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SEPTEMBER 2017 HARVEST TIME 7 winning restaurant models that deliver what diners crave and dealmakers back Jeff Larsen Larsen MacColl Partners TheMiddleMarket.comT m PUBLISHED IN PARTNERSHIP WITH 001_MAJ090117 1 8/8/2017 10:20:52 AM B:8.125” T:7.875” S:7.375” Your clients’ wealth has multiplied. B:10.75” T:10.5” So has their S:10” need for advice. We know, because we know you well. Knowing clients well gives us the insight to help with their wealth— and their lives. Together, with your expertise and ours, we’ll help your clients before, during and after the sale of their business. Find out how strong relationships lead to 95% client satisfaction. 844-208-7863 | bnymellonwealth.com | @BNYMellonWealth Source: 2016 Client Satisfaction Survey. BNY Mellon Wealth Management conducts business through various operating subsidiaries of The Bank of New York Mellon Corporation. ©2017 The Bank of New York Mellon Corporation. All rights reserved. 002_MAJ0917 2 8/8/2017 10:50:37 AM WGMT “ADVICE” AD - SIZE A 33/34/65/5 PUB: MERGERS & ACQUISITIONS Filename: 724476-5_J0176_WGMT_Advice_Size_A_V3R.indd CLIENT: BNY MELLON PRODUCT: Print Ad Agency Job Number: J0176 Cradle Job Number: 724476-5 JOB#: J0176 SPACE: 4C Proof #: 3, release Path: EG-PLUS-NY:Volumes:EG-PLUS-NY:EGPlus_Departments:Print:A‚ÄîF:TBWA:BNY_ Created: 8-3-2017 12:00 PM BLEED: 8.125” x 10.75” MELLON:724476-5_J0176_WGMT_ Advice_Size_A_Ad:MECHANICALS:724476-5_J0176_WGMT_Advice_Size_A_V3R.indd Saved: 8-3-2017 2:15 PM TRIM: 7.875” x 10.5” Operators: april_relucio / Daniel-Rivera Printed: 8-3-2017 2:15 PM SAFETY: 7.375” x 10” Print Scale: None GUTTER: None PUBS: Mergers & Acquisitions Ink Names: Cyan OOH Scaling Info: Fonts: AkkuratStd Bold, Light Italic ISSUE: Sept 2017 Magenta Build Scale: 100% Publico Headline Italic TRAFFIC: None Yellow Final Safety : 10” H x 7.375” W Lato Regular ART BUYER: None Black Final Viewing Area : 10.5” H x 7.875” W Geneva Regular ACCOUNT: None Final Trim : 10.5” H x 7.875” W RETOUCH: None Final Bleed : 10.75” H x 8.125” W PRODUCTION: Katherine D x1140 ART DIRECTOR: None COPYWRITER: None Ink Density: 157% Page: 1 of 1 IMAGES: bnym_wm_4C_KO.eps Contents September 2017 | Volume 52 | Number 8 Cover Story Harvest Time 7 winning restaurant models that deliver what diners crave and dealmakers back 22 Watercooler 30 Mid-Market 6 Best fundraising Pulse: Energy climate 7 Home Depot’s plans for Compact 35 Mid-Market Power Conditions 10 PE firms dip into snacks Index 15 Medical devices attract buyers Guest Article 32 Chasing Automotive Deals From Columns Overseas 16 Private Equity Perspective: Setting up Shop 36 People Moves 18 The Buyside: Keep On Truckin’ 20 Finance Finesse: CLOs Are Back Cover Photograph: Matt Greenslade / photo-nyc.com September 2017 MERGERS & ACQUISITIONS 1 001_MAJ090117_001 1 8/8/2017 10:24:58 AM Inside Word September 2017 Volume 52, Number 08 Editor-in-Chief Mary Kathleen Flynn [email protected] Assistant Managing Editor Demitri Diakantonis [email protected] Reporter Kamaron Leach [email protected] Contributing Editor Danielle Fugazy [email protected] Group Editorial Director, Banking and Capital Markets Richard Melville [email protected] VP, Capital Markets Harry Nikpour [email protected] Senior Sales Manager Richard Grant [email protected] VP, Research Dana Jackson Where We Eat [email protected] VP, Content Operations and Creative Services Paul Vogel [email protected] Director of Creative Operations Michael Chu estaurants, in one form or another, have existed since the dawn of civilization. [email protected] In Ancient Greece and Rome, thermopolia served ready-to-eat food to Art Director Nikhil Mali R [email protected] customers using terracotta containers that were sunk into masonry counters. The Director of Content Operations Theresa Hambel modern notion of a restaurant and the word itself stems from 18th century Paris, [email protected] where some historians say a soup vendor named A. Boulanger opened an eating Associate Marketing Manager Leatha Jones establishment near the Louvre to sell rich [email protected] broths that people believed were good for their health. In the U.S., eateries that provided meals, without also providing lodging, began appearing in cities in the CHIEF EXECUTIVE OFFICER Douglas J. Manoni late 18th century, in the form of coffee CHIEF FINANCIAL OFFICER Michael P. Caruso houses and oyster houses. Fraunces Tavern CHIEF REVENUE OFFICER Marianne Collins is among the earliest restaurants in the U.S. EVP & CHIEF CONTENT OFFICER David Longobardi CHIEF PRODUCT & AUDIENCE OFFICER Minna Rhee It is there that George Washington said CHIEF MARKETING OFFICER Matthew Yorke farewell to the officers of the Continental Fraunces Tavern SVP, CONFERENCES & EVENTS John DelMauro Army on December 4, 1783, nine days SVP, HUMAN RESOURCES Ying Wong after the last British soldiers left American soil. Nestled in New York’s financial district, Fraunces Tavern is still popular among dealmakers today. Reproduction or electronic forwarding of this product is a violation of federal copyright law! Site licenses are available -- please call Customer Service One reason the restaurant business has always offered opportunities for middle- (212) 803-8500 or [email protected] market dealmakers is that it is ever-changing and adapting to the tastes and budgets Mergers & Acquisitions (ISSN 0026-0010) Vol. 52 No.08, is published of consumers. That’s been more necessary in recent years. Since the recession, monthly with combined issues in July/August and November/December by SourceMedia, Inc. One State Street Plaza, 27th Floor, New York, NY 10004. consumers have been demanding more value and affordability from restaurants. Telephone: (212) 803-8200. They have also become much more keenly aware of the impact of food on their Customer Service: For subscriptions, renewals, address changes and delivery service issues contact our Customer Service department at (212) 803-8500 or health and on the environment. And they have become aware of the opportunities email: [email protected]; or send correspondence to Customer Service- Mergers & Acquisitions, SourceMedia, One State Street Plaza, 27th Floor, New to celebrate their roots in the restaurants they choose. And, like many other York NY 10004. industries, the Internet is transforming how we order and receive meals. All of Periodicals postage paid at New York, NY, and additional mailing offices. these developments add up to very fertile ground for M&A. Check out our cover Subscriptions: Yearly subscription is $1,995; $2035 for one year in all other countries. story by assistant managing editor Demitri Diakantonis on the 7 new categories of Postmaster: Send address changes to: Mergers & Acquisitions / Source restaurants dealmakers are investing in. Heads up: It’s going to make you hungry! Media, Inc., One State Street Plaza, New York, NY 10004. For subscriptions, renewals, address changes and delivery service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. Advertising: For information, contact Harry Nikpour at (212) 803-8638 or harry. [email protected]. For more information about reprints and licensing content from Mergers & Acquisitions, please visit www.SourceMediaReprints.com or contact PARS Mary Kathleen Flynn International Corp. (212) 221-9595. This publication is designed to provide accurate and authoritative information Editor-in-Chief regarding the subject matter covered. It is sold with the understanding that the Mergers & Acquisitions | TheMiddleMarket.com publisher is not engaged in rendering financial, legal, accounting, tax, or other professional service. Mergers & Acquisitions is a registered trademark used Email me at [email protected] herein under license. Follow me on Twitter @MKFlynn © 2017 Mergers & Acquisitions and SourceMedia, Inc. All rights reserved. 2 MERGERS & ACQUISITIONS September 2017 002_MAJ090117 2 8/8/2017 10:22:02 AM WHAT’S THE DEAL WITH DUANE MORRIS? THAT NAME KEEPS POPPING UP MORE AND MORE AS DEAL COUNSEL Recent Representative M&A Deals – Strategics & Private Equity Acquisition of this Acquisition of this U.S. Acquisition of this food/ Merger with Australia- government IT provider fragrance specialist from nutrition technology based global leader in Acquisition of this for DoD and Federal MidOcean Partners for innovator for NASDAQ- intimate apparel and Georgia-based telecom government IM Switzerland-based global listed global flavors/ swimwear for fashion/ construction/maintenance solutions leader flavors and fragrance leader ingredients leader lifestyle brand innovator services specialist for Data Systems Analysts, Inc. Add-on acquisition of Acquisition of 85% Acquisition of this Acquisition of this iconic U.S.-based Main Tape for Acquisition of this leading ownership interest cloud-based middleware American silversmith French-listed global leader oilfield automation in major regional developer for out of bankruptcy for in temporary surface company for POSC John Deere NYSE-listed Internet Lenox Corporation, a distributor network for protection Holdings, a platform portfolio company of company of telephony provider SeamLev Investments Recent Representative Underwriting/Securities Deals $52.5 MILLION $75 MILLION $300 MILLION Offering of 7.50% Common Stock Common Stock Senior Notes ATM Offering ATM Offering $41 MILLION $50 MILLION and up to 1 Million
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