Multi-brand restaurant franchisee WKS Restaurant Group (WKS) has received financial support from private investment firm CapitalSpring for the acquisition of Pennant Foods, operator of Wendy’s restaurants in southern California.
Pennant Foods has been acquired from funds managed by Brockway Moran & Partners. In 2003, the Florida-based private equity firm acquired Pennant Foods, which is headquartered in Knoxville, Tennessee.
It operates 52 Wendy’s quick service restaurants (QSR) in Southern California.
CapitalSpring principal Tee Isenhour said: “We are very excited to work with the WKS team again and to support their initial acquisition in the Wendy’s system.
“WKS has a long history of growth and operational excellence across multiple concepts and geographies, and we look forward to future opportunities together across their brand portfolio.”
Wintrust Franchise Finance, a division of Lake Forest Bank & Trust Company, a Wintrust Community Bank also served as co-lenders on the acquisition.
Sheppard, Mullin, Richter & Hampton LLP served as a legal advisor to WKS in relation to the transaction.
Established in 1987, the family-owned WKS has more than 180 franchise restaurant locations including Wendy’s, El Pollo Loco, Krispy Kreme Doughnuts, Denny’s, Corner Bakery Café and Blaze Pizza.