Praesidian Capital, Brookside Mezzanine Partners and Kemper Corporation have provided $30 million of first lien debt to recapitalize John’s Incredible Pizza Company. Praesidian Capital provided $17.4 million of the facility with the balance shared equally with Brookside and Kemper.
John’s Incredible Pizza Company (JIPC) is an operator of ten family restaurant and entertainment centers in California and Oregon. JIPC combines indoor amusement park rides with over 100 games and attractions within a multi-themed, buffet-style dining experience to offer guests a wide array of activities suitable for family members of all ages. Each of John’s 10 facilities average around 47,000 square feet. The company is headquartered in Rancho Santa Margarita, CA (www.johnspizza.com).
“We are pleased to complete the recapitalization of our balance sheet with Praesidian in the lead,” said John Parlet, John’s CEO and founder. “In so doing, we will have the right financial structure for future growth. When I started this company, I wanted to create the best environment for families for great food and amazing entertainment. With the support of our in-house programmers and our dedicated staff, we deliver the best every day with systems that no one else has duplicated.”
“We believe John’s has the right mix of operating performance and brand uniqueness to support growth in the western states, and we look forward to working with John Parlet and his team as the company grows,” said Jason Drattell, founder of Praesidian Capital.
Praesidian Capital provides mezzanine capital to small and mid-sized businesses. The firm typically invests in connection with a management/leveraged buyout, recapitalization or refinancing. Praesidian manages over $700 million in committed capital and is based in New York (www.praesidian.com).
Brookside Mezzanine Partners provides subordinated debt and minority equity to small and mid-sized companies seeking long-term capital to support leveraged buyouts, strategic acquisitions, growth capital and recapitalizations. Target companies generally have trailing twelve month revenues of at least $15 million and EBITDA of at least $3 million. Brookside Mezzanine Partners manages $250 million of capital through two mezzanine funds. The firm has offices in Stamford and Boston (www.brooksidemezzanine.com).
Kemper Corporation is a financial services company providing property and casualty insurance, life and health insurance products to individuals, families, and small businesses. Kemper is headquartered in Chicago (www.kemper.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-5-13
