C Squared Advisors announced the sale of Wings ‘N More, a multi-unit restaurant brand headquartered in College Station, TX to New York-based private equity firm, Goode Partners. The sale also included additional locations operated by the Brand’s largest licensee.
Led by Carty Davis, Managing Partner, and Brent Elsass, C Squared served as the exclusive financial advisor to Wings ‘N More on the transaction. The transaction was supported by debt financing provided by Gladstone Capital Corporation and will help drive and accelerate Wings ‘N More’s growth and expansion.
Wings ‘N More was founded in 1986 by former NFL football player and Texas A&M Hall of Fame center, Mark Dennard. During his time in the NFL, Mark was introduced to the concept of “Buffalo-style” chicken wings, which were nowhere to be found in Mark’s home state of Texas. After retiring from football, Mark opened his first location in College Station and since that time Wings ‘N More has steadily grown and developed a loyal and ever-increasing following in the region.
C Squared’s strategic approach to position Wings ‘N More to a broader buyer pool by combining both the assets of the Company alongside licensee operated locations enhanced the opportunity and attracted a higher quality buyer pool. This led to a higher valuation for both the brand and the licensee.
After receiving multiple competitive offers, Dennard ultimately selected Goode in part because of their strong track record in Texas and expertise in transitioning founder-led businesses into sustainable growth platforms. In a previous investment, Goode Partners acquired a majority interest in Chuy’s, another Texas-based concept, and successfully scaled and grew the company from a small regional chain into a nationally recognized brand.
“I can’t say enough about the hands-on service we received from C Squared,” said Dennard. “Carty and Brent provided expert guidance through every phase of the transaction, from strategic positioning to closing. They presented several buyer alternatives, and we are tremendously excited to partner with Goode. This is a great opportunity for the Wings ‘N More brand and the team that helped build it and we are looking forward to participating in the future success of the brand.”
“This was a win-win,” added Davis. “Mark and his team feel great and are excited about the future of Wing ‘N More. We are proud to have helped Mark reach this milestone.”