Triton Pacific Program Buys 64 Burger King Restaurants
Tasty Brands LP, a Reg D program sponsored by Triton Pacific Company, has purchased 64 Burger King fast food restaurants located in Iowa, Kansas and Missouri.
Tasty Brands LP, a Reg D program sponsored by Triton Pacific Company, has purchased 64 Burger King fast food restaurants located in Iowa, Kansas and Missouri for approximately $34 million, plus closing and transaction costs.
“We are excited to complete Tasty Brands’ acquisition of the 64 Burger Kings restaurants, demonstrating our ability to raise and deploy capital to fully support the target distribution yield,” said Brian Buehler, partner of Triton Pacific and CEO of Triton Pacific Securities LLC.
The restaurants are primarily free-standing with the exception of a few stores in Des Moines, Iowa, and all are leased from unaffiliated third parties, including the Burger King Corporation. The acquisitions were funded with a senior fixed rate loan from Signature Financial and proceeds from the Tasty Brands offering.
The restaurants were acquired through an affiliated entity, Tasty King LLC, which entered into an incentivized agreement with Burger King Corporation to develop within its designated territory and remodel older Burger King properties.
“Tasty King also anticipates having the opportunity to accretively acquire additional smaller operators within the territory, as well as having the support of Burger King Corporation to pursue acquisition opportunities in adjacent markets,” said Craig Faggen, CEO and managing partner of Triton Pacific.
Burger King, founded in 1954, is currently the number two fast food hamburger chain globally with more than 15,000 restaurants worldwide.
Triton Pacific is a Los Angeles based private equity firm founded in 2001 that has sponsored private equity partnerships totaling $1 billion.
