Harrington Park Advisors congratulates our client Middleton Partners for being recognized on Mergers & Acquisitions’ list of 2024 Middle-Market Deals of the Year. Harrington Park Advisors served as exclusive financial advisor to Middleton on its investment into Pinstripes, a critical first step to completing Banyan Acquisition Corp.'s combination with Pinstripes. This transaction demonstrates Harrington Park's ability to market high-growth multi-unit brands and achieve optimal outcomes for our clients.

Matt Kogan of Harrington Park Advisors spoke at McDonald Hopkins' Private Equity Conference in Chicago. Matt and fellow panelists discussed private equity activity and interest in the consumer services and restaurant sectors. The panel discussion was moderated by John Polinko of McDonald Hopkins, and fellow panelists included Adam McKean of private equity firm Levine Leichtman Capital Partners and Alicia Miller of strategic advisory firm Emergent Growth Advisors.

The volume of restaurant mergers and acquisitions remains well below 2019-21 levels, but private-market activity is starting to pick up, Harrington Park Advisors Founder and Managing Director Ashish Seth tells Bloomberg Intelligence. In this episode of the Choppin’ It Up podcast, Seth sits down with BI’s senior restaurant and foodservice analyst Michael Halen to discuss the state of the M&A market, including investors’ preference for franchised brands over company-owned ones. He also comments on valuations and the lending market and describes the matchmaking process between acquirers and target companies.

Untamed Brands, the multi-brand operator and parent company of taim Mediterranean Kitchen and Hot Chicken Takeover, has been acquired by Craveworthy Brands. Untamed Brands launched in 2021 with taim, a New York City-based concept founded in 2005, which currently operates 13 restaurants across New York and Washington D.C. In late 2021, Untamed Brands acquired HCT, a Columbus-based concept with a cult-like following, serving Nashville-style hot chicken and Southern-influenced sides, which currently operates seven restaurants and two sports stadium locations in the Columbus area. Harrington Park Advisors acted as exclusive financial advisor to Untamed Brands.

IMAGE Studios, the industry-leading franchisor of ultra-modern, upscale, turnkey salon suites, announced today a strategic investment from MPK Equity Partners. This strategic partnership positions the company to further expand and support its franchise base and strengthen its position as a leading brand within the franchise industry. Founded in 2009 by CEO, Jason Olsen, IMAGE Studios is a trailblazing brand in the large and growing salon suite industry and is among the fastest-growing consumer services franchisors. IMAGE has 76 stores in operation across 20 states, and a pipeline of 220 stores in development. Harrington Park Advisors acted as exclusive financial advisor to IMAGE Studios.

Ashish Seth, Founder & Managing Director of Harrington Park Advisors, shared his outlook for restaurant M&A in 2024 at RFDC 2023 in Las Vegas. Restaurant Finance & Development Conference is the restaurant industry’s premier financial event for restaurant company owners, operators and financial executives.

Houston TX Hot Chicken ("HHC"), a fast casual restaurant offering delicious Nashville hot chicken sandwiches and other Southern-inspired favorites, announced today that it has received a strategic investment from Savory Fund. Founded in 2021 and based in Las Vegas, HHC currently has 11 locations across six states (Arizona, California, Idaho, Nevada, Texas, and Utah). Harrington Park Advisors acted as exclusive financinal advisor to Houston TX Hot Chicken.

Pinstripes, Inc., a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, today announced its plan to go public via a business combination with Banyan Acquisition Corp. (NYSE: BYN), that would result in Pinstripes becoming a publicly-listed company. The transaction values the combined company at a pro forma enterprise value of approximately $520 million at $10.00 per share, and includes an upfront equity investment of more than $20 million directly in Pinstripes by Middleton Partners. Harrington Park Advisors acted as exclusive financial advisor to Middleton Partners.

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