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Bravos Cheddar's Case Study

881 words - 4 pages

Case Study: Brazos Partners and Cheddar’s Inc.

Brazos Partners is a company founded by Randall S. Fojtasek, Jeff Fronterhouse, and Patrick McGee in 1999. It is a Leverage Buyout Firm that targets companies with enterprise values between $50 and $250 million, solid management, a well-defined niche and is often close to the Brazos’ Dallas home. Location is an essential part of Brazos cooperate strategic management; according to Patrick McGee Texas is the 11th largest stand alone economy in the world and has the third largest universe of public and privately held mid-market companies in the US. In addition, it is very underserved with only a dozen LBO groups, most of which were energy ...view middle of the document...

9 percent of the company it did not yet owned. The group suggested a 6-percent discount from the $1 per share price outlined in the original deal on the grounds that the price should reflect the 12-month option value it was forgoing. Brazos agreed to a 4 percent discount. The proposed deal also including significant changes in the strategy of the Cheddar’s board of directors, mainly the sale/lease strategy on its new buildings, which would lower rent expense since the company would own the land. Also make the company more flexible compared to its historic 20-year lease strategy and also free up cash flow with the ability to sublet part of the land they purchased later on.
In 2005, the company projected that growth would duplicate or exceed that of 2004. The accelerated growth and new real estate strategy Cheddar’s needed more capital and came to the partners for a new deal. Brazos Partners are faced with an interesting dilemma in its dealing with Cheddar’s Inc., the companies were a perfect match. Brazos partners and Cheddar’s Inc. shared similar stories both were family ran companies, born in the heart of Texas. The founders even attended the same undergraduate university. Brazos has a long history of successfully working with and investing in family owned and operated businesses because they share the same values. The partner’s approach to business was relationship based and they didn’t want to lose the relationship they created with Cheddar’s. At the same time Fojtasek understands that first and foremost Brazos is fiduciary for his limited partners and needed to protect their investment and also make sure they saw the...

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