Representative Transactions from Trinity Capital

Benihana of Tokyo

Benihana of Tokyo, LLC has sold a 75% stake in its subsidiary, Benihana Holdings Pte. Ltd., to Minor International

Benihana of Tokyo

Transaction Overview

Trinity Capital LLC served as the exclusive financial advisor to Benihana of Tokyo, LLC, and its subsidiaries, a leading Japanese-inspired teppanyaki restaurant chain in the UK, Poland, Romania, Slovakia, Canada, Jordan, Kuwait, Lebanon, Saudi Arabia, the UAE, Thailand and Indonesia, in their sale of a 75% stake in its subsidiary, Benihana Holdings Pte. Ltd., to Minor International, a global hospitality company based in Thailand with over 2,000 restaurants in 20 countries and 161 hotels in 26 countries. Benihana was founded in 1964 and today is the world’s leading Japanese-inspired teppanyaki restaurant chain. Trinity worked with Benihana of Tokyo LLC to successfully identify and select a joint-venture partner and properly negotiate the transaction to provide the company and its owners with value today and value in the future growth under the new partnership.

Transaction Testimonial

"We have known Trinity for many years and have built a strong relationship with the firm. Their depth of knowledge and reputation in the restaurant industry gave me comfort from the beginning they were the right advisor for our transaction. Trinity proved my decision correct by guiding and educating our team through the entire transaction process from start to finish, including helping us select the best joint venture partner, successfully negotiating key terms of the deal and efficiently managing the due diligence process. Their team exemplified professionalism and provided the senior-level attention required on the critical day-to-day decision making to drive a successful transaction. Our team couldn’t be more pleased with the outcome of this transaction and would highly recommend Trinity’s services to anyone considering a sale of their business."

- Keiko Ono Aoki, Chief Executive Officer

Benihana of Tokyo

has sold a 75% stake in its subsidiary

Minor International

Manna Development Group

Manna Development Group LLC, a franchisee of Panera, LLC, has secured a credit facility from CapitalSpring

Manna Development Group

Transaction Overview

Trinity Capital LLC served as the exclusive financial advisor to Manna Development Group LLC, and affiliates, a Panera Bread franchisee with 97 cafes in five states, in securing financing to refinance its existing indebtedness and acquire 38 Panera Bread cafes in Colorado from a franchisee. Trinity successfully negotiated and secured credit facilities, including a development line of credit. Trinity worked with Manna Development Group LLC to identify and select the best lending partner, properly structure and negotiate the transaction and set up the company for future growth.

Transaction Testimonial

"Trinity was a valuable advisor throughout a lengthy engagement, helping my team explore and understand the various strategic alternatives available to us. Their investor relationships and industry knowledge ensured a smooth process once a decision to explore a refinancing was made. Trinity’s team guided us through each step of the transaction process: negotiating initial terms, leading our side during financial diligence and structuring the final agreements. Their professionalism and expertise were second-to- none, and I would highly recommend their services to other business owners considering a refinancing or sale."

- Paul Saber, President and Chief Executive Officer

Manna Development Group

has secured a credit facility from

CapitalSpring

BurgerBusters Inc.

BurgerBusters Inc. has secured a $200 million senior credit facility from BBVA Compass

BurgerBusters Inc.

Transaction Overview

Trinity Capital LLC served as the exclusive financial advisor to BurgerBusters Inc. (“BurgerBusters”), a Taco Bell, KFC, Pizza Hut and Long John Silver’s franchisee with 142 restaurants in Virginia, North Carolina, West Virginia, Maryland and Pennsylvania, in the acquisition of 25 Taco Bell restaurants in southwestern Virginia from Tacoma, Inc. In conjunction with the acquisition, Trinity advised BurgerBusters on a new credit facility with a lender syndicate led by BBVA Compass, and on sale-leaseback financing with Realty Income Corporation for the real estate related to the acquired restaurants.

Transaction Testimonial

"My relationship with Trinity dates back many years and includes several prior transactions. This latest transaction not only increased our unit count more than 20% and expanded our footprint in Virginia, it also provided access to additional capital for continued growth. Trinity’s sound advice and seamless execution helped us complete a complicated deal on the best possible terms. I look forward to working with them again and highly recommend Trinity to anyone considering a transaction."

- Tassos Paphites, Chairman and Chief Executive Officer

BurgerBusters Inc.

has secured a $200 million senior credit facility from

BBVA Compass

G.F. Enterprise, LLC

G.F. Enterprise LLC has secured a $65.5 million senior credit facility from BMO Harris Bank

G.F. Enterprise, LLC

Transaction Overview

Trinity Capital LLC served as the exclusive financial advisor to G.F. Enterprise LLC, a Taco Bell franchisee with 30 restaurants in three states, in the acquisition of 19 restaurants in the Nashville market from Taco Bell Corporate. Trinity also served as the exclusive financial advisor in securing the debt financing for the acquisition. Trinity successfully negotiated and secured a $51 million senior term loan and a $14.5 million development line of credit. Trinity worked with G.F. Enterprise LLC to select the best lending partner and to structure the transaction.

Transaction Testimonial

"We have a long-established relationship with Trinity Capital and have come to rely on their industry expertise and professionalism throughout the deal process. As in past experiences, Trinity was again instrumental in achieving a successful outcome. Trinity leveraged its extensive knowledge of the restaurant industry and intimate understanding of the Taco Bell system to ensure we were awarded the restaurants at the end of a very competitive process. Trinity also worked tirelessly to meet our financing objectives by securing extremely attractive debt terms and helping to complete the syndication process. We believe the transaction was a complete success, and we look forward to working with Trinity again in the future."

George Fellows, CEO, G.F. Enterprise LLC

G.F. Enterprise, LLC

has secured a senior credit facility from

BMO Harris Bank

Homestyle Dining LLC

Homestyle Dining LLC, the franchisor of Ponderosa Steakhouse and Bonanza Steakhouse has completed a sale of its interests to FAT Brands Inc.

Homestyle Dining LLC

Transaction Overview

Trinity Capital LLC served as the exclusive financial advisor to Homestyle Dining LLC (“Homestyle”), the parent company to its international, legacy, family-style, full-service and buffet chains, “Ponderosa Steakhouse” and “Bonanza Steakhouse” operating under franchise and sub-franchise agreements in 19 states in the United States, Canada, Puerto Rico, the United Arab Emirates, Egypt, Qatar, and Taiwan. Trinity ran a competitive auction, which garnered substantial interest from private equity firms and strategic buyers alike and ultimately delivered a premium valuation to the seller.

Homestyle Dining LLC

has completed the sale of its interests to

FAT Brands Inc.

First Picks Holdings LLC

First Picks Holdings LLC has completed a sale of its assets to PBS Foods, LLC

First Picks Holdings LLC

Transaction Overview

Trinity Capital LLC served as the exclusive financial advisor to First Picks Holdings LLC (“First Picks”), a Panera franchisee in California. Trinity ran a competitive auction, which produced substantial interest from institutional investors and franchisees alike and ultimately provided a premium valuation to the seller, in addition to assisting the buyer in obtaining consents and approvals from all of the requisite parties.

Transaction Testimonial

"Given our long-standing relationship with Trinity Capital, there was no question in our minds to have them lead us through our sale process. Trinity helped us think through all conceivable strategies, coached us on what to expect and then kept us on track every step of the way. With every challenge we faced during the course, they had the right answers and helped us navigate the many obstacles right up to the very end. We are extremely grateful for the insight, guidance and abilities and would recommend Trinity for any important strategic undertaking. "

Glenn Mah, COO

First Picks Holdings LLC

has completed the sale of its assets to

PBS Foods LLC

OCAT, LLC

OCAT, LLC, a franchisee of Taco Bell Corp., has completed a sale of its membership interests to Pacific Bells

OCAT, LLC

Transaction Overview

Trinity Capital LLC served as the exclusive financial advisor to OCAT, LLC (“OCAT”), a Taco Bell franchisee with 57 restaurants in California, in the sale of its LLC membership interests. Trinity ran a competitive auction, which garnered substantial interest from private equity firms and franchisees alike and ultimately delivered a premium valuation to the seller, and helped navigate a complicated franchisor approval process.

Transaction Testimonial

"Trinity Capital helped me realize an excellent result in the sale of OCAT. During this process, there were several obstacles to overcome. Each time, Trinity was able to find a workable solution, in some cases even turning what appeared to be a bad break into a more favorable outcome. Trinity was always professional and provided attentive service. Their depth of experience with transaction-related issues and close relationships with our franchisor helped ensure a successful transaction. I would highly recommend anyone considering a sale of their business talk to Trinity."

David Olson, President

OCAT, LLC

has completed a sale of its membership interests to

Pacific Bells

Luihn Four, Inc.

Luihn Four, Inc. has completed the sale of its franchised restaurants to FLG Chicken, LLC

Luihn Four, Inc.

Transaction Overview

Trinity Capital LLC served as the exclusive financial advisor to Luihn Four, Inc. (the “Company”), a Yum! Brands franchisee, in the sale of its restaurants in Central Florida. Trinity managed the sale process for the Company, including the preparation of marketing materials, development of a targeted buyer list, negotiation of the purchase price and a successful transaction closing.

Luihn Four, Inc.

has completed the sale of its franchised restaurants to

FLG Chicken, LLC

Gemini Basketball LLC

Gemini Basketball LLC (d/b/a the Los Angeles Sparks) has completed the sale of its assets to LA Sports Partners, LLC