has acquired a controlling interest in Wild Wing Café -- a 32-unit
restaurant company based in Mount Pleasant, S.C.
Wild Wing Café operates 11 corporate-owned restaurants and 21
franchised restaurants across North Carolina, South Carolina, Georgia,
Tennessee, Virginia, Texas, and Florida. For fiscal year ending
December 31, 2011, Wild Wing Café generated approximately $100 million
in system-wide sales. Fifth Third Bank provided debt financing for
the transaction. McGuireWoods, LLP, represented Axum.
Edna Morris, a managing director with Axum, will become the interim
chief executive officer of Wild Wing Café. Edna is a 30-year veteran
of the restaurant industry, having served as president of Red Lobster
(Darden) and Quincy's Family Steakhouse (Advantica). She was a
founding member and the first president of the Women's Foodservice
Forum and also president of the James Beard Foundation, a non-profit
organization that celebrates America's culinary heritage. She is on
the board of Tractor Supply Company (NASDAQ:TSC).
"Wild Wing Café provides Axum with a proven and well-run concept
allowing for strong growth in existing and new markets," Morris said.
"Our experienced management team has over 120 years of restaurant
experience. With Wild Wing's broad demographic appeal, quality food
and superior service, we believe that the concept will sustain and
continue to strengthen its competitive position."
Since its inception in 1990, Wild Wing Café has established a strong
brand based on its ability to offer consumers high-quality food at
attractive prices. The brand is also known for its sports and
entertainment component. This will enable Axum to utilize its unique
access to the professional athlete community to enhance the brand.
Wild Wing Café is also known for featuring live local and national
bands, as evidenced by numerous performances by Edwin McCain. Wild
Wing has often been referred to as a "breeding ground" for local
recording artists.
Wild Wing Café founders Cecil and Dianne Crowley will retain an
ownership stake in the company and will serve on the board. According
to Cecil Crowley, he and his wife Dianne founded Wing Wild Café two
decades ago based on the idea that people would flock to a place that
served the best flavored wings, cold beer and good times. "We're not
flying the coop," said Dianne Crowley. "We look forward to working
with the Axum team to continue growing this wonderful brand."
"This is a great partnership for our firm. We've developed a strong
relationship with the Crowleys and share a similar vision regarding
the future of Wild Wing Café. In addition, this transaction reflects
Axum's strategy and what we set out to do. By targeting specific
sectors, we've been able to establish a team that is uniquely suited
to effectively execute our firm's investment strategy. Edna's
extensive expertise, strong leadership and broad-based relationships
enabled us to quickly and properly evaluate this opportunity and
develop an effective growth strategy," said Muhsin "Moose" Muhammad, a
managing director at Axum and former pro football player for the
Chicago Bears and the Carolina Panthers.
About Axum Capital Partners
Axum Capital Partners is a private equity firm focused on making
strategic equity investments in lower middle market privately-held
businesses across North America. Axum's target markets include food
and beverage, educational services and other markets that share
similar characteristics. To execute its well-defined investment
strategy, Axum has brought together a best-in-class and diverse team
with deep industry expertise, robust transaction execution
capabilities and a unique ability to create value in its portfolio
through its access to the professional athlete community. The firm
was co-founded by Edna Morris (former president of Red Lobster and
Quincy's Family Steakhouse and the James Beard Foundation), Raymond C.
Groth (former head of mergers and acquisitions at First Union/Wachovia
Securities, now Wells Fargo), Muhsin Muhammad II (former Chicago Bear
and Carolina Panther), and Denis Ackah-Yensu (formerly with McColl
Partners and Citigroup). For more information visit: www.axum-partners.com
.
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