WASHINGTON, D.C. – Farragut Capital Partners, LLC (“Farragut”) is pleased to announce the closing of an investment in Ted’s Bulletin Holdings, LLC (“Ted’s Bulletin” or “the Company”). Farragut invested subordinated debt and preferred equity in support of the acquisition of the Ted’s Bulletin group of restaurants from Matchbox Food Group. The acquisition was led by Steve Salis, CEO of Salis Holdings and a successful entrepreneur known for building brands across a range of hospitality, leisure, real estate and retail businesses, and private equity firm JPB Capital Partners, a leader in retail and consumer-focused lower middle market buyouts.
Ted’s Bulletin, with five locations across D.C., Maryland and Virginia, has been offering guests a classic American dining experience since 2010. Known for its friendly neighborhood atmosphere and featuring an array of comfort foods, the restaurant was a 2011 RAMMY award winner for the best “Neighborhood Gathering Place” in the Washington metropolitan area.
The Company will be led by industry veteran Steve Salis who previously co-founded the Washington, DC based “&pizza” chain of fast casual gourmet pizza restaurants and grew it to over 20 locations in the Mid-Atlantic. “Farragut Capital Partners set our deal up for success with their ability to move swiftly and flexibility to meet the demands of the acquisition,” said Steve Salis. “Ted’s Bulletin is a beloved brand in Washington, DC and serves as an important anchor in many communities in its current and future locations.”
Alan Cuthbertson of Farragut added, “Ted’s Bulletin is a well-established concept with broad consumer appeal in one of the best restaurant markets in the country. We’re pleased to partner with Steve and JPB and believe this transaction positions the Company to capitalize on some really exciting growth opportunities ahead.”
The support we have received from Farragut has been great and will provide us with the additional resources we need to build a great regional restaurant brand,” said Jim Bolduc, Senior Managing Director of JPB Capital Partners.