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Restaurant Quarterly Update
Restaurant Quarterly Update F a l l 2 0 1 8 1 Restaurant MonthlyQuarterly Update Update | January| Fall 2018 2018 KEY Market Update INFORMATION ( 1 ) September restaurant survey data indicated a 1.2% improvement in same-store sales (SSS), while the third quarter had an overall increase in SSS of 1.2%. This quarterly result represents the strongest sales growth rates for restaurants in the past three years and is the first quarter since the fourth quarter of 2015 in which all three consecutive months were positive. September SSS grew by 1.2%, while comparable traffic fell by Even though the industry appeared stronger due to hurricanes in Texas 1.4% and Florida in the previous year, sales growth was impressive across the entire country. All geographic regions reported positive sales growth throughout both September and the third quarter as a whole, with 76% of all designated market areas (“DMAs”) posting positive growth. Average guest checks are up 2.9% in 2018 vs. 2.2% for the same Although the industry generated positive sales growth, restaurants period last year, helping to mitigate experienced a 1.4% decline in same-store traffic in September. While the drop in traffic this is an improvement from earlier in the year, it still indicates that restaurants are likely far from a true long-term recovery. Even though the third quarter experienced a 1.3% decline in same-store traffic, this represented the best quarterly result in the past three years. Job growth among chain restaurants has accelerated in Even as sales hint at a recovery, the reality is that restaurants opened recent months, with the number of for more than one year continue to lose guests. -
Restaurants: Updating Our Thoughts on M&A
RBC Capital Markets, LLC Christopher Carril (Analyst) (617) 725-2109 [email protected] November 10, 2020 Restaurants: Updating Our Thoughts on M&A In light of the recently announced deal for DNKN to be acquired by Inspire Brands, in this note we take a look at recent trends in restaurant M&A, and what it means for the companies in our coverage. Is the DNKN deal a sign of things to come? Restaurants have been an active space for M&A—we EQUITY RESEARCH estimate that approximately 40% of the top 100 largest brands in the US have changed ownership over the last ten years—and we expect this trend to continue. Restaurants make attractive acquisition targets, particularly single brand, asset-light "all-franchised" companies able to generate significant free cash flow (e.g. DNKN w/near-100% FCF conversion). Additionally, this year's pandemic has also highlighted the resilience of fast food models, and especially those featuring significant drive-thru or delivery/carryout mix (conversely, over 80% of recent large chain bankruptcies are in the full service segment). However, the bargain hunting window has largely closed, with average valuations of single brand companies back to (or above) pre-COVID levels. But holding this aside, we expect the attractive qualities of restaurants to continue to draw the interest of potential acquirers, setting the stage for continued M&A activity. Thinking through the universe of potential acquirers: We expect private equity to remain active participants in restaurant M&A given the reasons cited above, and driven by substantial available dry powder. -
Carvel-Partial-FDD-A
(Modified graphics) FRANCHISE DISCLOSURE DOCUMENT ISSUANCE DATE: APRIL 1, 20452014 CARVEL CORPORATION A Delaware corporation 200 Glenridge Point Parkway, Suite 200 Atlanta, Georgia 30342 (404) 255-3250 [email protected] www.carvel.com © 20432014 Carvel Corporation. All rights reserved. Carvel Franchise Disclosure Document -W^K (MoMed);^^^^ ^ ^ CARVEL CORPORATION A Do la ware corporation 200 Glonridgo Point Parkway, Suite 200 Atlanta, Georgia 30342 [email protected] www.carvol.com CARVEL CORPORATION ^hmm^m^m 200 Glenridge Point Parkway. Suite 200 Atlanta. Georgia 30342 (404) 255-3250 FRANCHISE DISCLOSURE rtrtm IMCMT , FRANCHISE DISCLOSURE DOCUMENT You will operate a Carvel® Ice Cream Shoppe. Carvel® Ice Cream Shoppes are retail Shoppes that sell soft serve ice cream, hand dipped ice cream, novelties and ice cream cakes. The total investment necessary to begin operation of a Carvel® Full Shoppe ranges from $240 375 to $364.550249.300 to $381.100 This total investment estimate for a Full Shopped includes a $30.000 initial franchise fee that must be paid to us. The total investment necessary to begin operation of a Carvel® Express Shoppe ranges from $24.10037.100 to $74^560118,900. The total investment necessary to begin operation of a Carvel® Hosted Express Shoppe located in a new Sohlotzsky's Restaurant ranges from $31,734 to $37,954. Tho total investment necessary to begin operation of a Carvol® Exproco Shoppo located in a now Moe's Southwest Grill Restaurant ranges from $20,900 to $37,855. Tho total invostmont necessary to begin operation of a Carvel® Express Shoppe located in a new Cinnabon Bakory rnnoofl from $26.490 to $39.40030.800 to $51.500. -
James Capital Advisors, Inc. Hardee's
HARDEE’S - COLUMBUS, OH JAMES CAPITAL ADVISORS, INC. JAMES CAPITAL ADVISORS MARKETING PACKAGE 3444 S. High St Columbus, OH 43207 CONTENTS PAGE Investment Summary 03 Lease Summary 04 Investment Highlights 05 Rent Schedule 06 Retail Aerials 07 Site Plan 09 About the Brand 10 Location Overview 11 CONTACT INFORMATION Richard Brehaut Vice President, Net Lease (424) 325-2608 [email protected] 02 HARDEE’S - COLUMBUS, OH INVESTMENT SUMMARY Tenant Hardee’s $2,256,637 Street Address 3444 S. High St PURCHASE PRICE $2.2M City Columbus 5.65% State OH CAP RATE 5.65% Zip 43207 $127,500 GLA 2,351 SF NET OPERATING INCOME$127K Lot Size 0.60 AC Price / SF $959.86 Year Built 2017 Rent / SF $54.23 Long-Term Absolute Net (NNN) Lease In August 2019, Hardee’s signed a long-term 20-Year Absolute Net lease with ten, five-year options. Brand New Construction The building was constructed in 2017 and features Hardee’s latest prototype. Attractive Rental Increases to Hedge Against Inflation The lease will feature 10% increases every 5 years, including options, giving the landlord the benefit of compounding rent growth throughout the base term and option periods. Corporate Guarantee from Premier Hardee’s Franchisee StarCorp, LLC is one of the fastest-growing franchisee’s in the CKE System with 135+ Units Nationwide. 03 3444 S. High St, Columbus, OH 43207 HARDEE’S - COLUMBUS, OH LEASE SUMMARY Lease Type Absolute Net (NNN) Real Estate Taxes Tenant Responsible Type of Ownership Fee Simple Insurance Tenant Responsible Original Lease Term 20 Years Roof & Structure Tenant Responsible Commencement Date 8/5/2019 Lease Guarantor Franchisee Lease Expiration 8/31/2039 Company Name StarCorp Term Remaining 19.84 Years Ownership Private Increases 10% Every Five Years Number of Locations 135+ Options Ten (10), Five-Year Decades of Successful Operating History Founded in 1960, Hardee’s was acquired in 1997 by CKE Restaurants Holdings, Inc., the parent company of Carl’s Jr. -
Fast-Food Restaurant Industry: a Cleveland Perspective 1930-2016
Cleveland State University EngagedScholarship@CSU MSL Academic Endeavors eBooks Books 2016 Fast-Food Restaurant Industry: A Cleveland Perspective 1930-2016 Richard Klein Cleveland State University, [email protected] Follow this and additional works at: https://engagedscholarship.csuohio.edu/msl_ae_ebooks Part of the Urban Studies and Planning Commons How does access to this work benefit ou?y Let us know! Recommended Citation Klein, Richard, "Fast-Food Restaurant Industry: A Cleveland Perspective 1930-2016" (2016). MSL Academic Endeavors eBooks. 2. https://engagedscholarship.csuohio.edu/msl_ae_ebooks/2 This Book is brought to you for free and open access by the Books at EngagedScholarship@CSU. It has been accepted for inclusion in MSL Academic Endeavors eBooks by an authorized administrator of EngagedScholarship@CSU. For more information, please contact [email protected]. FAST-FOOD RESTAURANT INDUSTRY A CLEVELAND PERSPECTIVE 1930-2016 Richard Klein, PhD FAST-FOOD RESTAURANT INDUSTRY A CLEVELAND PERSPECTIVE 1930-2016 RICHARD KLEIN, PH.D FAST-FOOD RESTAURANT INDUSTRY A CLEVELAND PERSPECTIVE 1930-2016 RICHARD KLEIN, PH.D 2016 MSL Academic Endeavors Imprint of Michael Schwartz Library at Cleveland State University Published by MSL Academic Endeavors Cleveland State University Michael Schwartz Library 2121 Euclid Avenue Rhodes Tower, Room 501 Cleveland, Ohio 44115 http://engagedscholarship.csuohio.edu/ ISBN: 978-1-936323-54-8 This work is licensed under a CreatIve Commons Attribution-Noncommercial-NoDerivatives 4.0 International License