Another Broken Egg, an Orlando-based operator and franchisor of southern-inspired daytime cafes owned by an affiliate of The Beekman Group, a leading private equity firm, announced that it has closed on a New Senior Secured Term Loan Facility provided by Comvest Credit Partners that was used to facilitate a Dividend Recapitalization of the Company, fund future corporate cafe growth and support accelerated franchisee system development and remodeling. Terms of the transaction were not disclosed.
Founded in 1996, Another Broken Egg is an operator and franchisor of full-service daytime cafes which serve southern-inspired and innovative breakfast, brunch and lunch offerings. Another Broken Egg restaurants provide guests a warm, inviting atmosphere to spend time with family and friends while enjoying unique chef-driven creations, ranging from shrimp ‘n grits to cinnamon roll French toast to chicken & waffles. The Company currently operates 80 corporate and franchise locations across 15 states.
The Company is poised for rapid growth in 2022, with an expected 20 new cafe openings, which will bring its total locations to 100. With this new credit facility and its robust corporate and franchisee pipeline, Another Broken Egg expects to have over 200 cafes by 2025.
“Beekman is excited to partner with Comvest Credit Partners in this transaction,” said John G. Troiano, Managing Partner & CEO at The Beekman Group. “Comvest Credit Partners has a strong track record lending in the restaurant sector, and this transaction is not only a successful outcome for Company shareholders, but also for Another Broken Egg franchisees and employees.”
Dan Lee, Partner at Comvest Credit Partners, said, “This is an exciting partnership for Comvest Credit Partners, and we’re grateful for the opportunity. We’ve been very impressed with our interactions to date, and we look forward to working with and supporting Another Broken Egg and The Beekman Group.”
Paul Macaluso, CEO of Another Broken Egg, added, "We are extremely pleased to be partnering with the Comvest Credit Partners team and look forward to reaching the next level of growth for the Another Broken Egg brand. Having finished 2021 with over 21% same store sales growth vs. 2019, we have a bright future ahead as we continue to execute on unit growth, our cafe remodel program, and adding additional franchisees into the Another Broken Egg family.”
Arlington Capital Advisors served as exclusive financial advisor to Another Broken Egg, a portfolio company of The Beekman Group.