Stonehenge Capital Company Announces Growth Investment in Utah-Based Mountain West Brands, LLC

Stonehenge Community Impact Fund, L.P., a Small Business Investment Company, provides strategic refinancing to support quality jobs in low- and moderate-income communities

COLUMBUS, Ohio, Aug. 1, 2024 /PRNewswire/ -- Stonehenge Capital Company announced a $14 million investment from its Small Business Investment Company, the Stonehenge Community Impact Fund, L.P., to support Mountain West Brands, LLC ("MWB"). Investment proceeds refinance maturing debt and provide continued support for the company's growth.

MWB owns and operates three Utah-based restaurant brands, Chuck-A-Rama, Market Street Grill, and Grub Steak, with 15 locations and headquartered in Salt Lake City, Utah. The investment will allow the company to continue creating quality jobs for individuals in underserved areas of Utah. MWB employs over 700 people, of which 58% are minorities and 99% are from low- to moderate-income communities. MWB's competitive wages and workforce development opportunities have led to high employee retention rates and low turnover, with employee tenure often ranging from 20 to 40 years.

"We are thrilled to support Mountain West Brands through this critical phase and doing so in partnership with the Stonehenge Capital Company team," said Alexis Rathborne, Managing Director at Trident. "This transaction not only improves the Company's financial flexibility but also enables it to focus on its core mission of delivering high-quality food products to its customers in the Mountain West region. Our partnership with Stonehenge Capital Company exemplifies our dedication to fostering growth and innovation within our portfolio."

"This refinancing is a pivotal step in our journey towards greater operational excellence," said Neil Harfert, CEO of Mountain West Brands. "I am honored to lead our talented team towards new heights. With the support of Trident and Stonehenge Capital Company, we are confident in our ability to achieve our strategic goals and deliver exceptional value to our customers and stakeholders."

"Mountain West Brands, in partnership with Trident, has distinguished itself with a proven history of success supported by an experienced management team. The diverse portfolio of brands provides a unique value proposition by offering different options for consumers and supporting quality jobs, job retention and growth to its vast employee base," said Brandon Pettagrue, Stonehenge Capital Company.

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About Stonehenge Capital Company:

Founded in 1999, Stonehenge Capital Company ("Stonehenge") is a nationally recognized impact investor focused on providing transformational capital to lower-middle market operating companies. Stonehenge operates one of the largest and most successful federal and state New Markets Tax Credit practices in the industry, managing over $1.4 billion in investments across U.S. distressed communities. The firm also provides traditional debt and equity financing through state-targeted small business investment funds, with over $400 million in Assets Under Management. In 2020, Stonehenge raised a $224 million fund under the U.S. Small Business Administration's Small Business Investment Company ("SBIC") Program. The SBIC, the Stonehenge Community Impact Fund, L.P., provides senior term financing to businesses operating in areas targeted for economic revitalization nationally. www.stonehengecapital.com

MEDIA CONTACT

Brandon Pettagrue
[email protected]

About Mountain West Brands

Mountain West Brands is a portfolio of restaurants across Utah and Idaho. Mountain West Brands consists of three beloved Utah brands: Chuck-A-Rama, Grub Steak, and Market Street. Grub Steak has been voted the Best Steakhouse in Utah and opened its doors in Park City in 1976. Chuck-A-Rama Buffet has offered affordable, homemade food since it was founded in 1966 and has been a stalwart of the Utah community for decades. Market Street Grill is a classic restaurant serving fresh seafood since 1980 and offers a menu that includes oyster selections, fresh catches, as well as steaks, and pastas.

About Trident:

Trident is a private equity firm based in New York, New York, specializing in acquiring U.S.-based small businesses across three core sectors: Healthcare, Consumer, and Industrials. Trident primarily invests in family-owned businesses with strong reputations and a track record of success through multiple cycles. Now investing out of its inaugural Trident American Dreams Fund I, Trident focuses on using a diverse toolkit to add value and grow businesses post-transaction close. www.trident.co

INVESTOR CONTACT

Trident Investor Relations
[email protected]

MEDIA CONTACT

Trident Media Relations
[email protected]

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SOURCE Stonehenge Capital Company