NOVEMBER 8, 2022 – Yellow Point Equity Partners II LP (“Fund II” or the “Fund”) is pleased to announce that it has successfully exited its investment in Mr. Mikes Restaurants Corporation (“Mr. Mikes” or the “Company”). On November 8, Fund II sold its stake in Mr. Mikes to Empresario Capital Partners (“Empresario”), the Fund’s long-term partner in ownership and operation of Mr. Mikes.
Mr. Mikes is the franchisor for Mr. Mikes SteakhouseCasual, a restaurant chain originally established in the 1960s. Today, the Mr. Mikes brand delivers a modern, casual dining experience, complete with great food, ambiance, and an unpretentious approach to the traditional steakhouse. Serving Canadians from more than 40 locations, Mr. Mikes provides a delicious mid-priced steakhouse alternative in its fun, inviting restaurants.
“We are pleased with the success of Mr. Mikes, with the chain having more than doubled in number of restaurants, while delivering a refreshed, inviting and casual atmosphere with delicious and affordable food to hungry patrons across western Canada and Ontario. The business is well-positioned for its future in the capable hands of Empresario’s principals, Mike and Al,” said Brian Begert, Managing Partner of Yellow Point Equity Partners.
Empresario Partner and Mr. Mikes CEO Mike Cordoba said, “We’ve enjoyed an excellent partnership with Yellow Point. From day one we felt there would be a great cultural and strategic fit between our organizations, and that was borne out over the ensuing partnership of nearly 12 years. In building out this brand and company, we enjoyed unwavering support from Yellow Point through good times and when times got tough. We look forward to future partnerships together.”
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Yellow Point Equity Partners has been actively helping its management partners build better businesses for over 18 years. The firm invests in outstanding management teams of later-stage growth companies based primarily in Canada and aims to be the long-term partner of choice for Canada’s leading mid-market companies. Yellow Point’s approach is supportive, hands-off with respect to day-to-day operations and active when it comes to strategic decisions and board work.
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