Sell Side Advisor
Kroll's Consumer Investment Banking Team Advised Primanti Bros. on Its Sale to Authentic Restaurant Brands
On January 3, 2022, Primanti Bros. (“Primanti”), a portfolio company of L Catterton (“L Catterton”), closed its sale to Authentic Restaurant Brands (ARB), a portfolio company of Garnett Station Partners (GSP).
Kroll served as an exclusive sell-side M&A advisor to Primanti and L Catterton in connection with the transaction.
About Primanti Bros.
Founded in 1933 and acquired by L Catterton in 2013, Primanti Bros. is a 40-unit specialty casual dining concept based in Pittsburgh, PA. It serves its iconic “Almost Famous” sandwiches and other bar-centric food at compelling price-points. Primanti enjoys fierce local consumer loyalty and tourist allure given its longstanding heritage and association with Pittsburgh sports and culture.
About L Catterton
L Catterton is a private equity firm founded in 1989. The firm has made more than 250 investments in leading brands across all segments of the consumer industry and is regarded as the pre-eminent consumer-focused private equity firm in the world. Kirkland & Ellis LLP served as legal counsel to Primanti Bros. and L Catterton Partners.
About Authentic Restaurant Brands
Authentic Restaurant Brands is a diversified portfolio of market-leading, iconic regional casual dining brands. Its brands' strong community ties and superior guest service have driven a robust track record of consistent growth from loyal customers over decades.
ARB is strongly committed to growing each of its brands (Primanti Bros. Restaurant & Bar, P.J. Whelihan’s Pub & Restaurant and Mambo Seafood) by leveraging their respective foundations, while sharing best practices across the portfolio under common ownership
About Garnett Station Partners
Garnett Station Partners is a private equity firm founded in 2013 by Matt Perelman and Alex Sloane. GSP partners with experienced and entrepreneurial management teams and strategic investors to build value for its portfolio of growth platforms. The firm draws on its global relationships, operational experience and rigorous diligence process to source, underwrite and manage investments. Core sectors include food and beverage, health and wellness, automotive and business services. GSP's culture is based on the principles of entrepreneurship, collaboration, analytical rigor and accountability. Willkie Farr & Gallagher LLP served as legal counsel to Authentic Restaurant Brands and Garnett Station Partners.
Corporate Finance and Restructuring
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Transaction Advisory Services
Kroll’s Transaction Advisory Services platform offers corporate and financial investors with deep accounting and technical expertise, commercial knowledge, industry insight and seamless analytical services throughout the deal continuum. Duff & Phelps acquired Kroll in 2018 and unified under the Kroll brand in 2020.
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