Friendly's Restaurants

bankrupt

Restaurant — Sun Capital Partners

Deal Terms

Entry Year2007

Entry EV$0.337B

Entry Multiple4x

Leverage5x

Debt Amount$0.297B

Outcome

Exit Year2020

Risk Metrics

LTV (est.)88%

Debt / EV0.88x

Notes

Sun Capital bought for $337M (2007) via sale-leaseback. Bankrupt 2011 (first time). Emerged. Bankrupt AGAIN Nov 2020. Sold to Amici Partners for scraps. Sun Capital extracted real estate value, left operating company with unsustainable leases. 10,000+ jobs lost.

Sponsor

Partners Group$185B AUM