Concord, CA – Round Table Pizza, Inc. has secured a senior secured credit facility with Summit Partners. Under the new credit facility, Round Table obtained a $32.5 million senior secured term note, plus the option of obtaining additional growth capital of up to $2.5 million. FocalPoint Securities, LLC served as Round Table’s exclusive financial advisor in connection with the transaction.
Round Table is a chain of 450 premium pizza restaurants located throughout the western United States and internationally. The company owns and operates about 15% of the restaurants in the system, and the remainder is franchises. Founded in 1959 in Menlo Park, California, Round Table has established itself as a premium brand by offering high-quality pizzas through delivery, carryout and dine-in service. The company’s focus on providing a premium product with top-quality ingredients has helped Round Table establish high consumer awareness and loyalty.
“This new credit facility provides us with the capital we need to execute our strategic business plan,” said Rob McCourt, Round Table’s Chief Executive Officer. Keith Davis, Chief Financial Officer of Round Table, added, “We’ve accomplished our refinancing nine months ahead of schedule. We sought an advisor that not only had an understanding of the restaurant industry, but more importantly, that had deep experience in debt capital markets and was capable of providing our board with numerous options to refinance our existing indebtedness.”
Rajesh Sood, Managing Director at FocalPoint commented, “The management team at Round Table was instrumental in successfully navigating the business through the recession. We were pleased to be able to generate more than a dozen financing proposals and provide Round Table with a structure that maximized liquidity and flexibility.”
About Round Table Pizza, Inc.
Located in California’s San Francisco Bay Area, Round Table Pizza was founded in 1959 to create a place where families could relax and share a superb pizza. Today Round Table Pizza remains true to its founder’s vision with 450 restaurants across the western United States and the world. Round Table’s signature tagline, “The Last Honest Pizza”, describes its commitment to quality and authenticity. For more information, visit www.roundtablepizza.com.
About Summit Partners
Summit Partners (www.summitpartners.com) is a growth equity firm that invests in growing companies across North America, Europe and Asia. Founded in 1984, Summit has raised nearly $15 billion in capital and provides equity and credit for growth, recapitalizations, and management buyouts. Summit has invested in more than 350 companies globally in technology, healthcare and other growth industries. These companies have completed more than 125 public offerings, and in excess of 130 have been acquired through strategic mergers and sales. Summit Partners has offices in Boston, Menlo Park, London and Mumbai.
About FocalPoint Securities, LLC
Founded in 2002, FocalPoint is an independent investment bank that specializes in mergers and acquisitions, private placements (both debt and equity), and financial restructurings and work-outs. The firm’s primary focus is on middle-market companies. For more information, visit www.focalpointllc.com.