Buca di Beppo has Obtained Senior Debt Financing from Bank of the West
MINNEAPOLIS, MN— BUCA, Inc. (“BUCA” or the “Company”) has obtained senior debt financing consisting of a revolver and term loan from Bank of the West. The financing will allow BUCA to manage its working capital needs throughout the year, as well as provide additional capital for growth. FocalPoint served as exclusive financial advisor to BUCA.
BUCA is a national chain with 83 restaurants in 24 states and the District of Columbia, with four new restaurants opening in Boston this fall, all operating under the name Buca di Beppo. The Company offers a differentiated Italian casual dining concept that delivers an over-the-top dining experience to its customers.
Thomas Avallone, President and CEO of BUCA, Inc., said, “This new financing will allow us to execute our growth strategy, including making certain opportunistic acquisitions. Despite the difficult financing market for casual dining concepts, FocalPoint was able to help us find a partner that understood the restaurant space, recognized our achievements and believed in our future prospects.”
Rajesh Sood, Managing Director at FocalPoint, commented, “BUCA has performed remarkably well in 2009 and YTD 2010, with segment leading positive same store sales results. We are pleased that FocalPoint was able to help BUCA obtain this financing and set the stage for further growth in 2010 and beyond.”
FocalPoint’s Restaurant Coverage Leader Rod Guinn added “BUCA’s management has taken tremendous steps over the past two years to improve operations and is beginning to reap the rewards at a time when many concepts are still wrestling with issues. FocalPoint’s task was to help show how BUCA really stood apart from many of its competitors, and thus could provide an attractive opportunity for a lender interested in building a long-term relationship with a growing company.”
About BUCA, Inc.
BUCA, Inc. engages in the development, ownership, and operation of Italian restaurants under the name Buca di Beppo. It offers Italian cuisine food and beverages served family-style. The Company currently operates 83 restaurants in 24 states and the District of Columbia. BUCA was founded in 1993 and is based in Minneapolis, Minnesota. In September 2008, BUCA, Inc. became a wholly-owned subsidiary of Planet Hollywood International Inc. For more information, please visit http://www.bucadibeppo.com.
About FocalPoint Securities, LLC
FocalPoint is an independent investment bank, specializing in mergers and acquisitions, private placements (both debt and equity), financial restructurings and distressed transactions. The firm’s primary focus is on middle-market companies. For more information, please visitwww.focalpointllc.com.
Please contact Rajesh Sood and Rod Guinn at (310) 405-7000 with any questions about this transaction.