Keep pulling the thread on Alex Sloane & Matt Perelman.
Alex Sloane and Matt Perelman initially acquired a 23-unit Burger King franchise in North Carolina, which they scaled to 1,100 locations.
The Burger King franchise business started by Alex Sloane and Matt Perelman was eventually sold back to the franchisor for over a billion dollars.
Eight months after its public market debut, the stock of Garnett Station Partners' Burger King business fell to 98 cents per share due to the COVID-19 pandemic and operational missteps.
CEO Deborah Derby increased the earnings of the public Burger King business from a trough of $60 million a year at year-end 2022 to $150 million a year and a half later.
Garnett Station Partners' investment criteria for multi-unit businesses require at least 20% store-level margins, new units that pay back in three years or less, and the number one average unit volume in their category.
Garnett Station Partners' largest investment, Authentic Restaurant Brands, started with a $20 million equity check four years ago and is now a multi-billion dollar company.
Garnett Station Partners' goal is to return $3 for every $1 invested, targeting a gross IRR of approximately 25%.
Garnett Station Partners is a private equity firm with $4 billion in assets under management.
Garnett Station Partners focuses on buy-and-build investments in founder-led, core economy businesses.
An estimated $10 trillion of assets from baby boomer-owned businesses are projected to change hands over the next two decades.
Royce Yudkoff, a professor at Harvard Business School and co-founder of Abri, was a key mentor who helped Garnett Station Partners institutionalize their firm.
In May 2019, Garnett Station Partners' 220-unit Burger King and Popeyes business was merged into a larger public company at a share price of $8.35.