The ADF Companies and Capital Growth Advisors, LLC (”CapGrow”) have announced the ADF Companies’ acquisition of a total of 165 Pizza Hut restaurants in a series of transactions. The acquisitions occurred from February-November 2006, in connection with the recapitalization and refinancing of the ADF Companies’ capital structure. With these acquisitions, the ADF Companies are now the second largest Pizza Hut franchisee in the United States, operating restaurants in the greater Tri- State Metropolitan area of New York, New Jersey, and Connecticut; Georgia; Tennessee; Florida; Alabama; Pennsylvania; Maryland; Virginia; West Virginia and Washington, DC.
Ares Capital Corporation provided the senior debt and a line of credit. Spirit Finance Corporation provided initial bridge financing and certain other financing. CapGrow provided financial advisory services. Total Capital utilized in connection with the transactions and refinancing was approximately $115 Million.
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