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.