Stonehenge Community Impact Fund, L.P., a
Small Business Investment Company, provides strategic refinancing
to support quality jobs in low- and moderate-income
communities
COLUMBUS, Ohio, Aug. 1, 2024
/PRNewswire/ -- Stonehenge Capital Company announced a
$14 million investment from its Small
Business Investment Company, the Stonehenge Community Impact Fund,
L.P., to support Mountain West Brands, LLC ("MWB"). Investment
proceeds refinance maturing debt and provide continued support for
the company's growth.
"This refinancing is a pivotal step in our journey towards
greater operational excellence," said Neil
Harfert, CEO of Mountain West Brands
MWB owns and operates three Utah-based restaurant brands, Chuck-A-Rama,
Market Street Grill, and Grub Steak, with 15 locations and
headquartered in Salt Lake City,
Utah. The investment will allow the company to continue
creating quality jobs for individuals in underserved areas of
Utah. MWB employs over 700 people,
of which 58% are minorities and 99% are from low- to
moderate-income communities. MWB's competitive wages and workforce
development opportunities have led to high employee retention rates
and low turnover, with employee tenure often ranging from 20 to 40
years.
"We are thrilled to support Mountain West Brands through this
critical phase and doing so in partnership with the Stonehenge
Capital Company team," said Alexis
Rathborne, Managing Director at Trident. "This transaction
not only improves the Company's financial flexibility but also
enables it to focus on its core mission of delivering high-quality
food products to its customers in the Mountain West region. Our
partnership with Stonehenge Capital Company exemplifies our
dedication to fostering growth and innovation within our
portfolio."
"This refinancing is a pivotal step in our journey towards
greater operational excellence," said Neil
Harfert, CEO of Mountain West Brands. "I am honored to lead
our talented team towards new heights. With the support of Trident
and Stonehenge Capital Company, we are confident in our ability to
achieve our strategic goals and deliver exceptional value to our
customers and stakeholders."
"Mountain West Brands, in partnership with Trident, has
distinguished itself with a proven history of success supported by
an experienced management team. The diverse portfolio of brands
provides a unique value proposition by offering different options
for consumers and supporting quality jobs, job retention and growth
to its vast employee base," said Brandon
Pettagrue, Stonehenge Capital Company.
#TransformationalCapital #SBIC #Jobs #Investing #SocialImpact
#EconDev #privateequity #debtcapital
About Stonehenge Capital Company:
Founded in 1999, Stonehenge Capital Company ("Stonehenge") is a
nationally recognized impact investor focused on providing
transformational capital to lower-middle market operating
companies. Stonehenge operates one of the largest and most
successful federal and state New Markets Tax Credit practices in
the industry, managing over $1.4
billion in investments across U.S. distressed communities.
The firm also provides traditional debt and equity financing
through state-targeted small business investment funds, with over
$400 million in Assets Under
Management. In 2020, Stonehenge raised a $224 million fund under the U.S. Small Business
Administration's Small Business Investment Company ("SBIC")
Program. The SBIC, the Stonehenge Community Impact Fund, L.P.,
provides senior term financing to businesses operating in areas
targeted for economic revitalization nationally.
www.stonehengecapital.com
MEDIA CONTACT
Brandon Pettagrue
bepettagrue@stonehengecapital.com
About Mountain West Brands
Mountain West Brands is a portfolio of restaurants across
Utah and Idaho. Mountain West Brands consists of three
beloved Utah brands: Chuck-A-Rama, Grub Steak, and Market Street.
Grub Steak has been voted the Best Steakhouse in Utah and opened its doors in Park City in 1976. Chuck-A-Rama Buffet has
offered affordable, homemade food since it was founded in 1966 and
has been a stalwart of the Utah
community for decades. Market Street Grill is a classic restaurant
serving fresh seafood since 1980 and offers a menu that includes
oyster selections, fresh catches, as well as steaks, and
pastas.
About Trident:
Trident is a private equity firm based in New York, New York, specializing in acquiring
U.S.-based small businesses across three core sectors: Healthcare,
Consumer, and Industrials. Trident primarily invests in
family-owned businesses with strong reputations and a track record
of success through multiple cycles. Now investing out of its
inaugural Trident American Dreams Fund I, Trident focuses on using
a diverse toolkit to add value and grow businesses post-transaction
close. www.trident.co
INVESTOR CONTACT
Trident Investor Relations
ir@trident.co
MEDIA CONTACT
Trident Media Relations
media@trident.co
Past performance does not guarantee current or future
performance.
All data and information referenced herein are from sources
believed to be reliable. Any opinions, news, research, analyses,
prices, or other information contained herein is provided as
general market commentary and does not constitute investment
advice. Trident makes no expressed or implied representations or
warranties as to the accuracy or completeness of the data and other
information or for statements or errors contained in or omissions
from the obtained data and information referenced herein. The data
and information are provided as of the date of this press release.
Such data and information are subject to change without
notice.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/stonehenge-capital-company-announces-growth-investment-in-utah-based-mountain-west-brands-llc-302212904.html
SOURCE Stonehenge Capital Company