The Mergers and Acquisitions market was active Monday with the news that Miami-based investment group PG Growth Opportunities Fund has purchased the Louisville-based Wild Eggs brunch chain from Patoka Capital. The deal, which was finalized Jan. 18, includes ownership of Wild Eggs’ 15 locations in Kentucky, Indiana and Ohio, as well as future franchising rights to the investor group.
Financial terms of the deal were no disclosed. Wild Eggs will remain based in Louisville with its current leadership team intact.
According to a press release, PGOF I was created by restaurant and business executives Andy Abbajay, Cliff Harris and George Wooten to “pursue opportunities in the food and beverage, restaurant and retail space.” The team plans to add more corporate and franchised Wild Eggs locations throughout Kentucky, Indiana and Ohio with an initial focus on the Lexington, Cincinnati and Indianapolis markets. The company states that its goal is to establish a strong regional presence through a core base of franchisees and, ultimately, launch nationwide.
“It was a pleasure working with Pakota Capital and Chance Ragains through this process, and we are thrilled to continue growing the culture and success of the Wild Eggs brand. We are committed to keeping it a people-first, food-focused brand operating under a culture of ownership and integrity,” PGOF I representative Jaime Sosa said in a statement.
Wild Eggs was founded in 2007 by JD Rothberg and Shane Hall and received its investment from Patoka Capital in 2015. It is part of the swiftly growing brunch category driven by the influx and expansion of several concepts like First Watch, Snooze an A.M. Eatery, Biscuit Belly, Toasted Yolk, Another Broken Egg Café, Breakfast Republic, Broken Yolk Café, Keke’s Breakfast Café, Famous Toastery, Eggs Up Grill and more.
Continued uncertainty and increasing interest rates have slowed much of the market’s activity, though a majority of executives (92%) surveyed by Deloitte expect deal volume to increase or stay the same throughout the next 12 months. Notably, the M&A market has been somewhat busy throughout the past two months, with Dine Brands’ acquisition of Fuzzy’s Taco Shop, Foodtastic’s acquisition of Freshii, Gala Capital Partners’ acquisition of Rusty Taco and 16 Handles’ acquisition of DŌ Cookie Dough Confections.
Contact Alicia Kelso at [email protected]
