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Garnett Station Partners Acquires and Recapitalizes Firebirds Wood Fired Grill
NEW YORK, March 27, 2023-- Garnett Station Partners, LLC (“Garnett Station”), a New York-based principal investment firm that manages ~$2 billion of assets, today announced that it has acquired and recapitalized Firebirds Wood Fired Grill (“Firebirds” or the “Company”), a leading polished-casual dining chain. Financial terms were not disclosed.
Founded in 2000 in Charlotte, North Carolina, Firebirds has grown to 56 locations across 20 states, offering guests a unique dining experience and bold menu offerings featuring its signature wood-burning grill and award-winning FIREBAR®. Firebirds has a long history of outperformance with both industry leading same store sales and average unit volumes. Supported by Garnett Station’s strategic capital, Firebirds will continue to accelerate growth and development.
"Firebirds has found tremendous success over the past 20 years through the power of its concept, the passion of its team and the loyalty of its guests, contributing to its consistent industry outperformance from both an average unit volume and same store traffic perspective,” said Matt Perelman, Co-Founder and Managing Partner at Garnett Station. “We look forward to working closely with Steve and the entire management team to support and accelerate the brand’s long-term growth.”
“We are incredibly proud of the brand that Firebirds is today and are thrilled to work in partnership with Garnett Station as we enter this next chapter,” said Steve Kislow, Chief Executive Officer of Firebirds. “Through our bold menu offerings and customer-oriented approach, Firebirds has become a neighborhood staple in each of the local communities we operate in. We are confident that Firebirds will continue its impressive trajectory of growth while delivering the best possible dining experience for our guests.”
TD Cowen and Netrex Capital Markets, LLC served as financial advisors to Garnett Station Partners. Kirkland & Ellis LLP served as legal advisor to Garnett Station Partners. NorthPoint Advisors served as financial advisor to Firebirds.
About Garnett Station Partners
Garnett Station Partners is a principal investment firm founded in 2013 by Matt Perelman and Alex Sloane that manages ~$2 billion of assets. Garnett Station partners with experienced and entrepreneurial management teams and strategic investors to build value for its portfolio of growth platforms. The firm draws on its global relationships, operational experience and rigorous diligence process to source, underwrite and manage investments. Core sectors include consumer and business services, health & wellness, automotive, and food & beverage. Garnett Station's culture is based on the principles of entrepreneurship, collaboration, analytical rigor and accountability. For more information, please visit www.garnettstation.com.
About Firebirds Wood Fired Grill
Firebirds Wood Fired Grill, a polished casual American restaurant, is an energetic twist on the traditional grill featuring a boldly flavored menu in a stylish, fire-centric atmosphere. Signature menu items include hand-cut steaks and fresh seafood seared over locally sourced hickory, oak, or pecan wood on Firebirds’ exposed wood-fired grill. Complementing its inviting dining room, a patio with seasonal comforts and the award-winning FIREBAR® are additional gathering spaces inside the restaurant. Firebirds has been named one of ten ‘Breakout Brands’ by Nation’s Restaurant News, and the 2022 Diners’ Choice Winner awarded by OpenTable. Firebirds partners with Alex’s Lemonade Stand Foundation, having surpassed $3 million raised for childhood cancer research through the sale of fresh-squeezed lemonade. Visit firebirdsrestaurants.com to become a member of Firebirds’ Inner Circle, make an OpenTable reservation, or order ToGo online.
Dan Gagnier / Lindsay Barber