Darren Gange
Managing Director
Consumer, Food, Restaurants and Retail M&A
New York
Darren Gange
has merged with Patton Wings, an investment entity affiliated with
Duff & Phelps’ Restaurant M&A Advisory Team Advised Diversified Restaurant Holdings on Its Merger with Patton Wings, an Investment Entity Affiliated with ICV Partners
Contact Us
Josh Benn
Chief Operating Officer of Corporate Finance
New York
Josh Benn
Vijay Sampath
Director
Consumer, Food, Restaurants and Retail M&A
New York
Vijay Sampath
Farzad Mukhi
Director
M&A Advisory
Los Angeles
Farzad Mukhi
On February 26, 2020, Diversified Restaurant Holdings, Inc. ("DRH" or the “Company"), a public company (NASDAQ: SAUC), completed its previously announced merger with Patton Wings, an investment entity affiliated with ICV Partners, LLC (together with its affiliates, “ICV”).
Under the terms of the merger agreement, Patton Wings acquired all of the outstanding shares of DRH in a take-private transaction for $1.05 per share in cash, representing an approximate 123% premium to DRH’s closing share price on the day prior to announcement, and creating the largest franchisee in the Buffalo Wild Wings System.
Duff & Phelps served as the exclusive sell-side M&A advisor to DRH and rendered a fairness opinion to the board in connection with the transaction.
About Diversified Restaurant Holdings, Inc
Headquartered in Troy, MI, Diversified Restaurant Holdings, Inc. is a leading franchisee for Buffalo Wild Wings operating 64 franchised sports bars in key markets in Florida, Illinois, Indiana, Michigan and Missouri. Over the last five years, the Company nearly tripled its number of sports bars through a combination of organic growth and acquisitions, positioning DRH as the second largest franchisee in the Buffalo Wild Wings system. Dykema Gossett PLLC served as legal counsel to the Company.
About ICV
Founded in 1998, ICV is a leading private investment firm that supports management leaders of strong lower middle market companies. Over its first four funds, the principals of ICV have crafted a strong track record of helping companies expand their footprint and improve performance over the long term and across a variety of industries.
In November 2019, through its Patton Wings investment affiliate, ICV acquired a majority stake in JK&T Wings, Inc., a leading franchisee of Buffalo Wild Wings, operating 42 sports bars primarily in Michigan, with additional locations in Massachusetts and Louisiana.
Other Areas We Can Help
Corporate Finance
Comprehensive support throughout mergers and acquisitions and other corporate transactions.
Corporate Finance
M&A Advisory
Middle-market M&A advisory differentiated by industry expertise and superior deal execution.
M&A AdvisoryConsumer, Food, Restaurants and Retail M&A
Consumer, Retail, Food and Restaurant expertise for middle-market M&A transactions.
Consumer, Food, Restaurants and Retail M&A
Fairness and Solvency Opinions
Independent opinions for boards of directors and special committees.
Fairness and Solvency Opinions
Transaction Advisory Services
Seamless analytical advisory through the deal continuum, from transaction origination to closing.
Transaction Advisory Services
Financial Sponsors Group
Dedicated coverage and access to M&A deal-flow for financial sponsors.
Financial Sponsors Group
Private Capital Markets
Senior, subordinated and mezzanine debt and venture/private equity for a wide range of transactions.
Private Capital Markets
Valuation Advisory
Valuation and consulting for financial reporting, federal, state and local tax, investment and risk management purposes.
Valuation Advisory
Tax Services
Property tax, site selection, transfer pricing, sales and use tax and unclaimed property advisory.
Tax ServicesRelated Case Studies
Sell Side Advisor
Duff & Phelps Advised VWM Analytics, LLC, on its Sale to J.S. Held, LLC, a Portfolio Company of Kelso & Company
has been acquired by
a portfolio company of
Financial Advisor
Duff & Phelps' Brazilian M&A Team Advised Piemonte Holding on Its Binding Offer with Oi S.A. - Em Recuperação Judicial for the Acquisition of Five Data Centers
has signed a binding offer to acquire five data centers from
Financial Advisor
Duff & Phelps Advised From the Hearth Holdings, LLC in Raising Senior Debt Financing and a Related Shareholder Buyout Transaction
has secured senior debt financing from a consortium of lenders
Financial Advisor
Duff & Phelps Advised the Board of Directors of Macy’s, Inc. and Macy’s Retail Holdings, Inc. on its Refinancing Transaction
Macy’s, Inc. (NYSE:M), has completed a refinancing transaction, raising approximately $4.5 billion of new financing, including an asset-based credit line and the issuance of senior secured notes
Financial Advisor
Duff & Phelps Acted as Lead Financial Advisor and Rendered a Fairness Opinion to Telefónica Deutschland in Connection with the Sale of Its Passive Infrastructure to Telxius
has sold its passive infrastructure to
Sell Side Advisor
Duff & Phelps' Aerospace Defense and Government Services (ADG) M&A Advisory Team Advised Thaler Machine on its Sale to Cognitive Capital Partners
has been acquired by
with financing provided by
Sell Side Advisor
Duff & Phelps' Consumer M&A Team Advised Eureka Restaurant Holdings on its Majority Recapitalization with Carolo Corporation
a portfolio company of
has completed a majority recapitalization with
Sell Side Advisor
Duff & Phelps' Aerospace Defense and Government Services M&A Advisory Team Advised SEMCO Aerospace on its Sale to SK AeroSafety Group
has been acquired by
a portfolio company of
