Fat Tuesday Announces Refinancing and Closing of New Senior Secured Credit Facility to Accelerate Growth | Company

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NEW ORLEANS–(BUSINESS WIRE)–June 14, 2022–

Fat Tuesday (the “Company”), the largest and fastest growing off-premises liquor company in the United States, announced that it has entered into a new senior secured credit facility provided by Comvest Credit Partners. The product provides substantial capital to accelerate growth. Garnett Station Partners, a New York-based principal investment firm, acquired Fat Tuesday in April 2021.

Alex Macedo, CEO of Fat Tuesday, added, “We are extremely pleased to partner with the Comvest team and look forward to the rapid growth and continued positive momentum of the Fat Tuesday brand. After ending 2021 strong with over 30% same-store sales growth on a two-year basis, we secured substantial additional capital to accelerate the expansion of new units across the country and in select international locations.

Founded in Louisiana in 1983, Fat Tuesday has grown significantly to become the largest on-the-go and takeout alcohol company in the United States, specializing in frozen drinks. The Company operates 61 company-owned locations and 23 additional franchise locations, which are primarily located in hot geographies, tourist destinations, entertainment districts and outdoor shopping malls. Over its nearly 40-year history, the company has grown organically from a local New Orleans family business serving alcoholic daiquiris to an international retailer. The company is poised for rapid growth in 2022, with over 25 new units in development. With this new credit facility and its robust pipeline, Fat Tuesday expects to have over 150 locations over the next few years.

Garnett Station Partners acquired Fat Tuesday in April 2021 and immediately made several strategic investments to accelerate growth, including hiring a new management team led by CEO and Chairman Alex Macedo. Alex was previously a senior executive at Restaurant Brands International where he held various positions including Global President of Tim Horton’s and President of Burger King North America.

Houlihan Lokey served as exclusive financial advisor to Fat Tuesday, a portfolio company of Garnett Station Partners.

About Mardi Gras

Founded in Louisiana in 1983, Fat Tuesday is the largest on-the-go alcohol company in the United States, specializing in frozen drinks. The Company operates 61 corporate-owned locations and 23 additional franchise-owned locations, which are primarily located in hot geographies, tourist destinations, entertainment districts and outdoor shopping malls.

For more information on Mardi Gras, please visit www.fatuesday.com

About Garnett Station Partners

Garnett Station Partners is a principal investment firm founded in 2013 by Matt Perelman and Alex Sloane that manages over $1 billion in assets. Garnett Station seeks to partner with experienced and entrepreneurial management teams and strategic investors to create value for its portfolio of growth platforms. The firm relies on its global relationships, operational experience and rigorous due diligence process to source, underwrite and manage investments. Major sectors include food and beverage, health and wellness, automotive and business services. Garnett Station’s culture is based on the principles of entrepreneurship, collaboration, analytical rigor and accountability.

For more information, please visit www.garnettstation.com

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CONTACT: Media: Garnett Station Partners

Communication Gagnier

Dan Gagnier / Lindsay Barber

[email protected]

KEYWORD: LOUISIANA NEW YORK UNITED STATES NORTH AMERICA

SECTOR KEYWORD: PROFESSIONAL SERVICES RESTAURANT/BAR OTHER PROFESSIONAL SERVICES FINANCE FOOD/DRINK

SOURCE: Mardi Gras

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PUBLICATION: 06/14/2022 07:30 / DISK: 06/14/2022 07:32

http://www.businesswire.com/news/home/20220614005437/en

Copyright BusinessWire 2022.

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