Restaurants sold their 17 Pizza Hut restaurants, including the underlying real estate, to existing Pizza Hut franchisee Legacy Pizza. These restaurants are located throughout Alabama. Unbridled provided sell-side M&A advisory to SEC Restaurants. “The buyer in this transaction represents a progressive trend in the business, which is an influx of 30- to 40-year-old operators who are backed by investors and family offices. And we’re seeing this within the legacy brands,” said Rick Ormsby, managing director of Unbridled Capital. “Private equity is more an option for companies with $8 million to $10 million in EBITDA or more. For companies with $2 million to $5 million in EBITDA, private equity just isn’t interested, but it is a good play for a smaller family office. And, they don’t have the timeline that PE usually does, which is an exit anywhere from five to seven years.” Unbridled Capital decided to focus on family offices as a source of M&A and equity financing for their multiunit restaurant clients—those deals that represent 20 to 70 units. “While we will do larger deals and have established relationships with private equity, that segment is underserved,” said Ormsby. For more information on Unbridled Capital, Rick Ormsby, at 502-252-6422, or [email protected].

Unbridled Capital, a franchise advisory firm focused primarily on the restaurant industry, provided buy-side advisory to KC Bell in the Corporate divestiture of 6 Taco Bell restaurants in the the Southern Kentucky and Northern Tennessee areas.

With over 500 restaurants for sale across numerous brands, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services.  For more information on Unbridled Capital, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

2017

Unbridled Capital, a franchise advisory firm focused primarily on the restaurant industry, provided sell-side advisory to KC Bell on their sale of 39 Taco Bells in the Kansas City area in November. KC Bell, a franchise for more than 20 years, sold the restaurants to Royal Bell, Inc., an affliate of A&C Ventures. A&C Ventures, led by David Grieve, will operate 189 Taco Bell locations. KC Bell, Inc., led by Paul Hoover, remains a Taco Bell franchisee in several other markets nationwide. With almost 500 franchise restaurants currently for sale in large groups across several brands, Unbridled Capital expects a very active 2018. For more information on Unbridled Capital, contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital, a franchise advisory firm focused primarily on the restaurant industry, closed the following transaction in October: Sell-Side M&A Advisory:Dave Curnutt and related entities, franchisees for five decades, have sold 23 of their Pizza Hut restaurants, including the underlying real estate, to new Pizza Hut franchisee Grand Mere Capital, led by Mike Cherney. These restaurants are located in the Kansas City area, as well as around Columbia, Mo. For more information on Unbridled Capital, contact Managing Director Rick Ormsby at 502-252-6422 or [email protected] unbridledcapital.com.

Unbridled Capital, an advisory firm focused primarily on the restaurant industry, closed the following transaction in a sell-side M&A advisory role: A franchisee for four decades, Bill Cutrer has sold his four KFCs to Overland Park, Kansas-based KBP Foods, including one underlying parcel of real estate. The four restaurants are located in the Topeka, Kan. area. Unbridled Capital provides investment banking services such as M&A advisory and capital raising for multi-unit restaurant businesses. For more information, contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital, an advisory firm focused primarily on the restaurant industry, closed the following transaction in a buy-side M&A advisory role: KFC newcomer, Lonnie Noble and Noble Pursuit, LLC, recently purchased six KFC restaurants from franchisee, Brent Ross, of Lenella and Tarapa Corporations. The underlying real estate was sold to BayHill Realty Capital. The restaurants are in Southern California and Arizona. At the close of the transaction, Noble Pursuits owns seven KFC restaurants with the intent to continue its growth in the coming years. For more information, contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital, an advisory firm focused primarily on the restaurant industry, closed the following transaction in a sell-side M&A advisory role: Dave Curnutt and related entities, franchisees for five decades, have sold nine Pizza Hut restaurants, including the underlying real estate, to multigeneration franchisees, Dave and Jason Staab. These are rural Red Roof restaurants located in Kansas and Missouri and were split between Dave and Jason’s companies. For more information, contact Rick Ormsby at 502-252-6422 or [email protected].

2016

16 December 2016 – Ormsby Launches New Firm: Unbridled Capital – Restaurant Monitor, Volume 27, Number 12

Unbridled Capital donates $5,000 to the Taco Bell Foundation at FRANMAC to help fund college tuition for team members

Unbridled Capital recently provided sell-side advisory to William F. Alford Co. on the sale of its 14 KFC restaurants in the Southwest Michigan area. Rich Alford and Ashley Courtland were third-generation franchisees, and the Alford family spent over 50 years successfully operating from Niles, Michigan. The restaurants were sold to KBP Foods.

“For over 50 years, the Alford family has been one of the most tenured and respected franchisees in the KFC system. We are honored that they entrusted Unbridled Capital to handle the sale of their life’s work. This transaction represents a growing trend: that KFC franchisees are now realizing the complexity of today’s M&A transactions and are increasingly in need of the unique and sophisticated guidance that Unbridled offers. We wish many blessings to Rich and Ashley and congratulate KBP Foods on the acquisition,” 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 that are so important to the success of the KFC brand. We want to be a blessing because we’ve been blessed.

With about $200,000,000 in recent KFC assignments, Unbridled Capital provides the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to Tennyson Enterprises (and related entities) on the sale of its 10 Pizza Huts in Iowa and Missouri.

The restaurants were sold to IMO Huts, Inc., led by Greg Shelton and Doug O’Connor. The Shelton family are Wichita-based franchisees with a rich history and legacy in the Pizza Hut system.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Yum Foundation. We want to give back to the employees that are so important to the success of these brands. We want to be a blessing because we’ve been blessed.

With dozens of recent assignments, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services.  For more information, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory services to Papa John’s International on the sale of its 30 locations in the Minneapolis area. The market was sold to existing franchisee Ricky Warman and related entity(s).

Unbridled Capital acted as refranchising agent for Papa John’s in this transaction. For more information on acquiring larger Papa John’s markets, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to RCGF, LLC on the sale of its 6 Taco Bell locations in South Texas. RCGF was led by Bob Kusenberger, and the restaurants were sold to Emerge! Properties, LLC, led by Kamal Singh.

“This transaction represents a growing trend of aggressive, millennial buyers who are looking to enter new brands and develop a strategy of consolidation and significant near-term growth. In this case, Kamal is a large existing KFC and Sonic franchisee, and this acquisition positions him to grow into a third brand in Taco Bell that has an impressive track record and growth trajectory,” reports Rick Ormsby, Managing Director at Unbridled Capital.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Taco Bell Foundation. Unbridled seeks to give back to the employees that are so important to the success of these brands. “We want to be a blessing because we’ve been blessed,” states Ormsby.

With approximately 20 current sell-side M&A engagements nationwide, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services. For more information, please contact Rick Ormsby at 502-252-6422 or [email protected]

Unbridled Capital recently provided sell-side advisory to Papa Murphy’s International on the sale of its 18 locations in the Denver and Colorado Springs areas.

Papa Murphy’s sold to Fresh Take LLC, led by Ryan McCallister, Tyler Ross and Brad Seymore. At closing, the trio now operates 28 total stores in Colorado.

Unbridled Capital acted as refranchising agent for Papa Murphy’s. For more information on the brand, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to WKRP Management LLC (and related entities) on the sale of its 39 Pizza Huts in Colorado, Kansas and Missouri. Terry Ruder, Steve Patton and Nestor Weigand were legacy franchisees with an outstanding business and long history of excellence in the Pizza Hut system.

WKRP sold to new franchisee, Grand Mere Capital, led by Mike Cherney. This is the second Pizza Hut acquisition for Grand Mere in the past 8 months. Unbridled sold 23 Pizza Huts to them last year. As of the close of this transaction, Grand Mere now owns 62 Pizza Huts.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Yum Foundation. We want to give back to the employees that are so important to the success of these brands. We want to be a blessing because we’ve been blessed.

With approximately 250 Pizza Huts for sale nationwide, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services.  For more information, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital recently provided sell-side advisory to The Matlock Restaurant Group on the sale of its 3 Taco Bell and KFC locations in Tennessee and Kentucky. Owners Johnny and Pam Matlock sold to Charter Foods LLC, led by Bob Jenkins.

As a condition of this closing, Unbridled Capital will make a charitable contribution to the Taco Bell Foundation. We want to give back to the employees that are so important to the success of these brands. We want to be a blessing because we’ve been blessed.

With approximately 20 current sell-side M&A engagements nationwide, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services. For more information, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected]

In our industry, sometimes it is easy to get focused on transactions, interest rates and EBITDA and forget the bigger and more important part of this business – the employees who are so critical to its success.

Over the years, we have all been touched to hear of so many stories of changed lives that started as an hourly worker in a restaurant. Here are a few themes: Broken families brought together. Achievement and advancement. Confidence and self-esteem. College graduations. Training that lasts a lifetime. Relationships and friendships in difficult times.

At Unbridled Capital, we want to show our appreciation for the hard-working employees who run these businesses. Going forward, Unbridled will make a charitable donation to a Restaurant Foundation for deals we close – and within each particular brand when possible.

“As a business owner, I know that the front-line employees make all the difference, yet they are often underrecognized and underappreciated in our narrow world of M&A and financing. At Unbridled, we want to be different. We want to financially contribute to the Foundations that support the employees within the brands we serve. Our goal is to raise thousands of dollars each year. We want to be a blessing because we have been blessed,” says Rick Ormsby, Managing Director.

For more information on Unbridled Capital, please feel free to visit www.unbridledcapital.com or each Rick Ormsby directly at 502-252-6422 and [email protected]

Unbridled Capital, a franchise advisory firm focused primarily on the restaurant industry, provided sell-side advisory to La Raza Pizza, Inc. on the sale of its 43 Pizza Huts in Indianapolis. The selling franchisee, Gene Camarena, is a legacy franchisee with a long history of excellence in the Pizza Hut system. Gene and his family sold the Indianapolis market to new and growing franchisee, Quality Huts, a portfolio company of GenRock Capital Management.

With approximately 500 restaurants for sale across numerous brands, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services.  For more information on Unbridled Capital, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital, a franchise advisory firm focused primarily on the restaurant industry, provided sell-side advisory to Wheeler Enterprises, Inc. on the sale of their 15 restaurants (12 KFCs and 3 KLs) in Ohio, West Virginia and Pennsylvania. Larry and Mrs. Wheeler, and their sons Chad, Brandon, and Brian, have been successful and respected KFC franchisees for many decades, dating back to when Larry opened their first restaurant in the 1970’s. The Wheelers divested their restaurants to KBP Foods, KFC’s largest franchisee with almost 600 restaurants.

With over 500 restaurants for sale across numerous brands, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services.  For more information on Unbridled Capital, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital Sponsors Taco Bell Foundation Cornhole Tournament at the Franchise Forum and Wins 1st Place

Unbridled Capital, a franchise advisory firm focused primarily on the restaurant industry, closed the following transaction in December: Cecil Eiserer and SEC Restaurants sold their 17 Pizza Hut restaurants, including the underlying real estate, to existing Pizza Hut franchisee Legacy Pizza. These restaurants are located throughout Alabama. Unbridled provided sell-side M&A advisory to SEC Restaurants. “The buyer in this transaction represents a progressive trend in the business, which is an influx of 30- to 40-year-old operators who are backed by investors and family offices. And we’re seeing this within the legacy brands,” said Rick Ormsby, managing director of Unbridled Capital. “Private equity is more an option for companies with $8 million to $10 million in EBITDA or more. For companies with $2 million to $5 million in EBITDA, private equity just isn’t interested, but it is a good play for a smaller family office. And, they don’t have the timeline that PE usually does, which is an exit anywhere from five to seven years.” Unbridled Capital decided to focus on family offices as a source of M&A and equity financing for their multiunit restaurant clients—those deals that represent 20 to 70 units. “While we will do larger deals and have established relationships with private equity, that segment is underserved,” said Ormsby. For more information on Unbridled Capital, Rick Ormsby, at 502-252-6422, or [email protected].

Unbridled Capital, a franchise advisory firm focused primarily on the restaurant industry, provided buy-side advisory to KC Bell in the Corporate divestiture of 6 Taco Bell restaurants in the the Southern Kentucky and Northern Tennessee areas.

With over 500 restaurants for sale across numerous brands, Unbridled Capital aims to provide the franchise community with unrivaled investment banking services.  For more information on Unbridled Capital, please contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital, a franchise advisory firm focused primarily on the restaurant industry, provided sell-side advisory to KC Bell on their sale of 39 Taco Bells in the Kansas City area in November. KC Bell, a franchise for more than 20 years, sold the restaurants to Royal Bell, Inc., an affliate of A&C Ventures. A&C Ventures, led by David Grieve, will operate 189 Taco Bell locations. KC Bell, Inc., led by Paul Hoover, remains a Taco Bell franchisee in several other markets nationwide. With almost 500 franchise restaurants currently for sale in large groups across several brands, Unbridled Capital expects a very active 2018. For more information on Unbridled Capital, contact Managing Director Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital, a franchise advisory firm focused primarily on the restaurant industry, closed the following transaction in October: Sell-Side M&A Advisory:Dave Curnutt and related entities, franchisees for five decades, have sold 23 of their Pizza Hut restaurants, including the underlying real estate, to new Pizza Hut franchisee Grand Mere Capital, led by Mike Cherney. These restaurants are located in the Kansas City area, as well as around Columbia, Mo. For more information on Unbridled Capital, contact Managing Director Rick Ormsby at 502-252-6422 or [email protected] unbridledcapital.com.

Unbridled Capital, an advisory firm focused primarily on the restaurant industry, closed the following transaction in a sell-side M&A advisory role: A franchisee for four decades, Bill Cutrer has sold his four KFCs to Overland Park, Kansas-based KBP Foods, including one underlying parcel of real estate. The four restaurants are located in the Topeka, Kan. area. Unbridled Capital provides investment banking services such as M&A advisory and capital raising for multi-unit restaurant businesses. For more information, contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital, an advisory firm focused primarily on the restaurant industry, closed the following transaction in a buy-side M&A advisory role: KFC newcomer, Lonnie Noble and Noble Pursuit, LLC, recently purchased six KFC restaurants from franchisee, Brent Ross, of Lenella and Tarapa Corporations. The underlying real estate was sold to BayHill Realty Capital. The restaurants are in Southern California and Arizona. At the close of the transaction, Noble Pursuits owns seven KFC restaurants with the intent to continue its growth in the coming years. For more information, contact Rick Ormsby at 502-252-6422 or [email protected].

Unbridled Capital, an advisory firm focused primarily on the restaurant industry, closed the following transaction in a sell-side M&A advisory role: Dave Curnutt and related entities, franchisees for five decades, have sold nine Pizza Hut restaurants, including the underlying real estate, to multigeneration franchisees, Dave and Jason Staab. These are rural Red Roof restaurants located in Kansas and Missouri and were split between Dave and Jason’s companies. For more information, contact Rick Ormsby at 502-252-6422 or [email protected].

16 December 2016 – Ormsby Launches New Firm: Unbridled Capital – Restaurant Monitor, Volume 27, Number 12