A distressed 20 unit franchise of Yum! Brands, Inc. operating Taco Bell and KFC restaurants in New York and Ohio. Red Pine recapitalized the company in part by structuring a sale leaseback program which provided liquidity to finance future development and improve the company’s core operations. Yummy Inc. and its affiliates were subsequently sold in a franchise rollup. Red Pine’s hold period was one year.
Together with a partner, Red Pine acquired a 20 year old golf course located in Lake Geneva, Wisconsin from a long time owner/operator. The venture also purchased an additional 80 acre adjacent parcel upon which single family homes will ultimately be developed together with a retail/lifestyle component. The golf course was redesigned by a new management team to optimize the course’s potential and operations were streamlined to improve profitability and public image. Red Pines interest was sold to its joint venture partner after stabilization.
Red Pine acquired five (5) Popeye’s Chicken & Biscuits restaurants located in and around Baltimore, Maryland from the largest Popeye’s franchisee in the Mid-Atlantic United States. Red Pine also issued convertible preferred debt to the operator in order to buy-out the franchisee’s existing equity partner and provide capital for future acquisitions.
A Red Pine affiliate issued a PIK loan to the founders and operators of Freemans Sporting Club, a leading custom apparel maker and affiliated barbershop located in Manhattan and Tokyo. Red Pine sold its loan to a Japanese licensee of the borrower after the borrower achieved certain retail sales hurdles.
Red Pine acquired a 110,000 sf of industrial/flex/lab space building located in Allendale, NJ and one hundred percent (100%) occupied by three tenants: Minaris (a division of Showa Denko, Ltd), Playtex Holdings and Telemetrics, Inc.
An affiliate of Red Pine acquired a portfolio of hospitality assets leased to Friendly’s Ice Cream Corporation and subsequently sold certain of the restaurants to a financial buyer. Red Pine also provided bridge financing to buyers of the assets in the portfolio with the highest unit level coverage ratios at interest rates equal to the investor’s return.
A Red Pine affiliate is a leading franchisee of Checkers restaurants in Northern and Central Florida and Alabama currently operating fourteen (14) stores with several additional restaurants in the development pipeline. Checkers Franchisee of the Year 2014 and earned corporate management recognition in the majority of its stores in 2017, 2018, 2019 and 2021.
An affiliate of Red Pine acquired a non-performing mortgage loan secured by a struggling six (6) unit retail strip located on the main retail and pedestrian corridor in central Montclair, NJ. Red Pine settled outstanding litigation and repositioned the asset by filing all vacancies with tenants on long term triple-net leases. Red Pine subsequently refinanced the asset once stabilized.