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STRATEGIC RESTAURANT ACQUISITIONS Philadelphia (March 5, 2011) - PA Pubs, based in Wyomissing, Pennsylvania, sold five of their TGI Friday's to Strategic Restaurants Acquisitions. This sale is one of the largest multi-unit restaurant sales in the area and is an indicator that the credit markets are freeing up.
Advanced Restaurant Sales, LLC, an international restaurant brokerage firm, worked with PA Pubs and its President, Joe Eways, to identify and vet appropriate candidates for the sale. They were instrumental in negotiating the deal and securing the final purchase price.
Strategic Restaurants Acquisitions is currently a Friday's franchisee with 15 + Friday's. They also own 270+ Burger King restaurants throughout the Southeast in Alabama, Arkansas, California, Florida, Missouri, Louisiana and Mississippi. The company is based in San Ramon California and is backed by one of the largest private equity firms in the world Cerberus Capital Management. Joe Eways will continue to own and operate two remaining stores around the Philadelphia market.
" Advanced Restaurant Sales put the time in on this deal" said Joe Eways, President of PA Pubs. "Rob Hunziker, a principal at Advanced Restaurant Sales, leveraged our options and held the deal together when we needed it most." Sharing in the spotlight, Advanced Restaurant Sales, principal Patrick Silvia added, "We really enjoyed working with Strategic Restaurants Acquisitions. Their Director of Acquisitions Stephanie Medley, was a pleasure to work with although a very tough negotiator. Overall the company was persistent and kept their focus in a very challenging market environment. They also stood by their promises, which made the negotiations much more fluid for all involved. This is the second deal we have closed with Strategic. We also sold them 7 Burger King restaurants in 1996" said Silvia.
GE Capital Provided the financing.
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