Multi-Unit Restaurants Lease Assignments: An Independent Sponsor's Counsel
When the deal is multi-unit restaurants and the question is Lease Assignments, the structure decisions in the first 30 days outlast the next five years. This is where Jason Powell works.
The economics on a multi-unit restaurants platform deal usually hinge on a handful of structural decisions. Lease Assignments is one of them.
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.
How Lease Assignments actually gets structured.
Pull every lease, estoppel, and SNDA in the data room.
Identify landlord consent requirements and prepare consent packages.
Address landlord recapture rights that can be triggered at change of control.
Sequence consent collection to avoid a last-minute single-landlord veto.
In multi-unit restaurants, layer in franchisor LOI letter requested before market as part of the Lease Assignments workstream.
Waiting until two weeks before close to request landlord consents. Landlords use the timeline against the buyer.
"Lease consents are the deal-killer that never makes the highlight reel. Start early, finish early."Jason Powell · Lease Assignments
The deal is one thing. The capital that opens up after close is another.
After close, the call list for refinancing, recapitalization, and growth equity gets short and known. Jason carries that list.
Related deal pages.
Independent Sponsor Economics for Multi-Unit Restaurants
The package of deal-by-deal carry, management fees, and transaction fees that compensates the independent spo…
Management Fee Structuring for Multi-Unit Restaurants
The annual fee paid by the deal entity to the independent sponsor for ongoing oversight, board service, and p…
Transaction Fee Structuring for Multi-Unit Restaurants
The fee paid at closing to the independent sponsor for sourcing, structuring, and closing the platform deal a…
Working Capital Adjustments for Multi-Unit Restaurants
The closing-date true-up that protects the buyer from receiving a business stripped of normal-course working …
Lease Assignments for Healthcare Services
roll-up of physician practices and ancillary service lines
Lease Assignments for Home Services
regional roll-ups of HVAC, plumbing, and electrical operators
Lease Assignments for Multi-Unit Restaurants, on independent sponsor terms.
Independent sponsor counsel that already speaks fluent deal-by-deal economics, structures clean LPAs, and travels with capital markets relationships for what comes after close.