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NRD Capital Announces Agreement to Sell Fuzzy’s Taco Shop to Dine Brands
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Rhea-AI Summary
NRD Capital Management announced that Fuzzy’s Taco Shop has signed a definitive agreement to be acquired by Dine Brands Global for $80 million. Fuzzy's has been a growth success since NRD took a majority stake in 2016, doubling unit count and improving franchise economics. NRD’s Managing Partner emphasized the value created for all stakeholders through the partnership. The acquisition is expected to enhance Fuzzy's growth trajectory as it aligns with Dine’s expansive dining portfolio, which includes prominent brands like Applebee’s and IHOP.
Positive
Fuzzy's Taco Shop sold for $80 million, reflecting potential growth value.
NRD Capital nearly doubled Fuzzy's unit count since acquiring a majority stake in 2016.
Enhanced unit-level economics for franchisees under NRD's management.
Negative
None.
ATLANTA--(BUSINESS WIRE)--
NRD Capital Management, LLC (“NRD”), a private capital firm headquartered in Atlanta, is pleased to announce that Fuzzy’s Taco Shop®, a portfolio company of its Experiential Brands platform, has entered into a definitive agreement with Dine Brands Global, Inc. (NYSE: DIN), one of the world’s largest full-service dining companies and franchisor of Applebee’s Grill + Bar® and IHOP® restaurants, for a purchase price of $80 million dollars.
Fuzzy's Taco Shop, Hays, KS. (Photo: Business Wire)
Fuzzy’s Taco Shop was founded in 2003 in Fort Worth, Texas and is a fast casual restaurant serving Mexican favorites with a splash of Baja. Since acquiring a significant majority stake in 2016, NRD partnered with founder Mel Knight to nearly double the unit count while improving underlying unit-level economics for franchisees.
“This transaction is a textbook example of how NRD identifies and grows brands, which can result in successful outcomes for all stakeholders, including company management, company employees, franchisees and investors of NRD Capital,” said Aziz Hashim, NRD’s Managing Partner. “NRD is incredibly proud of the work it has done alongside the talented Fuzzy’s Taco Shop team to drive growth and propel value creation.”
“We had many options when evaluating the ideal partner to help accelerate the growth of Fuzzy’s Taco Shop,” said Knight. “We selected NRD because of their operator-centric mentality, flexible capital and unparalleled franchising experience. Without a doubt, they over-delivered on each promise and initiative. Partnering with NRD to improve our unit level economics and supercharge franchise development was instrumental in leading Fuzzy’s to be the successful national brand that it is today.”
Arlington Capital Advisors served as exclusive financial advisor to Fuzzy’s Taco Shop, with Cheng Cohen LLC serving as legal advisor to Fuzzy’s Taco Shop and NRD Capital. Centerview Partners LLC served as exclusive financial advisor to Dine Brands, with Sidley Austin LLP serving as legal advisor.
NRD Capital Management, LLC is a middle-market private capital partner that offers flexible capital solutions and identifies investment opportunities in multi-unit brands offering superior products/services and compelling unit-level economics across franchising, consumer services, technologies, and restaurants. By infusing capital and applying operating expertise, NRD guides its investments toward sustainable strategic growth. For additional information, please visit www.nrdcapital.com.
ABOUT FUZZY’S TACO SHOP
Founded in 2003 near the Texas Christian University campus in Fort Worth, Fuzzy’s Taco Shop® is a fast casual restaurant serving Mexican favorites with a splash of Baja. The laid-back atmosphere pairs perfectly with signature Baja-style tacos, famous chips and queso and icy-cold beverages always served at a chill price. With 138 franchise- and corporate-owned locations in 18 states, Fuzzy’s Taco Shop was ranked a Top Food Franchise, Top Franchise for Culture, and Top Multi-Unit Franchise for 2021 by Franchise Business Review. They’ve also been recognized in Franchise Times “The Top 500 Issue” in 2022 and appeared in Entrepreneur’s 2021 Franchise 500 Ranking and Nation’s Restaurant News’ #10 “Fastest Growing Chains” of 2018. For franchising information, please visit www.MyFuzzys.com.
