![Josh Benn Josh Benn](https://media-cdn.kroll.com/jssmedia/kroll-images/headshots/josh-benn.jpg?h=160&iar=0&w=140&mw=384)
On January 3, 2022, Primanti Bros. (“Primanti”), a portfolio company of L Catterton (“L Catterton”), closed its sale to Authentic Restaurant Brands (ARB), a portfolio company of Garnett Station Partners (GSP).
Kroll served as an exclusive sell-side M&A advisor to Primanti and L Catterton in connection with the transaction.
Founded in 1933 and acquired by L Catterton in 2013, Primanti Bros. is a 40-unit specialty casual dining concept based in Pittsburgh, PA. It serves its iconic “Almost Famous” sandwiches and other bar-centric food at compelling price-points. Primanti enjoys fierce local consumer loyalty and tourist allure given its longstanding heritage and association with Pittsburgh sports and culture.
L Catterton is a private equity firm founded in 1989. The firm has made more than 250 investments in leading brands across all segments of the consumer industry and is regarded as the pre-eminent consumer-focused private equity firm in the world. Kirkland & Ellis LLP served as legal counsel to Primanti Bros. and L Catterton Partners.
Authentic Restaurant Brands is a diversified portfolio of market-leading, iconic regional casual dining brands. Its brands' strong community ties and superior guest service have driven a robust track record of consistent growth from loyal customers over decades.
ARB is strongly committed to growing each of its brands (Primanti Bros. Restaurant & Bar, P.J. Whelihan’s Pub & Restaurant and Mambo Seafood) by leveraging their respective foundations, while sharing best practices across the portfolio under common ownership
Garnett Station Partners is a private equity firm founded in 2013 by Matt Perelman and Alex Sloane. GSP partners with experienced and entrepreneurial management teams and strategic investors to build value for its portfolio of growth platforms. The firm draws on its global relationships, operational experience and rigorous diligence process to source, underwrite and manage investments. Core sectors include food and beverage, health and wellness, automotive and business services. GSP's culture is based on the principles of entrepreneurship, collaboration, analytical rigor and accountability. Willkie Farr & Gallagher LLP served as legal counsel to Authentic Restaurant Brands and Garnett Station Partners.
M&A advisory, restructuring and insolvency, debt advisory, strategic alternatives, transaction diligence and independent financial opinions.
Kroll’s investment banking practice has extensive experience in M&A deal strategy and structuring, capital raising, transaction advisory services and financial sponsor coverage.
Consumer, Retail, Food and Restaurant expertise for middle-market M&A transactions.
Kroll’s Transaction Advisory Services platform offers corporate and financial investors with deep accounting and technical expertise, commercial knowledge, industry insight and seamless analytical services throughout the deal continuum.
Duff & Phelps Opinions is a global leader in Fairness Opinions and Special Committee Advisory, ranking #1 for total number of fairness opinions in the U.S., EMEA (Europe, the Middle East and Africa), Australia and Globally in 2023 according to LSEG (FKA Refinitiv).
#1 ranked provider of fairness opinions for boards of directors and special committees.
Duff & Phelps Opinions practice is a globally recognized leader in solvency opinions. Since 2005, we have rendered more than 2,585 fairness and solvency opinions for transactions with an aggregate deal value of over $8 trillion.
Kroll leverages our insights, data and technology to provide Consumer & Retail companies the foresight they need to create value, minimize risks and make confident decisions.