New York City — SSI Group Holding Corp., owner, operator and franchisor of two restaurant concepts in 14 states across the U.S., has sold substantially all of its assets to Captain D’s, LLC and LNC Ventures, LLC in two separate transactions. Morgan Joseph TriArtisan LLC’s Financial Restructuring Group served as financial advisor and investment banker to SSI Group.
Addison, Texas-based SSI Group is a leading operator within the casual dining sector, with its two brands including Souper Salad, a fresh and healthy buffet style restaurant offering salads and soups; and Grandy’s, a quick-casual “comfort food” restaurant. As of January 1, 2010, the company had 150 restaurants across both brands. Due to the combination of underperforming stores, including approximately 30 negative cash flow units, a weak economic environment, unusual weather and resulting higher food costs experienced during 2010, SSI filed for voluntary Chapter 11 bankruptcy on September 14, 2011.
“These two transactions will allow for the resumption of growth of both Souper Salad and Grandy’s,” says Ward Olgreen, CEO of SSI Group Holding Corp. “Both brands are now positioned to become leaders in their respective market segments, as the new operators have been able to utilize the bankruptcy to close underperforming locations and optimize the footprint of each brand.”
Morgan Joseph TriArtisan LLC is an investment bank engaged in providing financial advice, capital raising and private equity investing.
Captain D's, LLC owns, operates and franchises restaurants in the United States, as well as in military bases in Japan, Korea and Germany. Captain D's, LLC was founded in 1969 and is based in Nashville, Tenn.
LNC Ventures, LLC is a newly created entity formed by Daniel and Jacklyn Hernandez for the purpose of acquiring the Souper Salad business. The Hernandezes have been successful operators of Subway franchise stores located throughout South Texas since 2004. In 2010, they acquired a Souper Salad franchise in San Antonio and recently opened a second Souper Salad franchise in San Antonio.
SOURCE: Morgan Joseph TriArtisan LLC