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The Deal

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MasterClass™ on



Where Investors Should Place 2007 Bets --

Latest Deal Opportunities & Newest Trends

Featuring 20 Expert Speakers

Attendance for This Program is Limited--
Register Now

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Thursday, February 1, 2007
8:00 am - 5:30 pm

New York City

Fundamentals of Doing Restaurant Deals

Wednesday, January 31, 2007

2:00 pm - 5:00 pm

New York City

Designed to Meet the Needs of GPs & LPs of Buyout, Venture Capital, & Hedge Funds, As Well As Executives of Their Portfolio Companies, 

& the Bankers, Lenders, Lawyers, & Other Advisors Who Support Them

Faculty | Agenda | Registration | Location | Sponsorship | Audio / Video Packages

The restaurant industry has been serving up an extraordinary number of buyouts, IPOs and M&A deals this year, with an extra side of high multiples. Buyers have bitten into everything from American roadhouses (Logan’s) to donut shops (Dunkin’), and their appetite is not yet sated.

The past year’s gut-busting dealflow has been caused by a variety of factors, including:

  • Enterprise valuation multiples for restaurants have risen over the past two years to six times EBITDA, and up to eleven times EBITDA in certain situations.
  • The real estate markets keeps allowing buyers to use sale-leaseback transactions to fund large portions of the transactions and a continuing public-to-private trend.
  • Existing public restaurant companies continue to trade at historically high multiples, mainly due to the continuing number of take private announcements.  Given the increasing strength and size of the private equity market, it seems that no public restaurant company is too big to be a target.  After the announcement of Bain’s potential acquisition of Outback, shares of Brinker, Cracker Barrel and other casual dining public companies realized an increase. 
  • Multi-brand restaurant companies have fed the appetite of the public market and private equity universe by shedding smaller brands from their portfolios.  In October alone, Landry's Restaurants agreed to divest 120 of its Joe's Crab Shack units and CBRL Group agreed to sell Logan's Roadhouse. 
  • Seasoned restaurant private equity groups -- including Bruckman Rosser, Castle Harlan and Centre Partners -- became active buyers rather than just sellers of restaurant companies.

All of this might lead one to assume that the restaurant industry will continue to be can’t miss in 2007, but analysts are warning that only the best-informed investors will be able to capitalize going forward. They cite some recent M&A failures (Wendy’s sale of Baja Fresh), pulled IPOs, a softening real estate market and the fact that lower middle-market lenders are beginning to reduce the amount of leverage to extend to restaurateurs.


To get the information you need for 2007 and beyond, please join a faculty of 20 private equity investors and their advisors at this special MasterClass on Restaurant Industry P.E. Deals. Our chairman is Joel Holsinger, a managing director at Atalaya Capital Managment LP and former national head of Navigant Capital Advisors’ restaurant investment banking and lender services groups.


And if you wish, the day before, you can attend a special three-hour workshop called “Fundamentals of Buying Out -- & Buying Into –Restaurant Companies,” in which four specialists will review key aspects of investing in the industry, including due-diligence, structuring, recruiting, distribution and intellectual property.

When you leave this MasterClass, you’ll have the answers to these questions--

  • What are the drivers of the current restaurant valuations and are they sustainable?
  • What restaurant industry segments are a relative value?
  • Why is the value of brand on certain deals being so mispriced?
  • Why CLO and CDO are acronyms that may have more effect on the restaurant industry in the future then COGS and AUV’s?    
  • What are restaurant industry pitfalls to be careful of?
  • Why is Depreciation a true expense on restaurant deals?
  • What will be the result of the final shakeout between fast-food (a.k.a. QRS) and fast-casual?
  • How do restaurant companies deliver a branding message within the ever-advertising market?
  • Will highly-leveraged restaurant companies be able to avoid the death spiral of cutting back on remodels and new unit openings?
  • How have second lien loans impacted the restaurant industry? 
  • Are there still sale-leaseback opportunities available?

You should attend this MasterClass if you--

  • Are a private equity sponsor with restaurant portfolio companies
  • Are forming a new private equity firm that may invest in restaurant companies
  • Are a hedge fund manager interested in future PE-backed restaurant offerings
  • Are an executive in the restaurant sector, or who is considering a move into the restaurant sector
  • Are a lender with clients who invest or operate in the restaurant sector
  • Are a banker with clients who invest or operate in the restaurant sector
  • Are an attorney with clients who invest or operate in the restaurant sector
  • Are a venture capitalist interested in selling  restaurant assets to buyout firms
  • Have deep experience in one restaurant sub-sector, but are looking for broader knowledge
  • Want to network with other restaurant-focused investors

The program is being produced by The Capital Roundtable, the country's only educational information organization focused exclusively on the information needs of the middle-market and smaller-market private-equity communities. 

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Chaired By

  • Joel A. Holsinger, Managing Director, Atalaya Capital Managment LP

Hosted By

  • Burt Alimansky, Chairman, The Capital Roundtable & Managing Partner, Alimansky & Bethell Group


  • Harsha V. Agadi, President & CEO, Church's Chicken Inc.
  • Scott Arnold, Director, Navigant Capital Advisors, LLC (workshop only)
  • Alexandra Burke, Managing Director, Wells Fargo Commercial Capital (workshop only)
  • James D. Coady, Partner, Sentinel Capital Partners LLC
  • Allen Corey, President, Gordon Biersch Brewery Restaurant Group Inc.
  • Timothy Croushore, Managing Director, Navigant Capital Advisors LLC
  • Daniel Z. Dean, Managing Partner, United Enterprise Fund LP
  • Sula R. Fiszman, Partner, Bingham McCutcheon LLP (workshop only)
  • James J. Greco, CEO, Bruegger's Enterprise Inc.
  • Jared L. Johnson, Managing Director, Parallel Investment Partners LP
  • Randy H. Karchmer, Managing Director, Morgan Keegan & Co. Inc.
  • Larry H. Lattig, Senior Managing Dir. & E.V.P., Mesirow Financial Consulting
  • Matthew S. Levine, Senior Associate, American Securities Capital Partners LLC (workshop only)
  • Sarah E. Lockyer, Financial Editor, Nation's Restaurant News
  • David J. Oddi, Principal, Goode Partners LLC
  • Gerald S. Office, Jr. , Founder & Former CEO, Ponderosa Inc.
  • Hazem Ouf, CEO, Souper Salad Inc.
  • Joshua A. Pack, Managing Director, Fortress Investment Group LLC
  • Steven C. Petrie, Partner, Summit Investment Management LLC
  • David B. Pittaway, Senior Managing Director, Castle Harlan Inc.
  • Michael K. Press, SVP & Managing Director, Realty Income Corp.
  • H. Scott Pressly, Partner, Roark Capital Group Inc.
  • Carmen J. Romano, Senior Partner, Dechert LLP
  • Thomas Tansi, Managing Director, Wells Fargo Foothill
  • additional speakers to be announced...

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07:30 - 08:30
08:30 - 09:00
09:00 - 09:45
09:45 - 10:30
10:30 - 11:00

11:00 - 12:15

12:15 - 01:15

01:15 - 02:30

02:30 - 03:30

03:30 - 03:45
03:45 - 04:30

04:30 - 05:30


01:30 - 02:00
02:00 - 05:00


Thursday, Feb. 1, 2007
Registration, Networking, Continental Breakfast
Welcoming Remarks & Audience Introductions
First Keynote – 3,000 Foot High-Level Birds-Eye Overview
Second Keynote – 30 Foot In-The-Trenches Overview
Coffee & Networking Break

First Panel -- From the Trenches--Why P.E Investors Find Restaurant Deals Attractive & How They’ve Evolved Their Investing Norms & Styles
(panel consists of four investors that do different sizes & types of deals)
Luncheon & Networking

Second Panel -- Deal Flow & Structuring--View of the Market’s Changing Conditions & Deal Points

(panel consists of a sale leaseback specialist, a senior lender, a lawyer, & an investment banker)

Third Panel -- War Stories--Restaurant Buyouts--Perspectives From CEOs & CFOs (panel consists of four senior restaurant company executives)

Coffee & Networking Break

Interview Keynote

Fourth Panel -- Turnarounds, Workouts, & Restructuring in the Restaurant Industry  (panel consists of a lawyer, a distressed equity expert, turnaround consultant, & an accountant)


Wednesday, Jan. 31, 2007

Registration & Networking

Fundamentals of Doing Restaurant Deals
(four specialists review key aspects of investing in the industry)

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  • The registration fee is $1595 for the MasterClass and $495 for the Workshop -- or $1995 for both.
  • At the door, if space is available, the fee is $1695 for the MasterClass and $495 for the Workshop -- or $2095 for both.
  • Special group rates -- The Capital Roundtable offers a special rate for 3 or more people from your firm.  For more info, please contact Amber Mahood at or 212/832-7333 ext 103.


Click Here to Register >>     Purchase Audio, Video, Transcript >>

You can pay by credit card (using the links above) or by check. Mail your check and business card to: New York Business Roundtable Inc., 12 East 44 Street, Penthouse, New York, NY 10017.

If the program is oversubscribed, we will notify you immediately and not charge your credit card. (If you need to cancel, please do so by Thursday, January 25 at 5:00pm, and we will credit you for a future meeting.)

From time to time, for reasons beyond Capital Roundtable's control, program schedules and speakers become subject to change. We make every effort to announce substantive changes by email to registrants at least 48 hours in advance.

Have a special question? Please contact Amber Mahood at 212/832-7333 ext. 103 or by email at

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College Hall
One West 54th Street, Main Floor (At the corner of Fifth Avenue)
New York City

Please Note: Dress Code for College Hall is jacket and tie for men, and equivalent attire for woman.

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Purchase Audio, Video, Transcript

Can’t attend but want to see, hear, or read the text of the MasterClass?  Now you can buy the video-on-demand, the audio package, or the written transcripts…all with the handouts from the program. Purchase Audio, Video, Transcript.

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The Capital Roundtable offers excellent sponsorship opportunities to reach the private equity community. For more details, visit our Sponsorship Page or contact Amber Mahood at 212/832-7333 ext. 103 or by email at

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