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Joyal Capital Management is pleased to announce that we have been recognized by Franchise Times as a 2018 Dealmaker.
Gary F. Joyal, Founder, CEO and Managing Partner for JCM sees this transaction as an important milestone for the firm. “We are extremely proud to be part of this historic transaction for our Dunkin’ Donuts franchisee client and moreover, to be able to demonstrate the various unique offerings our firm affords the QSR space.”
“I must acknowledge the full team effort from the JCM family of companies as this transaction could not have been possible without the participation of JCM Finance, JCM Private Client Group and JCM Franchise Development. This was an intricate transaction with many moving parts that demanded excellence in coordination and deliverables. The results of my team satisfying these demands are extraordinary, yielding the largest aggregate transaction value ever realized for a Dunkin’ Donuts network at JCM.”
Excerpted from Franchise Times:
Hari Group leads pack of buyers for 67 Dunkin’ units, corralled by Paris, JCM
December 15 in Chicago. Minus 15 outside. A ballroom at the Ritz-Carlton. That was the setting as buyers’ attorneys, sellers’ attorneys, execs from corporate and several different buyer groups worked until the wee morning hours to pull off the biggest deal in Dunkin’ Donuts history.
The key to the Chicago deal turned out to be Bud and Raj Patel, the father-and-son duo who rallied their fellow franchisees around town who wanted to buy some of the stores.
Raj Patel said he and his father know most of the operators around Chicago, and hustled to get them together. “Everyone paid the same price and we just went with the deal. At the end of the day, everyone wanted the deal done, so there wasn’t a lot of bickering,” he said. “There’s really not much else” available in the Chicago area with Dunkin. “There’s no way you can grow your network this quickly and this aggressively. This was a nice little spot for people to stay in the state.”
The Hari Group, the Patels’ company name, now has Dunkin’s in Indiana, Illinois and Iowa, for 51 or 52 total Dunkin’s. Raj is 30 and Bud is 57, so unlike many franchisees the Hari Group has the perfect succession plan. “That’s another benefit for us. We don’t build to sell. There’s a lot of operators who want to get out in five years. We’ve never operated like that.”
Raj says he likes to stick with the same advisers and bankers whenever possible, so they used local banks out of Chicago and then a bank out of Boston for the Dunkin’ deal because it was too big for the locals. His advice: “Having the right people around you—attorneys, accountants bankers. There’s only so much I can do. I can agree on a price with the seller and then the attorneys and bankers are taking it from there. We’re very loyal to our people and they know that.”
David Paris, the attorney for all the buyers’ groups, describes a number of chaotic scenes of his own, once the overall agreement was done in that Ritz-Carlton ballroom. Then his firm’s job was to gather all the facts on every store and properly sequence the purchases by seven individual groups.
At one point, they closed three deals in one day, “and that was an experience to say the least. Three different buyer groups, three different sets of assets and three different banks, and there were literally papers flying through the air. We got it done and it took the whole town to get it done.”
Paris is a man who clearly relishes the game. “It was complicated and scary and fun all at the same time.”
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