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New York | February 2007
Leading Mezzanine Firm Supports Acquisition
Praesidian Capital, a leading provider of mezzanine debt to middle market companies, has provided approximately $6.5 million in subordinated debt and preferred equity to support the acquisition of Eateries, Inc. ("Eateries") by Cordova, Smart & Williams, LLC ("CSW") and Waterview Investors.
Eateries is an Oklahoma-based casual dining restaurant company operating over 70 locations in 23 states. Eateries primarily operates two concepts: Garfield's, an American casual dining chain, and Garcia's, a Mexican casual dining chain. Eateries also operates Pepperoni Grill, a strong single-market specialty restaurant.
"We are delighted to partner with CSW, Waterview Investors, and the Eateries team, to help achieve the ambitious growth plans of the company's concept restaurant chains," said Jason Drattell, Managing Partner at Praesidian. "We look forward to building upon this strong foundation as these restaurants do what they have always done — deliver high quality food, great service and enjoyable customer experiences."
"We are very pleased to partner with this committed group of investors focused solely on what is beneficial for Eateries' business," said Carl Cordova, Managing Partner of CSW. "With the strength of the brands we operate, we believe Eateries is positioned to grow its franchise and become an even more successful and valuable enterprise."
Since the close of its debut fund in February of 2005 on $157 million, Praesidian has established a strategy of providing mezzanine capital to historically profitable middle market companies with talented management teams throughout the United States. The firm has invested in fourteen separate companies and has completed five add-on investments in existing portfolio companies.
About Praesidian Capital
Praesidian provides mezzanine debt to middle market companies. The firm provides capital for established, historically profitable companies, as well as for management/leveraged buyouts, recapitalizations and refinancings. Investments are focused on successful businesses in the manufacturing, distribution and service sectors, although the firm's approach is not driven by an industry focus. For more information, visit www.praesidian.com
About Eateries, Inc.
Founded in 1984 and headquartered in Edmond, Oklahoma, Eateries is the parent company of two fast-growing casual dining concepts: Garfield's Restaurant & Pub and Garcia's Mexican Restaurant. Located in 19 states in the eastern U.S., Garfield's offers guests a wide variety of American menu selections. Primarily located in Phoenix, Arizona, Garcia's Mexican Restaurant offers a traditional menu of fresh, high-quality Mexican food.For more information, visit www.eats-inc.com
Media Contact: Dan Jacobs
Broadgate Consultants, LLC
Phone: 212 232 2227
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