|
 |
SELECTED EXVERE CASE STUDY
McCormick & Schmick's  Client: Bill McCormick and Doug Schmick, majority owners of this successful West Coast restaurant chain, had recently expanded from their Northwest base into California. The constant strain of capitalizing this growth brought the realization that ownership and future capital requirements should be addressed. Challenge: Exvere was engaged to conduct a highly confidential and selective search for suitable financial partners. It was particularly important that a new partner embrace and support the existing culture, have the necessary financial resources, and demonstrated experience in rapid growth environments. Process: Exvere combed its extensive database of financial investors and presented a shortlist for approval. Within days of the first information being disseminated, a qualified investor requested a meeting and shortly thereafter acquired exclusive negotiating rights to pursue a recapitalization. Outcome: Castle Harlan Partners of New York also owned a major stake in Morton's Steakhouse Restaurants. Since they had a national network already in place, the prospect of adding a full-service seafood concept proved extremely attractive. Exvere negotiated a final package that included cash, assumption of debt, immediate capital for growth, and a significant retained ownership for the senior executives. The total package exceeded the owners' original expectations by more than double. McCormick & Schmick's brand is now recognized nationally and is traded on the Nasdaq [MSSR]. |
