CAPITALIZATION

Capital Raise Structure & Timing

A staged institutional capitalization designed to fund immediate acquisitions and near-term expansion.

1
2
3
4
Month 0

$65M

Initial equity for immediate acquisitions, control transactions and launch-stage development equity.

Month 5

$89M

Second close / expansion capital for new market development, reserves and additional venue equity.

36 months

$86M

Management-targeted EBITDA scale after acquisition integration and new unit development.

36-60 months

Exit

PE recap, strategic sale, PropCo monetization or hybrid transaction.

  • Investor Configuration

    Targeting a limited investor group with high-conviction checks, including a stated $30M minimum check size and simplified governance to support fast diligence and IC approval.

CAPITALIZATION

Sources & Uses of Capital

Capital is allocated across acquisitions, new market development, real estate equity and liquidity reserves.

  • Sources

    $65M initial equity raise
    $89M second close / expansion capital
    Senior debt and real estate financing for venue acquisition and construction
    Revolving credit facilities for operating liquidity

  • Primary Uses

    Immediate brand / venue acquisitions
    New unit development equity
    REO Venue acquisition deposits and equity
    Pre-opening, working capital and contingency reserves

  • Development Financing

    $581M new market development plan over 36 months
    $89M cash need vs. $357M mortgage debt identified in management model
    Debt sizing based on project-level underwriting and lender diligence

Illustrative Equity Deployment

Bar chart showing financial allocations and categories.
Two-tone bar chart with financial figures.
Color-coded financial allocations with categories and amounts.
FINANCIAL OVERVIEW

Current Scale and 36-Month Target Economics

Management model targets a step-change in EBITDA through acquisitions, market expansion and real estate value capture.

~$0M
Current revenue
~$0M
Current EBITDA
$0M
Target Year 3 EBITDA
$0M
Target Year 3 equity

EBITDA Build - Management Case

Bar graph showing financial growth over years.

  • Value Creation Drivers

    New unit development and relaunch of proven brands
    Margin expansion from centralized purchasing and labor controls
    REO Venues equity value through lease-up, appreciation and refinancing
    Exit multiple expansion from single-concept economics to institutional platform scale

FINANCIAL OVERVIEW

Unit Economics & Development Discipline

Targeting high-volume concepts with strong cash-on-cash return potential and real estate-linked asset value.

$8M-$12M

Average unit volume
Concept-dependent

14%-20%

EBITDA margins
Stabilized target range

$6M-$14M

Build cost / unit
Varies by market and brand

3-4 yrs

Payback period
Target range

  • Underwriting Guardrails

    Prioritize second-generation hospitality spaces to control CapEx and timing risk.
    Require market-by-market site selection backed by tourism, density and income data.
    Standardize brand design packages, opening playbooks and project-level budget controls.
    Size debt to DSCR and cash-flow resilience rather than maximum leverage.

  • PE Relevance

    Institutional investors can underwrite a repeatable operating model, not isolated venue stories.
    Real estate ownership/control creates collateral value and reduces long-term rent leakage.
    The strategy can support a larger equity commitment because capital is deployed across multiple brands and markets.