Unbridled Sells 23 BKs in TN

News

03.12.2021

Unbridled Capital recently provided sell-side advisory services to Hometown Folks, LLC, led by franchisees Gordon and Elliott Davenport. Over the past twenty years, they built a tremendously successful 23-unit Burger King business in Chattanooga, TN. The restaurants were sold to Hometown Hospitality.

“At Unbridled, we have been seeking to get more involved in the world of Burger King M&A. We really like the brand, its products, the composition of its franchisees, and its future for growth. Thus, we were honored when Gordon and Elliott chose Unbridled as their advisor for this transaction. They built one of the premium Burger King operations in the country and were known as best-in-class operators.

Unfortunately, COVID hit in the middle of our 2nd round marketing process and we had to regroup through the spring. Through determination and some shrewd decisions on timing, we relaunched our marketing process in July when sales trends improved, and buyers returned to the market. We secured several great offers, and Tom Garrett clearly presented himself as a strong option. We congratulate all parties on the successful closing, and we know Tom Garrett’s team will continue Hometown’s strong legacy in Chattanooga. I’m especially happy that Derek Ball and our Unbridled team were able to close this transaction before the end of 2020,” said Rick Ormsby.

Franchisees Gordon and Elliott Davenport had this to say about Unbridled: “We’ve only known Rick and the Unbridled team for a few years, but their reputation throughout the QSR community is terrific. They did a fantastic job for us on the sale of our business. When COVID hit us back in March, we were mostly convinced that this sale process would enter a hiatus for several years. Nonetheless, Unbridled stuck with us, were always available, and helped guide us through our PPP questions, even with little expectation that a sale would occur.

They continued to update our P&Ls through the summer and were ready with recommendations to hit the market again once banks and buyers opened back up. Their sense of timing was impeccable, deciphering through all of the negative news nationally and instead focusing on our business. Against strong odds, they guided us to a very successful process and closing before year-end 2020. We could not be more thankful for their services and follow-through. We’d recommend them wholeheartedly for their tenacity, character, results and excellence of their work.”