Presto Automation Announces Sale Process Backed by Significant Lender Financing
Presto Automation, a leading AI and automation technology provider for the restaurant industry, has announced a significant capital injection from its senior secured lenders, led by Metropolitan Partners Group. This funding will support the company during a sales process for its business and assets under Article 9 of the Uniform Commercial Code. The process aims to achieve the highest value and is expected to result in a streamlined capital structure and improved financial flexibility.
Key points:
- Current shareholders are not expected to receive any payment for their shares
- Presto Automation Inc. will be wound up after the sale
- The company plans to maintain current service levels with no changes to employees or operations
- Presto's Voice AI efficiency has shown significant improvement
- Expansion agreements with QSR chains will bring AI technology to approximately 750 additional restaurants
The sale process begins on September 24, 2024, and is expected to conclude in November 2024.
Presto Automation, fornitore leader di tecnologie AI e automazione per l'industria della ristorazione, ha annunciato un'importante iniezione di capitali dai suoi finanziatori senior garantiti, guidati da Metropolitan Partners Group. Questo finanziamento supporterà l'azienda durante un processo di vendita per il suo business e i suoi beni ai sensi dell'Articolo 9 del Codice Commerciale Comune. Il processo mira a raggiungere il valore più alto e si prevede che porti a una struttura di capitale snella e a una maggiore flessibilità finanziaria.
Punti chiave:
- Si prevede che gli attuali azionisti non riceveranno alcun pagamento per le loro azioni
- Presto Automation Inc. sarà liquidata dopo la vendita
- L'azienda prevede di mantenere i livelli di servizio attuali senza modifiche per i dipendenti o le operazioni
- L'efficienza dell'AI vocale di Presto ha mostrato un miglioramento significativo
- Accordi di espansione con catene QSR porteranno la tecnologia AI a circa 750 ristoranti aggiuntivi
Il processo di vendita inizierà il 24 settembre 2024 e si prevede che si concluda nel novembre 2024.
Presto Automation, un proveedor líder de tecnologías de AI y automatización para la industria de restaurantes, ha anunciado una inyección de capital significativa de sus prestamistas senior garantizados, liderada por Metropolitan Partners Group. Este financiamiento apoyará a la empresa durante un proceso de venta de su negocio y activos bajo el Artículo 9 del Código Comercial Uniforme. El proceso tiene como objetivo alcanzar el mayor valor y se espera que resulte en una estructura de capital optimizada y una mejor flexibilidad financiera.
Puntos clave:
- No se espera que los actuales accionistas reciban ningún pago por sus acciones
- Presto Automation Inc. será liquidada después de la venta
- La empresa planea mantener los niveles de servicio actuales sin cambios para empleados u operaciones
- La eficiencia de la AI de voz de Presto ha mostrado una mejora significativa
- Los acuerdos de expansión con cadenas QSR llevarán la tecnología de AI a aproximadamente 750 restaurantes adicionales
El proceso de venta comenzará el 24 de septiembre de 2024 y se espera que concluya en noviembre de 2024.
프레스토 오토메이션은 레스토랑 산업을 위한 AI 및 자동화 기술의 선두 제공업체로서, 메트로폴리탄 파트너스 그룹이 주도하는 주요 담보 대출 기관으로부터 상당한 자본 투입을 발표했습니다. 이번 자금 조달은 통일상업법 제9조에 따라 비즈니스 및 자산 매각 과정에서 회사를 지원할 것입니다. 이 과정은 최대 가치를 달성하는 것을 목표로 하며, 간소화된 자본 구조와 개선된 재무 유연성을 가져올 것으로 예상됩니다.
주요 사항:
- 현재 주주들은 주식에 대한 지급을 받지 않을 것으로 예상됩니다
- 프레스토 오토메이션 주식회사는 매각 후 해산됩니다
- 회사는 직원이나 운영에 대한 변경 없이 현재 서비스 수준을 유지할 계획입니다
- 프레스토의 음성 AI 효율성이 상당한 개선을 보여주었습니다
- QSR 체인과의 확장 계약을 통해 AI 기술이 약 750개의 추가 식당으로 확산될 것입니다
매각 과정은 2024년 9월 24일에 시작되며, 2024년 11월에 종료될 것으로 예상됩니다.
Presto Automation, un fournisseur leader de technologies d'IA et d'automatisation pour l'industrie de la restauration, a annoncé une injection de capital significative de la part de ses prêteurs seniors garantis, dirigés par Metropolitan Partners Group. Ce financement soutiendra l'entreprise pendant un processus de vente de ses activités et actifs en vertu de l'article 9 du Code commercial uniforme. Le processus vise à atteindre la plus haute valeur et devrait aboutir à une structure de capital rationalisée et à une flexibilité financière améliorée.
Points clés :
- Les actionnaires actuels ne devraient pas recevoir de paiement pour leurs actions
- Presto Automation Inc. sera liquidée après la vente
- L'entreprise prévoit de maintenir les niveaux de service actuels sans modifications pour les employés ou les opérations
- L'efficacité de l'IA vocale de Presto a montré une amélioration significative
- Des accords d'expansion avec des chaînes QSR amèneront la technologie IA à environ 750 restaurants supplémentaires
Le processus de vente commence le 24 septembre 2024 et devrait se terminer en novembre 2024.
Presto Automation, ein führender Anbieter von KI- und Automatisierungstechnologien für die Gastronomie, hat eine bedeutende Kapitalzufuhr von seinen gesicherten Hauptgläubigern, geführt von der Metropolitan Partners Group, angekündigt. Diese Finanzierung wird das Unternehmen während eines Verkaufsprozesses für seine Geschäfte und Vermögenswerte gemäß Artikel 9 des einheitlichen Handelsgesetzbuchs unterstützen. Der Prozess zielt darauf ab, den höchsten Wert zu erzielen, und wird voraussichtlich zu einer optimierten Kapitalstruktur und einer verbesserten finanziellen Flexibilität führen.
Wichtige Punkte:
- Von den aktuellen Aktionären wird nicht erwartet, dass sie eine Zahlung für ihre Anteile erhalten
- Presto Automation Inc. wird nach dem Verkauf liquidiert
- Das Unternehmen plant, die aktuellen Dienstleistungsniveaus ohne Änderungen für Mitarbeiter oder Operationen aufrechtzuerhalten
- Die Effizienz der Sprach-KI von Presto hat bedeutende Verbesserungen gezeigt
- Erweiterungsvereinbarungen mit QSR-Ketten werden die KI-Technologie in etwa 750 zusätzliche Restaurants bringen
Der Verkaufsprozess beginnt am 24. September 2024 und wird voraussichtlich im November 2024 abgeschlossen sein.
- Significant operating capital injection from senior secured lenders
- Expansion agreements with QSR chains to implement AI technology in approximately 750 additional restaurants
- Significant improvement in Voice AI efficiency and accuracy
- Maintenance of current service levels and operations during the sale process
- Uncontested notice of default from Metropolitan Partners Group
- Current shareholders not expected to receive any payment for their shares
- Presto Automation Inc. to be wound up after the sale process
- Potential loss of control over company's future direction due to sale process
SAN CARLOS, Calif., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Presto Automation Inc. and Presto Automation LLC (together, “Presto” or the “Company”), one of the largest AI and automation technology providers to the restaurant industry, today announced an injection of significant operating capital from its senior secured lenders, led by Metropolitan Partners Group (“Metropolitan”). This capital will help support the Company and stabilize its ongoing operations during a sales process for the Company’s business and assets, and was provided by the lenders following an uncontested notice of default to the Company from Metropolitan.
Metropolitan, with the help of its sale agent, Rock Creek Advisors, will be running a sale process under Article 9 of the Uniform Commercial Code to obtain the highest and best value for the Company’s business and assets. The Company expects that a successful sale will result in a streamlined capital structure and improved financial flexibility. Current shareholders of Presto Automation Inc. are not expected to receive any payment for their shares following the sale process, and Presto Automation Inc. will be wound up.
“The lenders’ actions and the financing bring greater certainty to the Company’s customers, vendors, and employees,” said Gee Lefevre, CEO of Presto Automation. “This process will allow our business to emerge as a stronger, more nimble organization. We’re grateful for the continued support of our lenders, customers, vendors, and employees as we navigate this process. Presto is committed to maintaining its current service levels, with no planned changes to its employee base or operations,” he added.
Over the past several months, Presto’s Voice AI efficiency has shown significant improvement and accuracy, continuing to demonstrate that its cutting-edge automation solutions enhance efficiency and improved guest experience for its restaurant partners. Presto is currently expanding with significant QSR chains, which will bring its AI technology to approximately 750 additional restaurants when fully expanded.
“We’re excited about the recent expansion agreements with key customers and the ongoing improvements in our Voice AI capabilities. These developments underscore the value we’re delivering to the restaurant industry and position us well for future growth,” Lefevre added.
The sale process will begin September 24th, 2024 and is expected to conclude in November 2024. Any parties interested in participating should contact Rock Creek Advisors (hlipton@rocckreekfa.com) to explore an opportunity to participate in the process.
About Presto
Presto provides enterprise-grade AI and automation solutions to the restaurant industry. Presto’s solutions are designed to decrease labor costs, improve staff productivity, increase revenue, and enhance the guest experience. Presto offers its AI solution, Presto Voice™, to quick-service restaurants (QSR) and has some of the most recognized restaurant names in the United States.
Contact
Media:
prestopr@icrinc.com
FAQ
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