Monday, September 17, 2012

STORE Capital Completes $19.2 Million Sale-Leaseback with Taco Mac Restaurant Chain

SCOTTSDALE, Ariz. (SEPTEMBER 17, 2012) – STORE Capital Corporation (the “Company”), a real estate investment trust (REIT) formed to invest in single tenant operational real estate such as chain restaurants, supermarkets, health clubs, education and other retail, service and distribution facilities, today announced that it has completed a $19.2 million sale-leaseback with Tappan Street Restaurant Group, Inc. (TSRG). TSRG is the parent company of Taco Mac, a leading Southeastern casual-dining restaurant chain with 28 restaurants across metro Atlanta, Georgia; Charlotte, North Carolina and Chattanooga, Tennessee.

The transaction occurred simultaneously with an equity investment by CIC Partners, a Dallas-based middle-market private equity firm, in TSRG to help Taco Mac continue its expansion. Under the terms of its agreement, STORE Capital purchased six properties, including five Taco Mac restaurants located in Georgia and North Carolina and TSRG’s corporate headquarters located in Alpharetta, Georgia. STORE then leased the properties back to TSRG under a long-term, triple-net lease.

Christopher H. Volk, chief executive officer of STORE Capital, commented, “We are happy to serve as Tappan Street Restaurant Group’s preferred financing partner as it looks to expand its successful Taco Mac brand. We are confident the financing solution we negotiated provides TSRG with enhanced financial flexibility so it can effectively and efficiently capitalize on Taco Mac’s growth and operational potential.”

Bob Campbell, chief executive officer of Tappan Street Restaurant Group, added, “We evaluated a number of potential real estate partners and were pleased to work with STORE on our recent sale-leaseback transaction. Their approach to the financing was tailored to match our objectives and will help us continue to implement our growth plan.”

The five Taco Mac properties and TSRG’s corporate headquarters adds to STORE Capital’s robust portfolio of restaurant properties. The Company also serves a large number of real estate intensive institutions including for-profit secondary education, home furnishing stores, fitness centers, early childhood education and pre-school services, grocery stores and movie theaters, among others. STORE Capital exists to help owners of real estate intensive businesses improve their capital efficiency over the long-term.
About STORE Capital

STORE Capital Corporation is a new-generation real estate investment trust principally backed by funds managed by Oaktree Capital Management, L.P. STORE’s mission is to address the long-term capital needs of real estate intensive operating businesses throughout the United States. Through tailored real estate lease and mortgage financing solutions, STORE’s aim is to create wealth for its customers by improving the capital efficiency of their businesses. For more information, visit www.storecapital.com.
About Taco Mac

Taco Mac began in Atlanta in 1979 when a couple of guys from Buffalo, N.Y. made a pit stop in Atlanta on their way to Florida. After touring the city and enjoying the weather they decided to stay and bring a popular northern cuisine – Buffalo wings – to the sunny South. Thirty plus years later, Taco Mac now has 28 stores across metro Atlanta, Charlotte and Chattanooga, and continues to grow. Today Taco Mac restaurants have a large number of high-definition, flat-screen televisions on display for guests to enjoy local and national sporting competitions. Taco Mac is owned by Atlanta-based Tappan Street Restaurant Group. For more information, visit www.tacomac.com.
About CIC Partners

CIC Partners is a middle-market private equity firm that invests in growth-oriented companies primarily in the food, restaurant, healthcare and energy industries. CIC manages the personal capital of its investment team, Operating Partners and strategic investors and seeks to partner with owner-operators, founders and management teams. CIC looks for opportunities where it can leverage the collective experience of its investment team and its Operating Partners, who are successful CEO’s and entrepreneurs, to guide, support and add value to portfolio companies. Based in Dallas, Texas, the firm has been generating wealth in private-equity investing for its investors and management teams for over 25 years. For additional information, please visit www.cicpartners.com.



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