Corlex Capital, a minority-owned private equity and consulting firm, announced that its affiliate, in partnership with Prospect Capital Restaurants, has acquired 10 Wingstop restaurants in two markets and signed an agreement with Wingstop Inc. to develop or acquire an additional 13 restaurants.
Since 2019, Corlex has provided third-party operational management and consulting services to the quick service restaurant industry. With a track record of driving incremental sales and operational efficiency, Corlex joins the Wingstop system by acquiring five Wingstop restaurants in Indianapolis and four restaurants in Boston.
The acquisition of the first nine restaurants closed late last year, and another location in Indianapolis was added to the portfolio on January 6. Corlex and its partners have signed a development deal to open another 13 restaurants in the Boston metropolitan area over the next 3 years.
Jason “JB” Bedasse, Founder and CEO of Corlex, said, “We are proud to have joined the Wingstop family and we are eager to bring Corlex’s operational prowess to the newly acquired restaurants. We look forward to playing an active role in the continued growth of the Wingstop system.”
Corlex has a track record of enhancing value by bringing its operational focus to growing franchise systems. Strategies to improve growth and profitability include addressing issues such as labor shortages and wage pressures, technological changes, e-commerce and delivery challenges, increased health and safety concerns, and other issues brought on by the COVID-19 pandemic.
Corlex is poised to bring its management expertise and build on its acquisition portfolio with additional Wingstop restaurants and is actively evaluating other concepts for the future.
Monroe Moxness Berg PA served as legal advisor to Corlex Capital and Paris Ackerman LLP served as legal advisor to Prospect Capital Restaurants.