Texas-based Wings ‘N More plans to have a lot more restaurants in the future after a recent investment from private equity firm Goode Partners.
The strategic investment, combined with debt financing from Gladstone Capital Corporation, should drive geographic expansion and accelerate growth, the two companies said in a news release. Terms of the deal weren’t disclosed.
The seven-unit Wings ‘N More was founded in 1986 by former NFL player Mark Dennard. He was introduced to buffalo wings while playing in Miami and was disappointed with the lack of availability when he returned to his home state of Texas. The scarcity inspired him to open Wings ‘N More throughout the Lone Star State.
The brand has both full-service and express locations in College Station, Bryan, Corpus Christi, and Houston. The quick-service version focuses primarily on wings while the casual-dining units also have ribs, seafood, tenders, quesadillas, and more.
“We’re tremendously excited about this partnership,” Dennard said in a statement. “It’s a great opportunity for Wings ‘N More brand and for the team that helped build it into what it is today. We look forward to opening new restaurants and providing growth opportunities for our team members.”
Goode Partners focuses exclusively on investment opportunities in the retail, restaurant, apparel, direct marketing, and branded consumer product segments. Its current portfolio features Silver Diner and Stonefire Grill.
The firm has a good track record with growing Texas-based companies. In 2006, the private equity firm bought a majority interest in Chuy’s when it had eight locations and expanded it beyond Texas. The full-service chain had 36 units when it went public in 2012. Goode Partners eventually lifted Chuy’s to over 75 restaurants before exiting its investment. The brand now has more than 100 units across 15 states.
David Oddi, one of Goode’s partners, said the firm sees “so many similarities” between Chuy’s and Wings ‘N More.
“We are delighted to be partnering with Mark Dennard, the founder and current owner of Wings ‘N More,” Oddi said in a statement. “Mark and the company’s management team have done an outstanding job offering their customers incredible food at a great value. Most of the company’s leaders have grown up with the brand, building a culture that is passionate about exceeding customer expectations … We look forward to working with this outstanding team and providing the added resources to help take the company to the next level in its growth strategy.”
