Praesidian Capital, a provider of debt capital for small and mid-sized businesses, has invested $17.4 million of first lien debt to recapitalize John's Incredible Pizza Company Inc.
Praesidian's investment represents 58 percent of the total $30 million deal, the balance of which was shared equally with Brookside Mezzanine Partners and Kemper Corporation.
John's Incredible Pizza offers food and "Fun World," which includes a range of games and activities from bowling to bumper cars. Founded in 1997, John's is headquartered in Rancho Santa Margarita, Calif., and has 10 locations in California and Oregon.
"We are pleased to complete the recapitalization of our balance sheet with Praesidian in the lead," said John Parlet, John's CEO and founder. "In so doing, we will have the right financial structure for future growth. When I started this company, I wanted to create the best environment for families for great food and amazing entertainment. With the support of our in-house programmers and our dedicated staff, we deliver the best every day with systems that no one else has duplicated."
Jason Drattell, founder of Praesidian Capital, added, "We believe John's has the right mix of operating performance and brand uniqueness to support growth in the western states, and we look forward to working with John Parlet and his team as the company grows."
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