Wendy's initial press release covering SO III stated:
We are committed to sell about 540 Company-owned restaurants by the end of the second quarter of 2016 to proven operators who are financially strong, well-capitalized, and who contractually agree to re-image and develop new restaurants.
Wendy's has engaged The Cypress Group to coordinate and assist with the sale of company restaurants as detailed above. Formed in 1990, Cypress is a specialized investment banking and advisory firm focused exclusively on the restaurant industry. Cypress is very familiar with the Wendy's system and many of its franchisees, having provided similar services to us in connection with the sale of approximately 425 corporate restaurants in 2013 and 2014.
We are pleased to report that of the seventeen total markets, only two remain to be distributed. New Orleans and Baton Rouge/Lafayette are both expected to identify buyers by mid-April, with New York and Chicago are wrapping up the process shortly thereafter. Thirteen markets have either been sold or awarded to Buyers at this stage of the process. The remaining markets, restaurant count, and expected timeline for each are as follows:
Wendy's requires that all communication regarding SO III go through The Cypress Group. The first step is to register your interest in a potential SO III acquisition by completing a registration form (available upon request) and returning it to Cypress as indicated below. All interested parties that have not already registered with Cypress must register by completing the SO III registration form.
Please contact Wendys.Refran@cypressgroup.biz when inquiring about and submitting your SO III registration.
Cypress was engaged by TGI Fridays in mid-2014 as its exclusive advisor in the refranchising of 139 company-owned restaurants in 10 U.S. markets - South Florida, Central Florida, Chicago, Minneapolis, Indianapolis, Detroit, Boston, Upstate New York, Philadelphia, and New Jersey. The final refranchising transaction was completed in October 2015, with the sale of 56 company-owned restaurants located in the Northeast to new Fridays franchisee, Gold Coast Holdings. This concludes a very successful refranchising initiative for TGI Fridays, owner Sentinel Partners, and each purchaser, including two new TGI Fridays franchisees.
"Cypress did an excellent job supporting our recent refranchising initiative. They brought a collaborative approach to this key strategic initiative. Their industry knowledge, extensive network, and M&A expertise combined to produce results that exceeded our expectations. The entire Cypress team brings a great deal of professionalism and expertise to the table. I have recommended them to our franchisees and I would not hesitate to recommend them to others with similar needs."
- Tom Kurrikoff, CFO of TGI Fridays
The Cypress Group acted as the exclusive financial advisor to SDI, LLC in the sale of its Sonic restaurants and related real estate properties to Saja Restaurant Group, LLC. The restaurants are located in Richmond, Virginia.
Cypress provided valuation services, identified potential acquirors, structured the deal terms, and advised the owners of SDI throughout the transaction process.
"We were all very impressed with the efficiency and professionalism displayed by the Cypress team. We were especially impressed by the thoroughness and accuracy of their analysis and preparation of marketing materials. We are convinced the quality of Cypress' product and representation were major factors that resulted in the outstanding results we achieved. We look forward to working with Cypress in the future and would highly recommend them to anyone contemplating the sale of their restaurants."
John Platten, President