Tasty Restaurant Group, a wholly-owned affiliate of Los Angeles-based private equity firm Triton Pacific, has agreed to purchase five Burger King restaurants in Iowa, along with select real estate assets, for $1.00.
The acquisition includes three locations that are currently owned by the seller and will be acquired, and two locations that are leased. Tasty Restaurant Group will manage the portfolio and oversee its daily operations.
“Quick service restaurants have performed well over the past few months, most notably due to the sector’s ability to quickly adapt to social-distancing requirements with minimal interruption,” said Craig Faggen, Triton Pacific’s chief executive officer. “We are thrilled to expand our footprint of Burger King restaurants in western-Iowa, which we expect will provide strong cash flow due to improved economies of scale and increased market share.”
Upon closing, Tasty Restaurant Group’s portfolio will include 116 Pizza Hut restaurants and 72 Burger King restaurants in 10 states. The acquisition builds upon its relationship with Restaurant Brands International, which controls Burger King, Tim Hortons and Popeyes brands.
Tasty Restaurant Group LLC, a vertically integrated quick-service restaurant operator, provides management of portfolio companies controlled by Tasty Brands LP.
Triton Pacific, founded in 2001, is a private equity firm offering investment programs for both accredited and non-accredited investors. The firm focuses on investing in established small and mid-size companies across multiple sectors, including quick service restaurants.