Pryor Cashman Client TriSpan Finalizes Investment in Yardbird
On October 19, 2017, Pryor Cashman client TriSpan Rising Stars LP finalized a significant investment in Miami-based Yardbird Southern Table & Bar.
The investment from TriSpan, an independent and management-controlled private-equity platform, will help fund Yardbird’s domestic growth, including a new location slated to open in 2018 at the Beverly Center in Los Angeles, as well as the addition of several international locations.
Founded in 2015, TriSpan has offices in New York, London and Dubai and focuses on growth investing in the global restaurant sector. In a press release announcing the deal, Marc Cummins, a TriSpan partner, said, “Yardbird is well positioned for long-term growth given its broad consumer appeal and excellent operating economics. We are excited to partner with [founder and CEO] John [Kunkel] to build the outstanding Yardbird brand in major U.S. cities and internationally.”
Yardbird launched in 2011 and received a James Beard nomination for best new restaurant.
News of this deal was covered by numerous media outlets, including The Miami Herald and Restaurant Hospitality.
The Pryor Cashman Team
Leading the representation of TriSpan was Lawrence Spector, a partner in Pryor Cashman’s nationally-recognized Corporate Group, along with corporate associates Francesca Djerejian, Kimber Hargrove and Bridget Henwood.
Partner Bertrand Fry and Associate Ethan Lankri of the firm’s Investment Management Group assisted with structuring and launching investment vehicles to facilitate co-investment in Yardbird by U.S. and non-U.S. investors alongside a TriSpan-managed fund.
Partner Michael Dunworth and Counsel Rebecca Schmutter advised on the tax-related aspects of the deal and the co-investment vehicles, while Counsel Matthew Young handled related employment issues.
Counsel Muzamil Huq advised on intellectual property matters; Real Estate Partner Benjamin Teig handled the leasing and Partner Christopher Mellevold reviewed the loan documents.
