Chevy Chase, Md. – Farragut Capital Partners, LLC (“Farragut”) is pleased to announce the closing of an investment in Tri-Cities Restaurant Group, LLC (“TCRG” or “the Company”), a Wendy’s franchisee operating twenty-two stores in northeastern Tennessee and southwest Virginia. The transaction refinanced existing debt and will provide capital to remodel existing locations and open new ones.
TCRG is led by Mr. Joe Drury, an industry veteran with over forty years of experience running multi-unit QSR locations and a long association with the Wendy’s brand. Mr. Drury learned the business under the direct supervision of Dave Thomas, Wendy’s founder, and Jim Near, the company’s CEO in the late 1980s and early 1990s. Mr. Drury served as Wendy’s vice president of operations before personally acquiring a struggling franchise in Charlotte, N.C., which he successfully turned around and sold. He went on to acquire Bojangles’ Famous Chicken ‘n Biscuits, the fried chicken franchisor and restaurant operator, where as CEO he added nearly 100 locations and increased system-wide sales by more than 60% in six years. He sold Bojangles to an investor group led by Falfurrias Capital Partners in 2007. Mr. Drury returned to the Wendy’s brand in 2011 with the acquisition of TCRG. The Company’s locations are primarily concentrated in the Tri-Cities (Johnson City-Bristol-Kingsport) metropolitan area of Tennessee, with additional locations east of Knoxville and in Abingdon and Bristol, Va.
“We’re excited to partner with Joe as he capitalizes on growth opportunities at TCRG,” said Phil McNeill, Managing Partner of Farragut. “He brings a wealth of restaurant operations experience and we look forward to working with him as he strengthens and expands his presence in the Tri-Cities market, which we believe has tremendous potential.”