Post-close · Multi-Unit Restaurants

Multi-Unit Restaurants Add-On Acquisition Strategy: An Independent Sponsor's Counsel

Securities and M&A counsel for independent sponsors structuring multi-unit restaurants transactions, from LOI to close to the capital markets that open up afterward.

EV range $8M to $80M EV EBITDA $2M to $14M Audience Independent Sponsor
The deal context

Every multi-unit restaurants acquisition has its own gravity. Add-On Acquisition Strategy is the workstream where independent sponsor counsel earns the seat.

The typical multi-unit restaurants platform sits at $8M to $80M EV with EBITDA in the $2M to $14M range. The thesis runs on franchisee roll-up or regional concept acquisition. The franchisor consent letter is the deal. Get it lined up before you spend money on diligence.

The moves

How Add-On Acquisition Strategy actually gets structured.

  1. Pre-approve an add-on capital threshold in the LPA so each deal does not require a fresh vote.

  2. Build a unified diligence framework for repeated industry deals to compress cycle time.

  3. Coordinate add-on financing within the existing senior credit facility's accordion or incremental.

  4. Document representations and warranties templates that scale across multiple targets.

  5. In multi-unit restaurants, layer in franchisor LOI letter requested before market as part of the Add-On Acquisition Strategy workstream.

The common mistake

Treating every add-on as a new deal. The legal infrastructure should compound, not restart.

Jason's take
"Add-on integration is a system, not a transaction. Build the system before you need it."
Jason Powell · Add-On Acquisition Strategy
Capital after close

The deal is one thing. The capital that opens up after close is another.

Most independent sponsors solve the closing capital and then run into the post-close capital problem alone. The capital markets relationships that matter at month 18 are part of this practice.

MONTH 18
Senior refi
MONTH 24
Dividend recap
MONTH 36
Growth equity
YEAR 4–5
Strategic exit
WORK WITH JASON

Bring the multi-unit restaurants deal. Get Add-On Acquisition Strategy done right.

Direct counsel from a securities and M&A attorney with billions in structured transactions, the independent-sponsor-native playbook, and the capital markets network that opens up post-close.